Global Ship Lease (GSL) has secured a seven-year, $1 billion syndicated loan facility to finance 15 containership newbuildings. The company disclosed the facility in its third-quarter 2026 results on Monday, November 9.
The facility was agreed in October with an eight-bank syndicate. Bank of America is bookrunner, mandated lead arranger, facility agent and security agent. The loan carries interest at SOFR plus 1.5 per cent and will be drawn in tranches as each ship is delivered. GSL will fund the remainder of the vessels' cost from its balance sheet.
The 15 mid-size containerships were ordered in June for an aggregate of about $1.3 billion.
Delivery is scheduled to span the fourth quarter of 2028 through the first quarter of 2030. Each will commence a multi-year charter on delivery, with an average TEU-weighted firm term of 7.1 years.
Two further vessels, added through options exercised in October at $163 million, remain without employment or financing. GSL said it was in discussions with prospective charterers and lenders.
Operating revenue for the quarter rose 4.5 per cent year-on-year to $201.4 million. The company attributed the increase mainly to improved rates on renewed charters and three acquired vessels, partly offset by the sale of Dimitris Y.
Net income available to common shareholders increased to $99.2 million from $92.6 million a year earlier.
GSL reported a contracted revenue backlog of $3.4 billion over an average of 3.5 years, with 98 per cent coverage for 2027 and 74 per cent for 2028. Debt stood at $637.8 million at September 30, when the company operated 71 containerships.
