Greek shipowner Global Ship Lease has agreed individual shipbuilding contracts for five mid-size, high reefer capacity container ships for a total purchase price of approximately $413 million.
Scheduled for delivery within 2029, these vessels are contracted on multi-year charters with a capacity-weighted average term of 8.1 years.
Global Ship Lease stated these charters are expected to generate approximately $362 million in aggregate adjusted earnings before interest, taxes, depreciation, and amortisation over their median firm charter terms.
An additional $131 million could be generated if the charterers exercise all extension options, which would increase the average term by approximately 2.2 years.
These agreements expand the orderbook of the company to 15 ships, which are collectively expected by Global Ship Lease to generate more than $1 billion in adjusted EBITDA over an average capacity-weighted firm charter term of 7.1 years.
"The needs of the global container trade are becoming ever more complex and variable," Executive Chairman George Youroukos said. He highlighted that the addition of these new ships will help reduce the company's average fleet age.
The company noted the transaction remains subject to certain conditions precedent being met.
