Global Ship Lease splashes $917m for 10-new boxships to replace ‘cash cows’

New York-listed containership owner and lessor Global Ship Lease has expanded its fleet in a $917m deal for 10 mid-size, ultra-high-reefer, wide-beam containerships.

The Athens-based company said it has signed individual newbuilding contracts for ten ships, subject to certain conditions precedent being met, with deliveries scheduled to take place between the fourth quarter of 2028 and the first quarter of 2030.

Upon delivery from the yards, the newbuilds are contracted on multi-year charters, with a TEU-weighted average term of 6.7 years and at rates expected to generate aggregate adjusted EBITDA of approximately $665m over their respective charter terms.

Executive chairman George Youroukos said the next generation represented by these newbuilds reflects the evolving requirements of the company’s liner customers.

“We are pleased to have agreed attractive terms for these best-in-class vessels, which we expect to be the workhorses of global container shipping for many years to come, ensuring that our existing