Tuesday, June 24, 2025
Home News Global Ship Lease secures deal for 12 vessels acquisition

Global Ship Lease secures deal for 12 vessels acquisition

Global Ship Lease (GSL) has agreed to acquire 12 container ships from Borealis Finance LLC with an average size of approximately 3,000TEU and a weighted average age of 11 years for a total price of US$233.9 million.

The ships, which are scheduled for delivery during the third quarter of 2021, are all on charter with global liner operators, with remaining charter duration of three to 25 months.

With these additions, GSL’s fleet will comprise 62 container vessels with a total capacity of 322,770TEU, making the company the eighth largest non-operating owner of container ships in terms of TEU capacity.

“These additions to the GSL fleet will increase our exposure to the workhorse feeder and handy size segments, which are currently commanding record-high charter rates stemming from strong demand and effectively full employment, and discussions are already underway to secure additional forward cover on terms reflecting these superior market conditions,” commented George Youroukos, Executive Chairman of Global Ship Lease.

The London-headquartered ship owner expects to fund the purchase price with cash on hand, the proceeds of new bank debt, and the issuance of US$35 million of its existing 8% Senior Unsecured Notes to the sellers.

“The vessels have an appealing combination of existing medium-term charter cover and upside potential in the relative near term from charter renewals in one of the strongest ever container ship charter markets, in which both charter rates and durations are significantly above the levels of recent years,” added Youroukos.

Clarksons Platou Securities AS acted as sole advisor to GSL, which was represented by Seward & Kissel LLP as legal counsel.





Latest Posts

Maritime Geopolitics is now the market

In the once-quiet engine room of globalization maritime logistics a silent revolution is underway. According to maritime strategist Punit Oza, advances in port productivity have...

Cavotec unveils flexible shore power solution

Cavotec has launched PowerAlign, a new modular and mobile shore power solution purpose-built for container terminals. The unveiling took place at TOC Europe 2025 in...

Latvia and Germany strengthen maritime innovation ties

Public and private sector partners from Latvia and Germany have signed a Memorandum of Understandin in Hamburg this week to boost cooperation in digital...

Kota Oasis makes inaugural call at Lomé

PIL has announced that its latest “O”-Class vessel, Kota Oasis, made its inaugural call at the Port of Lomé, Togo. Following a successful first stop...

MSC reaches capacity milestone further cementing its position

MSC has crossed a significant milestone, with its total container fleet capacity exceeding 6.6 million TEUs, securing a commanding 20.5% share of the global...
error: Content is protected !!