Global Ship Lease orders five more containerships for $413 million

Global Ship Lease, Inc. (NYSE: GSL) announced agreements to order five mid-size containerships at an aggregate purchase price of approximately $413 million, subject to certain conditions being met, according to a press release.

The vessels are described as ultra-high-reefer, wide-beam, latest-generation containerships scheduled for delivery within 2029. Upon delivery, each ship will begin a multi-year charter, with a TEU-weighted average term of 8.1 years. The company expects the five ships to generate approximately $362 million in aggregate Adjusted EBITDA over their respective median firm charter terms, with an additional $131 million possible if charterers exercise all extension options.

The new orders bring Global Ship Lease's total newbuilding orderbook to 15 vessels. The full orderbook is expected to generate more than $1.0 billion in Adjusted EBITDA over a TEU-weighted average firm charter term of 7.1 years.

Executive Chairman George Youroukos said the charter extension options are priced at rates "over 25% higher than those for the initial firm periods," adding that the new vessels would "materially reduce our average fleet age" and "provide us with a substantially extended cash generation runway into the decades ahead."

As of March 31, 2026, Global Ship Lease operated a fleet of 71 vessels with a TEU-weighted average age of 18.2 years. Contracted revenue stood at $2.05 billion on a TEU-weighted basis, or $2.58 billion including options under charterers' control.

You May Also Be Interested In

• PhillipCapital Downgrades SRF Ltd (SRF:IN) to Neutral (3)
• BancFirst Corp. (BANF) Tops Q2 EPS by 16c
• Boston Beer Co. (SAM) Misses Q2 EPS by 131c ; Offers Guidance