Global Ship Lease Inc (GSL) News & EventsGSLGlobal Ship Lease Inc

Global Ship Lease Orders Two New Vessels for Approximately $163M

Global Ship Lease announced that, subject to certain conditions precedent, it has exercised options to build two additional mid-size, ultra-high-reefer, wide-beam, latest-generation containerships for an aggregate contract price of about $163M. The ships are scheduled for delivery in Q4 2029. The company is in discussions with prospective charterers regarding employment upon delivery. With the additional newbuilds, the company's newbuilding orderbook is 17 ships. "By exercising these additional newbuild options, we are very pleased to be growing our exposure to this increasingly valuable vessel class on attractive terms agreed earlier this year and at prices no longer available in the market for comparably specified ships with 2029 deliveries," said George Youroukos, executive chairman.

GSL Reports Q2 Revenue of $198.7M, Beating Consensus

Reports Q2 revenue $198.7M, consensus $190.87M. George Youroukos, our executive chairman, stated: "We are proud to have delivered another quarter of strong results, as our strategic focus on optionality and flexible tonnage continues to serve us well in a highly volatile and unpredictable world. While underlying containerized freight flows remained quite firm throughout the quarter, geopolitics once again played an outsized role in re-arranging and complicating global trade. This was evident not only in and around the Strait of Hormuz, but also in the continued decentralization of global supply chains outside of China and beyond the East-West mainlane trades serviced by ultra-large containership tonnage. As a result, our liner customers are placing a premium on flexibility and reliability in the supply chain, actively expanding their access to flexible, mid-size containerships like those in the GSL fleet. In these conditions, we have taken the opportunity to continue locking in multi-year charters at attractive rates. With 100% charter coverage for 2026, 90% coverage for 2027, and over $3 billion in contracted revenues over 3.3 years, including our Newbuildings, we are in a strong position now and moving forward."

Global Ship Lease Signs Contracts for 5 New Vessels at Approximately $413M

Global Ship Lease announced that, subject to certain conditions precedent being met, the company has agreed individual newbuilding contracts for a further five mid-size, ultra-high-reefer, wide-beam, latest-generation containerships for an aggregate purchase price of approximately $413M. These highly flexible ships have been designed and specified to ensure a superior fit for existing and anticipated future market needs. Upon delivery from the respective yards, scheduled to take place within 2029, the Newbuilds are contracted on multi-year charters with a TEU-weighted average term of 8.1 years and at rates expected to generate aggregate adjusted EBITDA of approximately $362M over their respective median firm charter terms, and an additional $131M if all extension options are exercised by the charterers which would increase the TEU-weighted average term by approximately 2.2 years. These five Newbuilds bring the company's overall newbuilding orderbook to 15 ships, which are collectively expected to generate more than $1B of adjusted EBITDA over an average TEU-weighted firm charter term of 7.1 years.