GSL Expands Fleet With Purchase of Three 8,600 TEU Ships

Global Ship Lease (GSL), the New York-listed container ship owner, has agreed to acquire three 8,600-TEU vessels for a total of $90 million.

Built in Korea in 2010 and 2011, the ships are equipped with ECO upgrades and will join the fleet with existing charters to a major liner company. Although the charter rates are below current market levels, GSL noted that the contracts are flexible, with possible redelivery extending into mid-2030.

If the charters run to their maximum terms, GSL expects the trio to generate around $88 million in revenue. The vessels also have a combined estimated scrap value of about $40 million, assuming a through-cycle rate of $400 per ldt.

The ships are scheduled for delivery at the end of 2025. GSL plans to fund the purchase initially using cash reserves, giving the company the ability to close quickly before evaluating additional financing options.

With this acquisition, GSL’s fleet will exceed 70 vessels. The company recently sold four older, smaller ships for a similar total amount, redirecting capital into newer tonnage with stronger earning potential.

Executive chairman George Youroukos described the vessels as “the cash cows of the future,” adding that the price was effectively “three for the price of one” when compared with current charter-free valuations.

“Our patience and balance sheet strength allowed us to pounce on this opportunity,” he said. “We’re renewing and upgrading the fleet with assets that should serve the company and shareholders well for years.”