GSL to acquire three 8,600-TEU boxships in $90 million fleet expansion

Global Ship Lease (GSL), the New York-listed containership owner, has agreed to purchase three post-Panamax vessels of around 8,600 TEU capacity in a deal valued at $90 million, marking another step in its ongoing fleet renewal strategy.

The trio, built in South Korea between 2010 and 2011 and upgraded with fuel-efficient ECO features, will join GSL with charters already secured to a major global carrier. Although the charter rates are below current market benchmarks, the agreements offer flexible durations with possible redelivery extending into mid-2030, the company noted.

If employment runs to the latest potential end dates, GSL forecasts the ships will generate approximately $88 million in contracted revenue. The vessels also carry an estimated combined scrap value of about $40 million, based on a long-term assumption of $400 per ldt.

Delivery of the ships is expected near the end of 2025, with the acquisition to be financed initially through existing cash reserves—allowing the company to move swiftly while keeping the door open for additional funding options later.

Once the ships join the fleet, GSL will operate over 70 vessels. The company recently divested four older, smaller ships for a similar aggregate consideration, effectively reallocating capital toward younger tonnage with stronger earnings prospects.