Benzinga | Feb 9, 2021 08:31AM EST

Global Ship Lease Announces Agreement to Acquire Seven Post-Panamax Containerships on Multi-Year Charters For $116M

LONDON, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL) (the "Company" or "Global Ship Lease") announced today that it has agreed to purchase and charter back seven 6,000 TEU Post-Panamax containerships with an average age of approximately 20 years for an aggregate purchase price of $116 million. The charters are to leading liner operators for a minimum firm period of 36 months each, followed by two one-year extensions at charterer's option. The vessels are expected to generate aggregate Adjusted EBITDA of approximately $95 million over the average firm period of 3.1 years, implying a strongly accretive average Purchase Price / Annual Adjusted EBITDA multiple of approximately 4.0x. If all options are exercised, the vessels are expected to generate approximately $126 million of Adjusted EBITDA. With these additions, the Company's fleet will comprise 50 vessels with a total capacity of 287,280 TEU.