Global Ship Lease Announces Forward Charter Agreements

0
335

Global Ship Lease announced that it has entered into new multi-year charters with Hapag-Lloyd for six ECO 6,900 TEU ships.

The new charters are each for a firm period of five years, followed by two 12 month periods at the option of the charterer, and are scheduled to commence between late 2023 and late 2024, following the expiration of existing charters to a different counterparty.

The charters are expected to generate average Adjusted EBITDA of approximately $13.1 million per ship, per year; and total Adjusted EBITDA of around $393 million for the six ships over the firm charter period.

George Youroukos, Executive Chairman of Global Ship Lease, commented, “We are pleased to announce that we have chartered these high-quality Post-Panamax containerships at rates that reflect the current market, but particularly the long-term need by liner operators for these well-specified vessels. These new forward charters provide a significant extension of our contracted revenue streams through nearly the end of the decade, and we are delighted to deepen our relationship with Hapag-Lloyd. So far this year, through three charter extension options, one prompt fixture, and eleven forward fixtures, we have added almost $920 million of contracted revenues, and we continue to pursue additional attractive, long-term employment for our in-demand fleet.”