Global Ship Lease Announces Agreement to Acquire Four Post-Panamax Containerships on Multi-Year Charters

LONDON, May 08, 2023 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE: GSL) (the “Company”) a leading independent owner of containerships, announced today that it has agreed to purchase and charter back four 8,500 TEU Post-Panamax containerships with an average age of approximately 20 years for an aggregate purchase price of $123.3 million. The charters are to a leading liner operator for a minimum firm period of 24 months each, followed by a 12-month extension at the charterer’s option. The vessels are expected to generate aggregate Adjusted EBITDA of approximately $76.6 million over the minimum firm period, implying an attractive average Purchase Price / Annual Adjusted EBITDA multiple of approximately 3.2x. If all options are exercised, the vessels are expected to generate approximately $95.3 million of aggregate Adjusted EBITDA. With these additions, the Company’s fleet will comprise 68 vessels with a total capacity of 375,406 TEU.

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