Global Ship Lease Announces New Long-Term Charter Agreement

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Global Ship Lease, Inc, has agreed a three-year charter with Hapag-Lloyd for the 2015-built, 9,115 TEU containership UASC Al Khor.

The new charter is in direct continuation of the current charter and is expected to commence in June, 2019, with re-delivery in the second quarter 2022. The charter is expected to generate approximately $28 million of Adjusted EBITDA.

Ian Webber, Chief Executive Officer of Global Ship Lease, stated, “We are pleased to announce another longer-term charter of one of our modern, high-specification, eco, wide-beam containerships acquired through our recent strategic combination with Poseidon Containers.”

“The fixture is consistent with our strategy of locking in contracted cashflow for longer periods when rates have risen to attractive levels, whilst retaining some exposure to the short-term charter market, allowing us to enter into new charters in an improving market. This charter extension further improves our long-term cashflow visibility and is indicative of our expanded relationship with charterers,” he added.

Sea News, March 19