Global Ship Lease, Inc. (NYSE:GSL) (the "Company"), a containership owner and lessor announced that subject to certain conditions precedent being met, the Company has agreed individual newbuilding contracts for 10 mid-size, ultra-high-reefer, wide-beam, latest-generation containerships (the “Newbuilds”) for an aggregate purchase price of approximately $917 million.

These highly flexible ships have been designed and specified to ensure a superior fit for existing and future market needs, with deliveries scheduled to take place between 4Q 2028 and 1Q 2030. Upon delivery from the respective yards, the Newbuilds are contracted on multi-year charters, with a TEU-weighted average term of 6.7 years and at rates expected to generate aggregate Adjusted EBITDA of approximately $665 million over their respective charter terms.

George Youroukos, Executive Chairman of Global Ship Lease, commented: “We are pleased to have agreed attractive terms for these best-in-class vessels, which we expect to be the workhorses of global container shipping for many years to come, ensuring that our existing “cash cows” are successfully replaced as they begin to age out. Alongside our continuing efforts to renew our fleet with well-specified, on-the-water vessels, we have worked hard to ensure that the next generation represented by these newbuilds reflects the evolving needs of our liner customers for maximum flexibility to adapt to changing trade patterns, as well as highly efficient operation. Consistent with our long-held strategy of mitigating downside risk while unlocking attractive upside potential, we are pleased to have fixed all 10 of the Newbuilds on multi-year charters commencing upon delivery from the yards. Moving on these compelling newbuilding opportunities is facilitated both by our strong balance sheet and our stable platform with existing forward charter cover of $2.1 billion spread over 2.6 years.”

Global Ship Lease press release