Global Ship Lease Inc

Global Ship Lease said it exercised options to build two additional mid-size containerships for a combined $163M contract price, lifting its newbuilding orderbook to 17 ships. The two vessels are ultra-high-reefer, wide-beam, latest-generation containerships scheduled for delivery in Q4 2029. The company said it is in discussions with prospective charterers about employment of the two ships upon delivery, while the first 15 ships in its nearly $1.5B newbuilding program have already secured fixed multi-year charters. Those initial 15 ships are due between Q4 2028 and Q1 2030 on contracts carrying a TEU-weighted average firm period of 7.1 years and are expected to generate more than $1B in adjusted EBITDA. As of June 30, Global Ship Lease operated a fleet of 71 containerships, 41 of them wide-beam post-panamaxes.

Global Ship Lease has ordered 15 mid-size containerships for approximately $1.3 billion, with multi-year charters expected to cover more than $1 billion of the cost and recover over 75% during the vessels' initial economic lives. The company reported $3.2 billion in forward contracted revenue, with 100% coverage for 2026 and 90% for 2027. Debt fell to just under $600 million by June 30, 2026, while cash stood at $649 million. Management cited Red Sea and Strait of Hormuz disruptions as reducing effective container capacity, benefiting mid-size and smaller vessels. The company also agreed to sell four older vessels for $65.5 million, expecting a gain of about $33 million.