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            august 26, 2019

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Maersk charters 5,936 TEU box ship from Global Ship Lease for US$5.3m


Containership charter owner, Global Ship Lease Inc has agreed a minimum 30-month and a maximum 38-month charter with Denmark's Maersk Line for the 5,936 TEU containership Tasman that was built in 2000, according to Shipping Gazette.
The new charter is due to start in July on the completion of the current charter and is subject to a further 12-month extension at the charterer's option. The charter is expected to generate US$5.3 million of adjusted Ebitda for the median firm period and an additional $4.4 million if the 12-month extension option is exercised.
Global Ship Lease executive chairman George Youroukos commented: "Our focus in 2019 has been to draw upon our highly experienced chartering team, comprehensive commercial capabilities and deep relationships throughout the container shipping industry in order to secure long-term employment for our fleet and take advantage of the strengthening market, particularly for mid-sized vessels.
"Our high-quality and high-specification containerships offer the most competitive slot costs and are concentrated in vessel classes with little to no orderbook, placing us in an excellent position to continue building our multi-year cashflow visibility while also pursuing a range of value-creative opportunities in this promising market environment."
Global Ship Lease chief executive officer Ian Webber added: "We are pleased to sign this long-term charter on attractive terms with Maersk, the world's largest container liner company. This multi-year employment adds to our substantial contracted revenue stream while also demonstrating the clear long-term demand for our high-specification post-panamax containerships."
The company owns 38 containerships ranging in size from 2,207 TEU to 11,040 TEU. Incorporated in the Marshall Islands, it commenced operations in December 2007 with a business of owning and chartering out containerships under mainly long-term, fixed-rate charters to top-tier container shipping lines.

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