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Global Ship Lease to Acquire Two Post-Panamax Containerships from Black Pearl for USD 24.5m
Monday 02 December 2019

2 December 2019 - Marshall Islands-based shop owner Global Ship Lease, Inc. (NYSE: GSL) has agreed to acquire two 6,080 TEU Post-Panamax containerships from Black Pearl Containers LLC for an aggregate purchase price of USD 24.5m, the company said.

The vessels have charters in place to a leading liner operator for minimum 52 months - 60 months, and are expected to generate aggregate Adjusted EBITDA of approximately USD 21m over the term of the contracted charters.

With these additions, the company's fleet will comprise 45 vessels with a total capacity of 249,622 TEU.

Black Pearl Containers LLC is a company controlled by the former shareholders of Poseidon Containers, with which the company merged in November 2018, and pursuant to the company's Right of First Refusal on all such containership purchase opportunities and divestments. The company has agreed debt finance in connection with the acquisition of these ships.

Global Ship Lease is an independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Inc., with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies.
Date Published: 02/12/2019
Target: Black Pearl Containers LLC
Country: USA
Deal Size: 24.5m (USD)
Sector: Water Transport
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Buyer: Global Ship Lease, Inc