Global Ship Lease Secures $65 Million Growth Facility For Fleet Expansion

Global Ship Lease, Inc. (the “Company”), a containership charter owner, announced that the Company had entered into a $65.0 million credit facility with funds associated with Hayfin Capital Management and Breakwater Capital to fund the acquisition of additional feeder containerships. The non-amortizing facility may be drawn down during an 8-month period beginning September 7, 2018 and reaches maturity in July 2022.

INTTRA - shipping representation image
Representation Image – Credits: INTTRA

Ian Webber, Chief Executive Officer of Global Ship Lease, commented, “I am pleased to announce the establishment of this growth credit facility, which significantly increases our ability to grow at a time when feeder containerships remain at a substantial discount to both long-term average values and newbuild price parity. The fundamentals for mid-sized and smaller containerships remain compelling, with a limited orderbook and continued demand growth. With this enhanced growth capacity, Global Ship Lease is in an excellent position to create shareholder value amid these supportive dynamics.”

Andreas Povlsen, Chief Executive Officer of Breakwater Capital, said: “As a ship finance platform with a long-term approach, we seek to work with strong management teams with a clear and sustainable growth strategy. In this context, we are pleased to provide GSL with a tailored capital solution within a specific sub-sector where we share a common view around encouraging forward fundamentals.”

Press Release: globalshiplease.com

Latest Shipping News You Would Like:

NKT Victoria Ready To Operate On Biofuel

NKT Victoria Ready To Operate On Biofuel

Posted on
NKT has certified its cable-laying Vessel NKT Victoria to use biofuels such as hydrotreated vegetable oil (HVO) significantly reducing the carbon footprint from her operations.

Get the Latest Maritime News Delivered to Your Inbox!

Our free, fast, and fun newsletter on the global maritime industry, delivered everyday.

Do you have info to share with us ? Suggest a correction

Leave a Reply

Your email address will not be published. Required fields are marked *