Photo: Illustration. Source: Flickr – under the CC BY 2.0 license; Image by: Kees Torn

GSL’s Post-Panamax Pair to Continue Working for ZIM

Containership owner Global Ship Lease has renewed charter agreements with Zim Integrated Shipping Services (ZIM) for two Post-Panamax vessels.

The containerships in question are Dimitris Y and Ian H, both built in 2000.

The 5,936 TEU boxships will be chartered out to ZIM for a period of twenty-one to twenty-four months.

As informed, the new charters are expected to commence in June and July 2019, in direct continuation of their current charters, and to generate approximately USD 4.4 million of adjusted EBITDA per vessel for the median firm period.

“Amid strong demand for our high-specification Post-Panamax containerships, we are making important progress in securing long-term employment across our fleet, locking in multi-year cash flows in our structurally undersupplied vessel classes,” George Youroukos, Executive Chairman of Global Ship Lease, commented.

He explained that by securing new charters, GSL would be in position to reap the full benefits of the ongoing charter market recovery.

“Following the recent re-chartering of the Tasman, we are pleased to announce these new charters to which the Dimitris Y and Ian H will transition seamlessly, incurring no downtime,” Ian Webber, Chief Executive Officer of Global Ship Lease, added.

GSL owns 38 containerships ranging in size from 2,207 to 11,040 TEU, nine of which are fuel efficient new-design wide beam vessels, with a total capacity of 200,615 TEU. The fleet’s average age was 11.3 years as at March 31, 2019.