Shippingtelegraph.com: Global Ship Lease divests boxship and secures extensive forward charter cover

by Shipping Telegraph

Greek containership owner Global Ship Lease has reported the sale of another ship. The 5,900-teu Dimitris Y was contracted to be sold for $35.6m with delivery to the buyers in the fourth quarter of the year.

Specifically, in May Dimitris Y (built 2000) was contracted to be sold for $35.6m, and is scheduled for delivery to the buyers in the fourth quarter of 25, upon redelivery from the existing charter.

This is the company’s latest divestment after the sale of three ships in the first quarter of the year for an aggregate gain of $28.3m.

As it is reported, the New York-listed shipowner completed the sales of Tasman (5,900-teu, built 2000), Akiteta (2,200-teu, built 2002), and Keta (2,200-teu, built 2003) in the first quarter of 2025.

The vessels were delivered to their new owners in the first quarter of 2025, the company said yesterday in its unaudited results for the three and six-month periods ended June 30.

Meanwhile, Global Ship Lease took delivery, in January 2025, of Czech, the last in a series of four high-reefer, eco-9,000 teu containerships contracted for purchase with charters attached in the fourth quarter of 2024 (newly acquired vessels).

The company’s fleet of 69 vessels as of June 30, 2025, had an average age weighted by TEU capacity of 17.7 years. 39 ships are wide-beam post-panamax.

George Youroukos, Global Ship Lease executive chairman, expressed “cautious optimism” about the Red Sea and satisfaction regarding the company’s charter coverage.

By continuing to sign “attractive charters” for its fleet, the company – during the first half of 2025 – added almost $400m of contracted revenue, bringing the forward contracted revenues to $1.73bn, the 2025 contract cover to 96%, and the 2026 cover to 80%.

Youroukos commented: “With recent cautious optimism about the Red Sea and a potential pathway towards normalization having been undermined by multiple Houthi attacks, it seems likely that extensive re-routing around the Cape of Good Hope will continue to extend voyage lengths at the same time as macro volatility continues to impact supply chain efficiency and thus increase the number of ships needed to carry any given quantity of cargo.

“Given these dynamics, as well as the continued feast-or-famine reaction of underlying freight demand to the imposition, amendment, or delay of tariffs, we are exceptionally pleased to have extensive forward charter cover, a robust balance sheet, and a fleet that offers our customers the operational flexibility and optionality they need.”