New York-listed container ship owner Global Ship Lease (GSL) has set its sights on expanding its fleet, striking a to acquire a total of three 8,600 teu vessels for a combined $90 million.

The vessels, built in South Korea in 200 and 2011 and upgraded for environmental standards, are already under contract to a major liner operator. The Greek owner said the charter rates were below current market levels but flexible terms and a potential redelivery date in mid-2030.

GSL said the three vessels are expected to generate around $88 million of revenue the charter contracts are fully realised. The company also noted that the total demolition value for the three vessels, assuming a $400 per ldt cycle average demolition value, is $40 million.

The delivery timeline is expected to be around the end of 2025. GSL said it plans to initially fund the transaction from cash hand to allow for a quick close before considering additional financings thereafter.

The acquisition brings GSL’s fleet size to over 70 vessels. The company recently four older, smaller vessels for a total price of approximately the same, recycling the capital to invest in a fleet renewal of younger, more earnings-driven vessels.

"These the ships of the future," said George Youroukos, Executive Chairman. "It's a steal of a deal – three for the price of one – and it where the valuations are for vessels without charters. Our patience and balance sheet strength allowed us to seize the opportunity. We are using these assets to renew and upgrade our fleet, will generate good returns for the company and shareholders for many years to come."