GSL confirms boxship demolition, looking for secondhand tonnage

GSL confirms boxship demolition, looking for secondhand tonnage

Global Ship Lease (GSL) has confirmed it has sold its 18-year-old containership Ville d’Orion for demolition for $328.25 per ldt or around $4.5m in total.

The NYSE-listed shipowner said it is actively looking to acquire cheap secondhand vessels backed up with employment contracts.

“We are focused on further capitalizing on cyclically low asset values by pursuing additional charter-attached vessel acquisitions, expanding our ability to pay a stable, growing dividend and creating long-term value for our shareholders,” Ian Webber, GSL’s CEO, said in a statement today.

Brokers reported the sale of Ville d’Orion in late November, stating that Indian buyers had acquired the 15,904-ldt boxship. AIS data shows the vessel arrived at Alang on Wednesday.

“With the sale of our two oldest vessels, Global Ship Lease’s 18-vessel fleet is now fully contracted through at least late 2017. This provides us with complete insulation from the volatile spot market, while our $800m of contracted revenue and weighted average remaining lease term of 4.9 years position us well to generate strong, predictable cash flow,” said Webber.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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