Global Ship Lease, led by George Youroukos, has currently added two new tankers to its orders, bringing the total orders of the company to 17 tankers. These two vessels, of medium size and very high capacity, are being constructed at an approximate value of $163 million and are expected to be delivered in the fourth quarter of 2029.
Status of Tanker Employment
Unlike the first 15 tankers that are part of Global Ship Lease's new construction program and have long-term employment contracts secured, these two new tankers are still exploring the employment market. The company has stated that it is negotiating with potential clients for the employment of these tankers after delivery.
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Investment and Construction Program
George Youroukos, the CEO of the company, has stated that these options have allowed Global Ship Lease to secure vessels under terms negotiated earlier this year and to purchase at prices currently unavailable in the market for similar vessels. With this move, Global Ship Lease's total investment in this new construction program has reached approximately $1.49 billion.
In June, a report was released indicating that the company entered the new shipbuilding market with 10 medium-sized tankers valued at approximately $917 million, and a few weeks later added five more tankers valued at $413 million. The initial 15 tankers, which are expected to be delivered between the fourth quarter of 2028 and the first quarter of 2030, have all been attached to multi-year employment contracts and are expected to generate over $1 billion in adjusted EBITDA.
Market sources had previously linked Global Ship Lease to part of a large shipbuilding package at CSSC Huangpu Wenchong and Taizhou Sanfu shipyards, which produce vessels in the range of 6200 TEU. The company has not officially provided information regarding the shipyards or capacities related to its 17 tanker program.
At the end of June, Global Ship Lease had 71 operational tankers, of which 41 were of the wide and post-Panamax type. The average age of the company's operational fleet was 18.4 years, and the new construction program is part of the company's broader effort to replace its aging fleet and increase the revenue-generating period of ownership.
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