Global Ship Lease (GSL) said Wednesday it contracted to purchase four high-reefer ECO-9,115 twenty-foot equivalent unit, or TEU, containerships for $274 million.

The vessels, with an average age of 8.5 years, are leased to an unnamed liner operator for a firm duration averaging 1.7 years, extendable to five years if all options are exercised.

Scheduled for phased delivery between December 2024 and January 2025, the purchase will be funded with cash on hand and ten-year debt priced at SOFR plus 2.50%, subject to in-principle commitments, the company said.

Shares of Global Ship Lease were up 1.6% in recent trading.

Price: 22.16, Change: +0.34, Percent Change: +1.56