London-headquartered containership owner Global Ship Lease (GSL) has sealed a deal with Borealis Finance to acquire 12 containerships for a total of $233.9m.

The 12 vessels have an average size of around 3,000 TEU, a weighted average age of 11 years, and are all on a charter with lines with the remaining charter duration of three to 25 months.

Deliveries are scheduled during the third quarter of 2021, and the additions take GSL’s fleet to 62 containerships with a total capacity of 322,770 TEU.

GSL expects to fund the purchase price with cash on hand, the proceeds of new bank debt, and the issuance of $35m of its existing 8.00% Senior Unsecured Notes to Borealis.