Global Ship Lease to Charter vessels for Zim

Global Ship Lease Inc. announced agreement to acquire two new TEU 4,250. Vessels to be operated by Zim Integrated Shipping Services
 
Global Ship Lease, Inc a growing containership owner and the twentieth largest in the industry, announced last week it had agreed to acquire two 4,250 TEU newbuildings from German interests for approximately US$77 million per vessel.
 
The two vessels, which are being built at Jiangsu New Yangzi Shipbuilding, a high quality ship yard and part of a publicly owned group, are scheduled to be delivered in the fourth quarter of 2010.
 
Both vessels will be timed chartered to Zim Integrated Shipping Services Limited, a top 20 global liner operator, for a term of seven to eight years starting from 2011 at a net rate of $28,000 per vessel per day.
 
Shipping sources believe Zim intends to integrate the two new container ships in its existing shipping routes in order to improve service to customers. Global Ship Lease currently owns 12 vessels and has contracts in place to purchase an additional seven vessels. The Company has contracts in place for five vessels for$437  million from CMA CGM, four of which are expected to be delivered in December 2008 and one in July 2009. The Company also has contracts in place to purchase two newbuildings which are expected to be delivered in the fourth quarter of 2010.