Global Ship Lease (GSL) plans to send its two oldest vessels to the scrapyard instead of the dry dock as part of an effort to save money during the coronavirus pandemic.
The New York-listed owner of 45 boxships announced the decision on Tuesday in its first-quarter earnings report, in which hefty impairment charges hurt GSL's bottom line.
"We are minimising discretionary spend without compromising safety or our ability to consistently service our charterers at a high level, and are likely to dispose of our two oldest vessels rather than invest in their upcoming drydocks," chief executive Ian Webber said.
