The cash tender will see it snap up part of the $420m notes issue sold last year and due in 2019.
It will pay 102% of the principal amount, plus accrued interest, which is set at 10%.
GSL said the move was being made due to the terms of the notes, which state that it must make a buyback offer up to a maximum of $20m each year if there is excess cash flow of at least $1m.
