Global Ship Lease (GSL) has become a better company in the eyes of S&P Global Ratings.

The New York-based credit rating agency raised the boxship owner's long-term issuer credit rating and first priority senior secured notes to B+ from B, GSL said.

S&P gave the higher mark on the basis of new charters at favourable rates, extended debt maturities, rebalancing supply and demand conditions and a better leverage profile.