Gsl-Ningbo

Global Ship Lease announced a new time charter with Maersk Line for the 2004-built, 8,063 TEU containership OOCL Ningbo, which has been renamed GSL Ningbo, following her redelivery by OOCL on September 17, 2018. The containership charter owner said in a press release that the vessel will be chartered, commencing on or around September 21, 2018, for a period of between two and 12 months, with a subsequent option for an additional 12-month extension (at charterer’s option). During the first three months, the charter is at a rate of $11,500 per day; during months four to six, at $12,100 per day; during months seven to 12, at $12,400 per day; and during the subsequent 12-month option period, at $18,000 per day.

Orient Overseas (International) (OOIL), the parent company of Orient Overseas Container Line (OOCL), has sold and leased back three 8,063 teu container ships to raise a total of USD157.6 million. The three vessels, identified as 2004-built OOCL Ningbo, 2005-built OOCL Tianjin, and 2004-built OOCL Qingdao were sold to Global Ship Lease (GSL) on 4 August 2014, 16 September 2014, and 5 February 2015 respectively, a stock filing of OOIL said on 5 August. OOIL plans to use the proceeds to replenish its working capital and fund future investment projects. OOCL Ningbo will be delivered to GSL on 15 October; the other two vessels were already delivered on 28 October 2014 and 11 March 2015.Orient Overseas Container Line (United Kingdom), an indirect wholly owned subsidiary of OOIL, has entered into the timecharter with GSL to charter OOCL Ningbo back at an agreed rate for a minimum term of 36 months and a maximum term of 39 months. The timecharter will commence immediately upon the delivery of the vessel. OOIL does not have the option to repurchase the vessel during, or at the end of the charter period. OOCL Tianjin and OOCL Qingdao were chartered back at the same terms and conditions as those of OOCL Ningbo.