Gsl-Ningbo Ship Details and Seafarer Feedback

In a significant development for the shipping industry, Global Ship Lease has successfully finalized a new time charter agreement with Maersk Line for the well-known 2004-built containership, GSL Ningbo, previously named OOCL Ningbo. This announcement comes in the wake of the vessel's redelivery from OOCL on September 17, 2018. According to a press release from Global Ship Lease, the charter is set to commence on or around September 21, 2018, and will span a flexible duration of two to 12 months. Notably, the agreement includes an option for the charterer to extend the contract for an additional 12 months. The charter rates are structured to increase over the contract period, starting at $11,500 per day for the initial three months, transitioning to $12,100 per day for the following three months, and peaking at $12,400 per day for months seven to twelve. Should the charterer decide to exercise the additional option, the rate will be set at $18,000 per day for that period.

Orient Overseas (International) Limited (OOIL), the parent corporation of Orient Overseas Container Line (OOCL), has successfully completed a significant financial maneuver by selling and leasing back three of its 8,063 TEU container vessels. This strategic move is aimed at generating a total of USD 157.6 million to bolster its working capital and support upcoming investment initiatives. The ships involved in this transaction include the OOCL Ningbo, constructed in 2004, the OOCL Tianjin built in 2005, and another 2004-built vessel, the OOCL Qingdao. According to a stock filing released by OOIL on August 5, the vessels were sold to Global Ship Lease (GSL) on three separate occasions: OOCL Ningbo on August 4, 2014, OOCL Tianjin on September 16, 2014, and OOCL Qingdao on February 5, 2015. The OOCL Ningbo is set for delivery to GSL on October 15, while the other two vessels had already been delivered on October 28, 2014, and March 11, 2015, respectively. In a related development, Orient Overseas Container Line (United Kingdom)—a wholly-owned subsidiary of OOIL—entered into a timecharter agreement with GSL, allowing it to charter the OOCL Ningbo back at a predetermined rate. This charter will last for a minimum of 36 months, with the possibility of extending up to 39 months, commencing immediately upon the vessel's delivery. Notably, OOIL will not have the option to repurchase the OOCL Ningbo during or after the duration of the charter. Similar terms apply to the charters for OOCL Tianjin and OOCL Qingdao, ensuring consistency in this financial strategy.