Read Authentic Ratings for the Msc-Qingdao

February 20, 2018 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL), a prominent player in the containership chartering sector, has announced a significant charter extension agreement with Orient Overseas Container Line (OOCL) for the OOCL Qingdao. This vessel, constructed in 2004, boasts a capacity of 8,063 TEU. The new charter extension will begin immediately after the current contract ends on March 11, 2018, and will operate at a daily fixed rate of $14,000. Under the new terms, the earliest potential redelivery date is set for January 1, 2019, while the latest redelivery option falls on March 15, 2019, subject to the charterer's discretion.

In a strategic move to boost its financial standing, Orient Overseas (International) Limited (OOIL), the parent company of Orient Overseas Container Line (OOCL), has finalized the sale and leaseback of three significant container ships to Global Ship Lease (GSL). The vessels, which include the 8,063 TEU ships OOCL Ningbo (built in 2004), OOCL Tianjin (built in 2005), and OOCL Qingdao (also built in 2004), were sold in transactions that cumulatively raised USD 157.6 million. According to a stock filing released by OOIL on August 5, 2014, the sales occurred on various dates: OOCL Ningbo was sold on August 4, 2014, OOCL Tianjin on September 16, 2014, and OOCL Qingdao on February 5, 2015. The company plans to allocate the capital gained from these sales for enhancing its working capital and supporting future investment initiatives. Delivery of OOCL Ningbo is scheduled for October 15, 2014, while the other two vessels were delivered earlier, on October 28, 2014, and March 11, 2015, respectively. Additionally, OOCL's UK subsidiary has entered into timecharter agreements with GSL to temporarily lease back OOCL Ningbo, OOCL Tianjin, and OOCL Qingdao for a commitment ranging from a minimum of 36 months to a maximum of 39 months. Importantly, OOIL will not possess the right to repurchase these vessels during or after the lease period.