Discover the Msc-Tianjin: Ratings & Maritime News

In a strategic move to enhance its working capital and finance upcoming investments, Orient Overseas (International) Ltd. (OOIL), the parent corporation of Orient Overseas Container Line (OOCL), has successfully completed the sale and leaseback of three 8,063 TEU container vessels for a total of USD 157.6 million. The ships, namely OOCL Ningbo (built in 2004), OOCL Tianjin (constructed in 2005), and OOCL Qingdao (also from 2004), were sold to Global Ship Lease (GSL) on staggered dates: OOCL Ningbo on August 4, 2014, OOCL Tianjin on September 16, 2014, and OOCL Qingdao on February 5, 2015. This information was disclosed in OOIL’s stock filing on August 5, 2014. The delivery of OOCL Ningbo to GSL is scheduled for October 15, 2014, while the other two vessels have already been delivered, with OOCL Qingdao on March 11, 2015, and OOCL Tianjin on October 28, 2014. Following the sale, Orient Overseas Container Line (United Kingdom), an indirect wholly owned subsidiary of OOIL, has entered into a time charter with GSL to lease OOCL Ningbo at a predetermined rate for a duration ranging between a minimum of 36 months and a maximum of 39 months. This charter will kick off immediately upon the vessel’s delivery. Notably, OOIL does not retain the option to repurchase OOCL Ningbo during or after the charter term, a condition that also applies to the arrangements for OOCL Tianjin and OOCL Qingdao.

In a recent development in maritime commerce, a vessel has been successfully sold to a buyer from the Far East. This transaction highlights the ongoing demand for marine assets in the region, signifying a robust market for ship sales. Details regarding the ship's specifications and the transaction process are yet to be disclosed, but the acquisition underscores the Far East's strategic position in global shipping operations.