Global Ship Lease fixes boxship to CMA CGM as OOCL deal expires

Global Ship Lease has sealed a new time charter with CMA CGM for 8,063 teu containership OOCL Tianjin.

The 2005-built will be renamed GSL Tianjin and go on charter to CMA CGM for a period of three to eight months at a rate of $13,000 per day. The charter will commence upon re-delivery from OOCL which is scheduled for October 25.

Ian Webber, chief executive officer of Global Ship Lease, commented, “We are pleased to have secured continued employment for the Tianjin on an EBITDA positive basis with one of the most active charterers in the market, CMA CGM. We also appreciate the close cooperation of both the current charterer, OOCL, and CMA CGM in ensuring a seamless transition directly from one time charter to the next, with no intervening downtime.”

Global Ship Lease acquired the vessel from OOCL in 2014 for $55m, with a three-year time charter back to OOCL at $34,500 per day included in the deal.

“Coming off of its initial sale-and-leaseback charter with OOCL, the vessel will now be fixed at a profitable rate, which is reflective of market conditions, throughout the weaker winter months without compromising our ability to re-enter the strengthening market during a more seasonally advantageous period,” Webber added.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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