OOCL keeps GSL post-panamax boxship for another year at lower rate

Global Ship Lease has reached an agreement with Hong Kong line OOCL to extend the charter of 8,063 containership OOCL Qingdao.

The extension will commence March 11 in continuation of the current charter at a fixed rate of $14,000 per day, substantially lower than the ship was previously fetching. Global Ship Lease originally acquired the post-panamax containership from OOCL in August 2015 for $53.6m and then chartered it back for 36 to 39 months at $34,500 per day.

Ian Webber, chief executive officer of Global Ship Lease, commented, “We are pleased to have secured a charter extension for the OOCL Qingdao that demonstrates both our strong relationship with OOCL and an improving market for our fleet of mid-sized and smaller containerships. With a robust balance sheet, predictable cash flows, and a reputation as an owner and operator of high-quality containerships, we believe Global Ship Lease is well-positioned to create additional value for shareholders.”

The earliest redelivery of the 2004-built vessel is now set for January 1, 2019.

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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