X-Press Feeders extends panamax charter with Global Ship Lease

X-Press Feeders extends panamax charter with Global Ship Lease

Singapore: X-Press Feeders, part of Singapore-based Sea Consortium, has further extended its time charter of panamax containership Ville d’Orion (4,113 teu, built 1997) with Global Ship Lease.

The extension period will commence July 26, and is for a period of four to seven months at charterer’s option, at a gross charter rate of $11,000 per day. The rate is an increase on the current charter rate of $8,000 per day and in line with an extension for a similar vessel last month at $10,700 per day.

Ian Webber, chief executive officer of Global Ship Lease, commented, “We are pleased to seamlessly extend our charter with Sea Consortium / X-Press Feeders at a rate 37.5% above its current level, taking advantage of a supportive rate environment. With mid-size and smaller vessels underrepresented in the orderbook, our strategic focus on high-quality ships in these important vessel classes positions us well for the future.”

Despite the contract extension, Global Ship Lease stocks were down 2.8% in trading yesterday, as shipping stocks bore the brunt of uncertainty over the European economy with a possible Greek default and Eurozone exit looming.

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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