Global Ship Lease Adds Maersk Line as Charterer

Containership charter owner Global Ship Lease has signed a time charter contract with Danish liner Maersk Line for the 2004-built, 8,063 TEU containership OOCL Ningbo.

The ship has been renamed GSL Ningbo, following its redelivery by OOCL on September 17, 2018.

The vessel will be chartered, commencing on or around September 21, 2018, for a period of between two and 12 months, with a subsequent option for an additional 12-month extension.

During the first three months, the charter is at a rate of USD 11,500 per day; during months four to six, at USD 12,100 per day; during months seven to 12, at USD 12,400 per day; and during the subsequent 12-month option period, at USD 18,000 per day.

GSL has agreed also to an extension of its charter with CMA CGM for the 2002-built, 2,207 TEU containership Julie Delmas, which has been renamed GSL Julie.

The extension will commence with effect from October 26, 2018, maintaining the current rate of USD 7,800 per day. The extended term runs through January 20, 2019 to March 20, 2019.

“While ongoing trade tensions continue to impact sentiment in the sector, we are pleased to have secured full charter coverage for our fleet while incurring minimal vessel downtime. We are also delighted to have further diversified our counterparty portfolio with the addition of Maersk, the world’s largest container liner company,” Ian Webber, Chief Executive Officer of Global Ship Lease, said.

 “We remain confident in the strong long-term fundamentals for mid-sized and smaller containerships, driven by a limited orderbook and the continuing expansion of the non-mainlane trades that are heavily reliant upon these workhorse vessels. With the support of our substantial contracted cashflows, our strong balance sheet, and our recently announced USD 65 million growth facility, GSL is well positioned to seize attractive growth opportunities currently available in the market.”

As of July 1, 2018, Global Ship Lease owned 19 vessels with a total capacity of 85,136 TEU and an average age 13.5 years. All 19 vessels are fixed on time charters, 17 of which are with CMA CGM.