GSL Secures Time Charter for Tianjin with CMA CGM

Containership charter owner Global Ship Lease (GSL) has agreed to a new time charter with French carrier CMA CGM for the 2005-built OOCL Tianjin, which will be renamed GSL Tianjin.

The 8,063 TEU containership will be chartered for a period of three to eight months at the charterer’s option at a fixed rate of USD 13,000 per day, commencing immediately upon re-delivery from its current charter on or around October 25, 2017.

“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,” Ian Webber, Chief Executive Officer of Global Ship Lease, said.

“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.

He further said that, by continuing to focus on maintaining full fleet employment with top-tier counterparties, Global Ship Lease is well positioned “to benefit from the ongoing improvements in the market for mid-sized and smaller containerships.”

GSL owns 18 vessels with a total capacity of 82,312 TEU and an average age, weighted by TEU capacity, at August 31, 2017 of 12.7 years. All 18 vessels are currently fixed on time charters, 15 of which are with CMA CGM.