Orient Overseas (International) (OOIL), the parent company of Orient Overseas Container Line (OOCL), has sold and leased back three 8,063 teu container ships to raise a total of USD157.6 million.
The three vessels, identified as 2004-built OOCL Ningbo, 2005-built OOCL Tianjin, and 2004-built OOCL Qingdao were sold to Global Ship Lease (GSL) on 4 August 2014, 16 September 2014, and 5 February 2015 respectively, a stock filing of OOIL said on 5 August.
OOIL plans to use the proceeds to replenish its working capital and fund future investment projects.
OOCL Ningbo will be delivered to GSL on 15 October; the other two vessels were already delivered on 28 October 2014 and 11 March 2015.
Orient Overseas Container Line (United Kingdom), an indirect wholly owned subsidiary of OOIL, has entered into the timecharter with GSL to charter OOCL Ningbo back at an agreed rate for a minimum term of 36 months and a maximum term of 39 months. The timecharter will commence immediately upon the delivery of the vessel. OOIL does not have the option to repurchase the vessel during, or at the end of the charter period.
OOCL Tianjin and OOCL Qingdao were chartered back at the same terms and conditions as those of OOCL Ningbo.