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Global Ship Lease, Inc. signed a new time charter for its 1996-built, 4,113 TEU vessel, Ville d’Aquarius, to Sea Consortium Pte Limited, doing business as X-Press Feeders last week. The charter, which commenced on May 7, 2014, is at a gross charter rate of $7,490 per day and is for a period of 180 days plus or minus 30 days, at charterer’s option.

Ian Webber, Chief Executive Officer of Global Ship Lease, commented, “We are pleased to establish a commercial relationship with a new charterer, Sea Consortium / X-Press Feeders, the largest independent feeder operator in the world, operating a fleet of over 60 vessels.

This marks an important first step towards our goal of diversifying our charter portfolio, while also expanding our contracted revenue stream. Establishing this relationship with Sea Consortium / X-Press Feeders is particularly appealing to us, as they are active in the non-mainlane and intra-regional trades, areas we see as being central to our vessel acquisition strategy going forward.”

Mr. Webber concluded, “We are committed to maintaining a strong contracted revenue stream during a time when we have the financial flexibility to capitalize on the cyclically low asset values that we see in the marketplace. We believe that by increasing our cash flow, diversifying our charter portfolio, and expanding our fleet through accretive acquisitions, we can significantly strengthen the company while maximizing value for our shareholders.”

Global Ship Lease, May 12, 2014, Image: Shipspotting