OOCL does sale-and-leaseback deal, gains $800,000

OOCL said it will immediately charter the same vessel for 3 years with a three-month extension upon sale of the vessel. "The disposal of the vessel is in accordance with the Group’s long term vessel fleeting and deployment plan," it said in a statement.

"The Company intends to retain the sale proceeds of the vessels for general working capital and for funding any future investment projects that the company may enter into when suitable opportunity arises," it added.

The book gain came from the difference between the vessel's net book value as at August 3, 2015 of approximately $51.5 and the sale proceeds from disposing the vessel of $53.6m net of related expenses of $1.3m. This gain, subject to audit, will be reflected in the consolidated profit and loss account of the group for the year ending 31 December 2015, OOCL said.