News / Sea Lead charters nine box ships to meet growing demand for feeder services

OOCL Dubai Credit Vesselfinder

Dubai-based feeder operator Sea Lead Shipping has chartered nine box ships in a deal linked to US private equity player Oaktree Capital Management.

The vessels are the 3,398 teu Avni ( formerly the Solar N), 6,350 teu Bigli (Paradise Star) 3,450 teu Bomar Fulgent, 3,534 teu Sonic (GH Scirocco), 2,478 teu Snoopy (Nordmed), 5,888 teu OOCL Dubai and 5,888 teu OOCL Kaohsiungm, 4,860 teu Pinocchio (Seamelody) and 2,702 teu Goofy (Segara Mas).

They were acquired from Navios Europe, IS Container, Borealis Maritime, Great Harvest Maeta Group, Nord Reederei, Grace Ocean, Thenamaris Ships Management and Temas Line, respectively.

Following the acquisitions, The Loadstar was informed that Oaktree bareboat-chartered the ships to Singapore-based tonnage provider OM Maritime, which is headed by Subhangshu Dutt, chairman of the Institute of Chartered Shipbrokers’ Singapore branch, and formerly general manager (strategic planning) at Pacific International Lines and a director of India’s Krishnapatnam port.

OM Maritime subsequently time-chartered the vessels, built between 2003 and 2009, to Sea Lead, which was founded by Dubai-based Indian national Jaideep Saigal. Sea Lead operates feeder services in Asia, the Indian sub-continent and the Persian Gulf.

Sea Lead is understood to handle only carrier-owned containers, working solely with mainline operators and non-vessel owning common carriers. The company’s clients include MSC and Evergreen, as well as dozens of NVOCCs.

Firming container freight rates have seen Sea Lead, which used to operate ships of 700-5,500 teu, upsizing its fleet to meet rising demand.