The TEU weighted average remaining term of our charters at December 31, 2017 was 3.2 years, taking into account recent charter extensions. Contracted revenue as of December 31, 2017 was approximately $487 million. GSL has agreed to acquire a 2,800 TEU containership that it expects to deliver during the second quarter of 2018, after which point it will commence a 12-month charter with CMA CGM at $9,000 per day.
Our objective is to maintain a staggered expiration of our time charters in order to reduce re-chartering risk and maintain stable and predictable revenue.
Our time charter portfolio is shown below.
1Twenty-foot Equivalent Units.
2Date shown is the earliest in a 180-day delivery window (i.e. +/- 90 days from formal expiry) for all vessels other than OOCL Qingdao, Julie Delmas, and Delmas Keta which have 90-day delivery windows, all at charterer's option. For Marie Delmas and Kumasi, Global Ship Lease has three consecutive option periods beginning in September 2017, the first of 1.25 years and the second and third of one year each, through December 31, 2020 at a rate of $9,800 per day. The first option has been declared. GSL Tianjin has been chartered from January 26, 2018 for 8-12 months, at charterer's option. For the period prior to March 11, 2018, the OOCL Qingdao will earn $34,500 per day.