The TEU weighted average remaining term of our charters at July 1, 2018 was 2.7 years. Contracted revenue as of July 1, 2018 was approximately $419 million.
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, the GSL Valerie, which has a 60-day delivery window, and the GSL Ningbo, which is on a two to 12-month charter (with a further 12-month extension option), 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.
3The charter rate for GSL Ningbo is $11,500 per day for months 1-3; $12,100 per day for months 4-6; $12,400 per day for months 7-12; and $18,000 per day for the 12-month extension period.