Orient Overseas (International) (OOIL), the parent company of Orient Overseas Container Line (OOCL), has sold and leased back three 8,063teu container ships to raise a total of US$157.6m.

The three vessels, identified as 2004-built OOCL Ningbo, 2005-built OOCL Tianjin, and 2004-built OOCL Qingdao, were sold to Global Ship Lease (GSL) on Aug. 4, 2014, Sept. 16, 2014, and Feb. 5, 2015 respectively, a stock filing of OOIL said on Aug. 5.

OOIL plans to use the proceeds to replenish its working capital and fund future investment projects.