The TEU weighted average remaining term of our charters at December 31, 2016 was 4.0 years. Contracted revenue as of December 31, 2016 was approximately $639 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, OOCL Ningbo and OOCL Tianjin, 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.