Cosco clinches financial leasing deals for four pulp carriers

Cosco clinches financial leasing deals for four pulp carriers

Cosco Shipping Specialized Carriers has announced that the company has approved a plan to enter into financial leasing deals with two leasing firms for four newbuild pulp carriers.

The vessels are part of nine 62,000 dwt pulp carriers Cosco ordered at Cosco Shipping Heavy Industry’s Dalian yard.

The total amount of the financing is around RMB660m ($94.2m) and it will fund 70% of the newbuild construction.

ICBC Leasing and Bocomm Leasing will each finance two vessels and the four vessels will be chartered to Cosco under a 10-year arrangement.

Cosco believes the financial leasing deals will lower the financing cost and optimise the debt structure for the company.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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