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.