Cosco inks Japanese leasing deal for four 10,000 teu boxships

Cosco inks Japanese leasing deal for four 10,000 teu boxships

Cosco Shipping Development has entered into a sale and leaseback agreement with Japanese leasing outfit Financial Products Group for four of the company’s boxships.

Under the arrangement, Cosco will sell 2014-built 10,000 teu vessels CSCL Spring, CSCL Summer, CSCL Winter and CSCL Bohai Sea to Financial Products Group for $267m, and Cosco will bareboat charter the vessels back for eight years and seven months for total charter fee of $248m.

Cosco believes the sale and leaseback arrangement allows the group to obtain additional financing with the vessels and expands the financing channels of the group. The proceeds are expected to be used for the general working capital.

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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