Cosco Shipping Specialised Carriers has announced that the company has proposed to transfer the ownership of ten 62,000 dwt pulp carriers to Cosco Shipping Development under a sale and leaseback arrangement.
The ten ships include two vessels currently under construction at Cosco Dalian Shipyard and another eight ships that will be built at the yard. All of the vessels will be chartered back to Cosco Shipping Specialised Carriers for 15 years.
Four of the eight newbuild vessels will be registered under the Hong Kong flag, and the total price is $134.72m, while the total price for the other four Chinese-flagged vessels is RMB1.07bn ($161m). Delivery of the vessels are scheduled in 2021 and 2022.
Cosco Shipping Development said the ship acquisition deals will expand the scale of the company’s vessel leasing business while also increasing the number of its self-owned vessels.