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CSSC Shipping inks sale and leaseback deal with Sinokor for boxship quartet

Photo of Jason Jiang Jason JiangMarch 9, 2020
64 Less than a minute

CSSC Shipping, the financial leasing unit of Chinese shipbuilder CSSC, has entered into a sale and leaseback agreement with South Korean owner Sinokor for four 1,080 teu containerships.

Under the agreement, Sinokor will sell four newbuilding containerships to four single vessel subsidiaries of CSSC Shipping and charter them back for a period of 144 months at a total charter cost of $102.7m, including estimated lease interest of about $62.5m.

The four vessels are expected to be delivered between September and end of December in 2021.

Sinokor currently has 20 feeder boxships under construction at three CSSC yards including Chengxi Shipyard, Huangpu Wenchong and Jiangnan Shipyard.

Sinokor is in the middle of a major fleet expansion programme with a total of 48 ships on order.

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Photo of Jason Jiang Jason JiangMarch 9, 2020
64 Less than a minute
Photo of Jason Jiang

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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