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.