Greater ChinaOffshoreRenewables

CSSC Shipping teams with CGN for $98m WTIV deal

CSSC Shipping has teamed up with CGN International Financial Leasing to acquire a newbuild wind turbine installation vessel.

The Hong Kong-listed leasing arm of state-owned China State Shipbuilding Corporation said in a filing that the vessel would be picked up from Guangzhou Shipyard International for $98m.

The deal will see CGN own 70% of the vessel, while the remaining stake will be spread across three CSSC Finance Leasing units.

The 1,600-ton WTIV, expected to deliver in September 2023, will be chartered to Summer Bihai for 78 months in a deal worth around $35.8m. The company is principally engaged in the sale and research and development of offshore wind turbine equipment and the provision of related services, SSC Shipping said. 

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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