Jinhai Heavy Industry raises $24.4m via financial leasing deal

Jinhai Heavy Industry raises $24.4m via financial leasing deal

Shanghai: HNA-affiliated Jinhai Heavy Industry has secured RMB152m ($24.4m) financing through selling shipbuilding equipment under a leaseback deal with Bohai Leasing.

Jinhai Heavy Industry originally sold part of its shipbuilding assets to Puhang Leasing, also an HNA-affiliated company, for RMB152m and Puhang Leasing has leased the equipment to Jinhai for a period of three years.

Currently Bohai Leasing has taken over the deal from Puhang Leasing.

Jinhai Heavy Industry has been suffering from losses for the past three years. The yard raised RMB126m ($20.2m) through trust products in 2014 to repay debts.

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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