Ningbo Marine raises $15.4m with sale and leaseback deal

Ningbo Marine raises $15.4m with sale and leaseback deal

Ningbo Marine has announced that it has reached a sale and leaseback agreement with Zhejiang Energy Financial Leasing Company to secure RMB100m ($15.4m) financing.

Under the agreement, Ningbo Marine will sell its 47,593dwt bulk carrier Ming Zhou 55 to Zhejiang Energy Financial Leasing and lease it back for a period of 36 months.

Ningbo Marine said the company is facing financial pressures amid a slump in the bulk shipping market, and the sale and leaseback deal has lowered the company’s financing cost and risk.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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