Dry CargoFinance and InsuranceGreater China

Ningbo Marine raises $15.4m with sale and leaseback deal

Photo of Jason Jiang Jason JiangMay 5, 2016
5 Less than a minute

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.

Photo of Jason Jiang Jason JiangMay 5, 2016
5 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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