Finance and InsuranceGreater ChinaTankers
Sinochem inks sale and leaseback for chemical tanker
Chinese state-run chemicals production and trading major Sinochem has entered into a financial leasing agreement with Huarong Financial Leasing for one of its newbuild chemical tankers.
The 38,800 dwt chemical tanker Global Glory has been sold to Huarong Financial Leasing for $57m, and leased back to Sinochem under a bareboat charter arrangement. The vessel has been delivered to Sinochem’s shipping subsidiary Square Oriental Shipping by Nantong Xiangyu Shipbuilding this month.
Sinochem currently operates a fleet of 62 tankers, comprising 45 small chemical tankers, 12 handy tankers and five VLCCs.