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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.

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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