Sinochem inks sale and leaseback for chemical tanker

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 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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