Greater ChinaOffshore

SinoOcean and ICBC Leasing partner up to manage idle offshore assets

SinoOcean, an idle offshore assets management platform set up by major Chinese offshore builders, has entered into an agreement with ICBC Leasing to collaborate on the management of offshore assets.

The two parties will form a strategic partnership to use their respective advantages and resources to manage a large number of idle offshore assets at domestic yards.

SinoOcean was set up last year by China Chengtong, CNOOC, CSSC, CSIC, Cosco Shipping Heavy Industry, China Merchants Offshore and China Communications Construction Company under the arrangement of the central government. The group aims to consolidate around $30bn worth of idle offshore assets at state-run companies through resale and chartering deals.

Since May, SinoOcean fixed four PSVs at Waigaoqiao Shipbuilding to COSL, and one jackup rig at Cosco Dalian yard to UAE-based Selective Marine Services under charter deals, and arranged the sale of an accommodation vessel at Cosco Zhoushan yard to African Offshore Services.

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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