COSCO Shipping Specialized Carriers announced that in order to further expand the company's financing channels and reduce the overall financing costs, the company intends to adopt the financing leasing model to conduct financing arrangements for some of the company's vessels under construction with Bank of Communications Financial Leasing or its wholly-owned subsidiary and ICBC Leasing or its wholly-owned subsidiary.
The proportion of financing leases for a single ship is 70% of the ship's payment, and the total financing of the four ships is no more than RMB 660 million, and the lease term is 10 years. The company shall pay the financing principal and interest to the leasing company quarterly in the form of ship rent, and purchase the ship assets at a price of 1 yuan after the lease expires to acquire the ownership.
The company intends to carry out financial leasing in the direct rent mode. The relevant ship is funded by the leasing company to complete the investment and construction, and then leased to the company for operation.
Source:Sarah Yu,XINDE MARINE NEWS
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