Tongli Shipping is partner in CSSC Shipping's latest sale and lease back deal

Already sitting on a suspected 26% increase in net profit accrued in 2020, Hong Kong-listed ship lessor CSSC (Hong Kong) Shipping has chalked up is second deal in the new year.

 

In the latest arrangement CSSC Shipping has deployed two special purpose vehicles to enter Memorandums of Agreement and bareboat charters with charterer Tongli Shipping of Singapore. The two vessels involved in the transaction are each 82,000 dwt bulk carriers valued at US$51.2m.

 

CSSC Shipping has agreed to purchase the ships and lease them back to the seller/charterer at a total estimated charterhire of US$65.7m (including estimated lease interest of approximately US$13.85m. At the end of the charter period the seller is obliged to repurchase the ships at a consideration agreed by both parties under the bareboat charters.

 

On 20 January CSSC Shipping issued a profit warning through the Hong Kong Stock Exchange, revealing that the company's unaudited accounts showed an expected 26% increase in net profit for the full-year 2020.

 

Last week the company announced a sale and leaseback deal for five tankers with Navig 8 Chemical tankers Inc.

 

Source:hongkongmaritimehub

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