COSCO Shipping Development (Hong Kong), a subsidiary of Cosco Shipping Development, has entered into a sale and leaseback agreement with Japanese leasing outfit Financial Products Group (FPG) for four of the company's box ships.
Under the arrangement, Cosco will sell 2014-built 10,000 TEU vessels CSCL Spring, CSCL Summer, CSCL Winter and CSCL Bohai Sea to FPG for US$267 million, and Cosco will bareboat charter the vessels back for eight years and seven months for total charter fee of $248 million.
The company says the sale and leaseback arrangement allows the group to obtain additional financing with the vessels and expands the financing channels of the group. The proceeds are expected to be used for the general working capital.
Source:HKSG Group
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