CIMC Financial Leasing, a wholly-owned subsidiary of CIMC, has entered into a shipbuilding contract with Jiangsu New Times Shipbuilding (NTS) for the construction of five 8,800 TEU container vessels for an aggregate consideration of $425.00 million.
CIMC FL will pay the first installment representing 2% of the contract price into the bank accounts of NTS within 6 business days upon receipt by the Buyer of the Refund Guarantee. The second installment, representing 98% of the price, will be paid with the delivery of the vessels.
The five 8,800 TEUs bearing NTS’s Hull No.0208801/02/03/04/05 are scheduled for delivery in 2015.
On the same day, CIMC FL entered into the Charter Agreement with the MSC to lease the vessels for a term of 204 months and the charterers have an obligation to purchase all five vessels upon expiry of the Charter Agreement.
[mappress] Shipbuilding Tribune Staff, July 25, 2013