CDB Leasing snaps up 10 MR tankers for $384 million

Hong Kong-based leasing major China Development Bank Financial Leasing (CDB Leasing) is pursuing its fleet expansion as it ordered ten MR product tankers.

As disclosed, the ships in question are 50,000 dwt oil/chemical tankers which are to be built at Jiangsu New Times Shipbuilding in accordance with the ship purchase agreement.

The deal worth $383.8 million will be financed from the company’s own funds and/or commercial bank loans, the company noted.

The consideration will be paid according to the agreed milestones in the building progress under the vessel purchase agreement.

CDB Leasing also said the tankers will be chartered to an unnamed company via an operating lease agreement at floating rates.

No further details have been disclosed.

The deal is in line with the leasing company’s business strategy of increasing its market share in the vessel market.

Last December CDB Leasing entered the global tanker market, agreeing to acquire 14 product tankers for a total of US$422 million from Maersk Product Tankers. 

Related Article