Photo: Illustration; Image by Offshore Energy

CSSC Shipping pens sale and leaseback deal for Kamsarmax newbuilding quartet

CSSC (Hong Kong) Shipping Company Limited, a leasing company of  China State Shipbuilding Corporation, and Minjun Shipping, wholly-owned by China Minsheng, have entered into a $133 million sale and leaseback deal for four 85,000-DWT bulk carriers.

The agreement includes an estimated lease interest of approximately $24.7 million.

The vessels are being built by CSSC Chenxi Shipyard and were ordered back in September 2020 by China Mingsheng Trust.

The deal includes a series of 4+4 Kamsarmax bulk carriers, designed by SDARI.

The delivery of newbuilding vessels is spread across 2021 and 2020.

The charter period covers 120 months commencing from the respective delivery dates of the vessels.