New Times and CIMC Sign $170M Deal

New Times and CIMC Sign $170M Deal

CIMC Financial Leasing (CIMC FL), a wholly-owned subsidiary of CIMC, and Jiangsu New Times Shipbuilding (NTS) have signed a contract for the construction of two 8,800 TEU container vessels.

The contract for the two 8,800 TEU vessels is estimated to be worth around $170 million.

CIMC FL will pay the first installment representing 2% of the contract price to 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.

Delivery of the vessels is scheduled for 2015.

Shipbuilding Tribune Staff, September 12, 2013