New Era Shipbuilding wins order for 5 8800TEU container ships

2013-07-27 08:36

It is reported that CIMC Group has recently accelerated its new vessel leasing business. CIMC Group announced on July 24 that CIMC Leasing Hong Kong, a wholly-owned subsidiary of the company, signed a container ship construction contract with Jiangsu New Times, for the construction of five 8800 TEU container ships. The contract price for each ship is US$85 million (approximately RMB 524 million), with a total contract value of US$425 million.

The delivery date for these container ships is 2015. The advance payment for construction funds accounts for only 2%, with the remaining 98% to be paid upon delivery of the ships.

The announcement shows that CIMC Leasing Hong Kong signed a 204-month container ship finance lease contract with a subsidiary of Mediterranean Shipping Company SA (MSC).

According to the shipbuilding contract and charter agreement, CIMC Leasing Hong Kong will first purchase the aforementioned five ships from Jiangsu New Times, and then lease these five ships to a subsidiary of MSC (as the lessee).

Starting from the date of delivery of the ships to the lessee, the lessee shall pay CIMC Leasing Hong Kong a daily rent of US$25,000 per ship (approximately RMB 154,200) for the leased ships before the beginning of each month. Upon the expiration of the charter agreement, the lessee will be obligated to purchase all ships at a purchase price of US$21.5 million per ship (approximately RMB 132 million). The lease payment was agreed upon after fair negotiation between both parties, referencing the cost paid by CIMC Leasing Hong Kong for the construction of the ships, market intelligence and conditions gathered by CIMC Leasing Hong Kong from ship brokers, as well as the market situation and conditions from shipbrokers compiled by CIMC Leasing Hong Kong, and after fair negotiation between both parties.

In addition, CIMC Group also announced on July 3 that CIMC Leasing Hong Kong Co., Ltd., a wholly-owned subsidiary of the company, signed a container ship construction contract with Dalian Shipbuilding Industry Group Co., Ltd. for the construction of seven 8800 TEU container ships, each with a contract price of US$85 million, and also signed a 204-month container ship finance lease contract with a subsidiary of MSC.

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