CDB Financial Leasing Goes on Bulker Buying Spree

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Hong Kong-listed China Development Bank (CDB) Financial Leasing has purchased eleven bulk carriers via its wholly-owned subsidiary at a total cost of $140.45m, reports the Seatrade Maritime News.

The vessels sellers are 11 companies incorporated in the Marshall Islands, which are principally engaged in the business of international bulk cargo transportation.

Self-funding by CDB

CDB plans to fund the investment via its own funds, bond issuance funds and commercial bank loans.

Two of the vessels are expected to be delivered in February 2021, two in May 2021, two in July 2021 and two in September 2021.

CDB plans to lease the ships upon delivery to an independent third party.

Buying spree

Furthermore, CDB has also been linked to an order for two more 61,000 dwt bulkers at Dalian COSCO KHI Ship Engineering (DACKS) shipyard in Dalian. According to Asiasis, the ships are slated for delivery in 2021.

Data from VesselsValue shows that CDB has 18 bulkers on order at compatriot yards, including eight Ultramaxes and one Panamax at New Dayang Shipbuilding scheduled for delivery in 2020.

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Source: Seatrade Maritime News

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