Stolt Tankers Signs Sale, Leaseback Deal for 20 Vessels
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Shipping company Stolt Tankers has entered into a sale and leaseback agreement for 20 chemical tankers with CMB Financial Leasing (CMBFL).

The transaction is worth USD 415.6 million, law firm Watson Farley & Williams (WFW) said.

As explained, the tanker owner and operator will use the proceeds to refinance certain debt secured on the vessels.

The leases were of a hybrid nature combining elements of both financial and operating leases, according to WFW.

“The successful roll out of this transaction, the first of this kind undertaken by Stolt Tankers, demonstrates that the flexibility of Chinese leasing structures is making them increasingly attractive to reputable western shipping companies,” Christoforos Bisbikos who led the WFW Hong Kong Maritime team commented.

Founded in 2008, Shanghai-based CMBFL provides financial leasing solutions to large, medium and small businesses across China. It is a subsidiary of China Merchants Bank.

Stolt Tankers is a sub-division of London-based Stolt-Nielsen Limited, a provider of integrated storage and transportation solutions for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The company’s fleet currently comprises 155 tankers with a capacity of 2.8 million dwt.

Source: World Maritime News

 

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