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  • 2008 July 8 06:08

    Cosco Pacific, Australian bank in box sale-leaseback scheme

    Cosco Pacific will sell and leaseback containers to and from the Commonwealth Bank of Australia (CBA), having revealed that it has transferred ownership of US$242.3 million in boxes on June 30 and made $4.2 million in the deal.
    Cosco Pacific said it plans to use the money for general working capital and investment projects.
    "The lease-back of the marine containers pursuant to the lease agreement allows the group to retain commercial control of the marine containers and hence to sublease them to customers and generate and retain the earnings generated from subleasing," said a Cosco statement.
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