Chinese-backed SinOceanic Shipping is buying a 13,100 teu newbuilding from Mediterranean Shipping Co (MSC) and chartering it back for up to 15 years, Seatrade Asia online reports. Subsidiary SinOceanic III is acquiring the newbuilding for $156m from MSC. The vessel is due to be built by Hyundai Heavy Industries and delivered in March/April next year. The vessel will be chartered back to MSC for 12 years, with a three-year option on bareboat for charter hire totaling $255m.
SinOceanic III will finance the pre-delivery payments with proceeds from loans from HNA Group’s Oceanus International Investment.
“The purchase of the vessel fits well into SinOceanic's business model, pursuant to which the company contemplates to develop further into a substantial ship owning and shipping investment company over the next few years,” the company said.
SinOceanic III will finance the pre-delivery payments with proceeds from loans from HNA Group’s Oceanus International Investment.
“The purchase of the vessel fits well into SinOceanic's business model, pursuant to which the company contemplates to develop further into a substantial ship owning and shipping investment company over the next few years,” the company said.