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International Cooperation Department
Tel.: (+86-21) 65853850-8034
Fax: (+86-21) 65373125
E-mail: ICDept@sisi-smu.org
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International Shipping |
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| The biggest deal in eight years of transition! 14.3 billion for 42 bulk carriers finalised! |
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Date:2024-09-02 Readers:
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In the evening of 30 August, COSCO Shipping Development made a simultaneous announcement in Shanghai and Hong Kong: it signed an investment construction and leasing agreement for 42 bulk carriers. This is the largest ship construction and leasing deal since the company transformed into a shipping production and financing operator in 2016. As a production and financing operator centred around the main line of the shipping and logistics industry, the company currently owns more than 140 vessels, with layouts in a number of segments such as container ships, bulk carriers, and multi-purpose pulp vessels. Through this transaction, the scale of the company's ship assets will jump significantly, and the cornerstone of the combination of production and financing is effectively consolidated.
According to the content of the transaction, the company will entrust COSCO Shipping Heavy Industry to invest in the construction of 20 bulk carriers, and entrust CSBC Chengxi to invest in the construction of 22 bulk carriers, including five 64,000-tonne class, two 82,000-tonne class and 35 80,000-tonne class, with a total amount of ship orders of more than RMB 14.3 billion. The vessels will be delivered from 2026 to 2027 and will be leased to COSCO Shipping Bulk on a long-term basis.
Significant Progress in the Integration of Production and Finance
In the face of the ship leasing market, where challenges and opportunities coexist in recent years, COSCO Shipping Development has actively grasped the opportunity of the green and low-carbon transformation of the shipping industry, researched and tapped the market potential in niche areas, and precisely matched the needs of customers to provide solutions. With this transaction, the company has made great efforts in the shipping industry chain, effectively promoted the linkage of ‘leasing, manufacturing and transportation’, and provided customised and innovative services to customers through the combination of industry and finance, which contributes to long-term stable income and cash flow for the company, improves the overall financial soundness, enhances the ability of value creation and realises the win-win situation of the industry chain upstream and downstream.
The main business of the listed company is clear
This transaction is another solid growth of high-quality ship assets after the company ordered bulk carriers and multi-purpose pulp vessels in the previous period. The Company's investment in high-quality shipping capacity of newer ship types, green and environmentally friendly, reasonably configured and more versatile, lays the foundation for further consolidation of high-quality assets for the Company's shipping leasing business, highlights the strategic positioning of the shipping production and financing operator, and helps the Company accelerate its progress towards the goal of a value-based production and financing investor and an innovative production and financing service provider.
Practice of RMB internationalisation
The Company actively cooperates with shipping industry chain companies, ploughs into the RMB application scenarios of ‘manufacturing, leasing and shipping’, and promotes the practical application of RMB in the international shipping field. At the same time, the Company will adjust its debt structure to grasp the opportunities in the RMB capital market, and will combine with the bond issuance to create an advantage in financing costs for the implementation of this transaction.
Green Assets Boost ESG
The vessels in this transaction are energy-saving and environmentally friendly green vessels, some of which are methanol reserved environmentally friendly bulk carriers with market versatility and liquidity. These green ship assets will help the company to further cultivate ESG, and the company will help the green development of the shipping industry with the stance of a professional industrial ship leasing company and the advantages of production and financing synergy.
Core competence of ship leasing
The Company carries out in-depth research and analysis on shipping market segments and ship leasing market, and provides customised service solutions combining production and financing to meet customers' needs. At the same time, the Company has forged core advantages in shipping leasing business by virtue of its multi-channel capital financing capability, professional operation guarantee capability and ever-improving technology innovation and digital transfer capability, which have shaped brand recognition and enhanced value realisation.
The investment in the construction and long-term leasing of 42 bulk carriers is an important milestone for the Company to further solidify the foundation of its shipping leasing business and strengthen its value creation capability, as well as a prelude to further optimising the allocation of resources and practising sustainable development. The Company will continue to plough into the combination of production and financing, build a brand of production and financing, consolidate the leading position of industrial ship leasing company in China, and strive to build a world-class shipping production and financing operator with COSCO Shipping's characteristics.
https://www.cnss.com.cn/html/sdbd/20240902/354479.html
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