iMarine

China Development Bank Leasing places orders for two offshore auxiliary vessels at two compatriot shipyards

On January 27, China Development Bank Financial Leasing Co., Ltd. (hereinafter referred to as “China Development Bank Leasing”) issued two “Discloseable Transactions – Purchase of Two Vessels” announcements.

The announcement disclosed that two wholly-owned subsidiaries of China Development Bank Leasing signed two shipbuilding contracts for offshore auxiliary vessels with the sellers Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. (hereinafter referred to as “CIMC SOE”) and Nantong Rainbow Offshore & Engineering Equipment Co., Ltd., a wholly-owned subsidiary of Jiangsu Rainbow Heavy Industries Co., Ltd (hereinafter referred to as “ROC”) on January 27, 2025.

The total price of both contracts will not exceed US$60 million, and the total transaction amount will not exceed US$120 million (approximately RMB 870 million).

The transaction amount will be paid in US dollars, and the funding sources include China Development Bank Leasing’s own funds and commercial bank loans. After the transaction is completed, the buyer will lease the vessel under the operating lease model.

According to the announcement, two wholly-owned subsidiaries of China Development Bank Leasing signed the previous shipbuilding contract with CIMC SOE and ROC on January 13, 2025, with a total value of no more than US$60 million. The order was not announced at the time because “all applicable percentage rates for transactions under the relevant shipbuilding contracts were less than 5%.”

China Development Bank Leasing stated that the shipbuilding contracts were entered into in the ordinary course of the company’s business, which is conducive to increasing the company’s market share in the shipbuilding market and is in line with the company’s business development strategy.

Founded in 1984, China Development Bank Financial Leasing Co., Ltd., a national non-banking financial institution regulated by the NFRA, is the only leasing business platform under China Development Bank and the first listed financial leasing company in China, with a registered capital of RMB12.64238 billion. The Company is a pioneer in the leasing industry in the PRC. The Company is dedicated to providing comprehensive leasing services to high-quality customers in fields including aircraft, shipping, regional development, inclusive finance, green energy and high-end equipment manufacturing, with leasing assets and business partners reaching throughout over 40 countries and regions all over the world, and consistently maintains quasi-sovereign international ratings, namely “A1” by Moody’s, “A” by Standard & Poor’s and “A+” by Fitch.

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