On July 16, CSSC (Hong Kong) Shipping Company Limited (hereinafter referred to as “CSSC (Hong Kong) Shipping”) issued an announcement on “Disclosure and Related Party Transactions Related to Shipbuilding”.
The announcement disclosed that Fortune Propulsion and Fortune Prosperity, special purpose companies indirectly wholly owned by China Shipbuilding Leasing (as the buyer), entered into two shipbuilding agreements with Beihai Shipbuilding and China Shipbuilding Trading Co. Ltd (CSTC) (as the builder) for the construction of two vessels. The consideration for each vessel is RMB 528 million, with a total consideration of RMB 1.056 billion (approximately US$147 million).
According to the announcement, the two vessel deliveries are scheduled for December 31, 2027, and March 31, 2028, respectively.
CSSC (Hong Kong) Shipping said the shipbuilding agreement and the transactions to be carried out thereunder will enable the group to optimize its fleet structure through continuous asset portfolio management, which is in line with the group’s business development strategy.