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Overview

CDB Leasing loans $137.1 million to Oldendorff Carriers for lease of six ultramax bulk carriers

Commitments (Constant USD, 2023)$141,450,707
Commitment Year•2020Country of Activity•GermanyDirect Recipient Country of Incorporation•GermanySector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 17, 2020
Last repayment (originally scheduled)
Nov 15, 2028

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned companies

  • China Development Bank Financial Leasing Co., Ltd. (CDB Leasing)

Receiving agencies

Private Sector

  • Oldendorff Carriers GmbH & Co. KG

Loan description

CDB Leasing loans $137.1 million to Oldendorff Carriers for lease of six ultramax bulk carriers

Interest type•Variable Interest RateMaturity•8 years

Narrative

Full Description

Project narrative

On November 17, 2020, China Development Banking Leasing (CDB Leasing) paid $137.1 million to Oldendorff Carriers for the sale and bareboat charter of six of Oldendorff's ultramax bulk carriers. CDB paid a 10% deposit for the ships, and the remaining 90% would be paid when the ships were delivered. The deal is not a sale and leaseback transaction and there are no re-purchase obligations involved. The charter, a type of financial lease, consisted of a floating rate, index-based (index-linked rents?) bareboat charter for 5 + 2 + 1 years. The objects of the sale are the 61,000DWT sisters Jan Oldendorff, Jens Oldendorff, Jonas Oldendorff, and Jacob Oldendorff and the 60,000DWT sisters August Oldendorff and Alwine Oldendorff. The ships would be delivered to CDBL between December 8, 2020 and February 6, 2021.

Staff comments

1. A bareboat charter, or demise charter, is an arrangement for the chartering or hiring of a ship or boat for which no crew or provisions are included as part of the agreement. The charterer obtains possession and full control of the vessel, along with the legal and financial responsibility for it. The charterer pays for all operating expenses, including fuel, crew, port expenses and P&I and hull insurance. A bareboat charter is in effect a financing arrangement.