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Overview

BoCom Leasing loans $458.2 million to Hapag-Lloyd AG for sale-and-leaseback refinancing of seven containerships

Commitments (Constant USD, 2023)$472,740,437
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
Jun 1, 2020
Last repayment (originally scheduled)
May 29, 2032

Stakeholders

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

Funding agencies

State-owned Commercial Banks

  • China Bank of Communications Financial Leasing Co., Ltd. (BoCom Leasing)

Receiving agencies

Private Sector

  • Hapag-Lloyd AG

Collateral providers

Private Sector

  • Hapag-Lloyd AG

Loan description

BoCom Leasing loans $458.2 million to Hapag-Lloyd AG for sale-and-leaseback refinancing of seven containerships

Interest type•UnknownMaturity•12 years

Collateral

The seven containerships were assigned as collateral in the lease agreement.

Narrative

Full Description

Project narrative

In May or June 2020, China Bank of Communications Financial Leasing Co. Ltd. (BoCom Leasing) loaned $458.2 million to Hapag-Lloyd AG — a German shipping company — for a sale-and-leaseback refinancing agreement for seven containerships. Lease terms include a maturity of 12 years, the option to repurchase the containerships upon maturity, and the assignment of the ships as collateral by Hapag-Lloyd AG. The ships sold to BoCom Leasing were named Cauquenes, Cautin, Cisnes, Cochrane, Coyhaique, Corcovado and Copiapo, and each had a capacity of 9,326 TEU. In July 2020, the ships were re-registered as special purpose vehicles belonging to BoCom Leasing. The outstanding loan liabilities of $235.1 million associated with the vessels were repaid in full at the time of refinancing.

Staff comments

1. Each of the seven containerships had a market value of around $74 million at the time of the agreement. 2. This project may fall under the umbrella of Record ID#100826.