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Overview

ICBC Leasing enters into finance leasing transaction with Seatrade Group for four new cold container ships

Commitment Year•2016Country of Activity•BelgiumDirect Recipient Country of Incorporation•CuracaoSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 1, 2016
End (actual)
Aug 1, 2016

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This finance leasing transaction supported the acquisition of four new cold container ships by Seatrade Group N.V., which is headquartered at Noorderlaan 133, 2030 Antwerpen, Belgium. More detailed locational can be found at: https://www.openstreetmap.org/way/54291688

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

  • ICBC Financial Leasing Co., Ltd. (ICBCFL) (ICBC Leasing)

Receiving agencies

Private Sector

  • Seatrade Group N.V.

Loan description

ICBC Leasing enters into finance leasing transaction with Seatrade Group for four new cold container ships

Interest type•Unknown

Narrative

Full Description

Project narrative

In August 2016, financial close was reached on a deal in which ICBC Financial Leasing Co., Ltd. (ICBCFL; ICBC Leasing) — a Chinese state-owned leasing company and wholly-owned subsidiary of the Industrial and Commercial Bank of China (ICBC) — entered into a finance leasing transaction with Seatrade Group N.V. — a Curacao-incorporated Antwerp, Belgium-based international shipping company — for four new cold container ships. These ships included 'Seatrade Blue', a 2200-freezer full container ship.

Staff comments

1. A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. Under a capital lease (a financial arrangement where the lessee/borrower uses an asset and pays regular installments plus interest to the lender/lessor), rental payments are usually classified as interest and obligation payments, similarly to a mortgage (with the interest calculated each rental period on the outstanding obligation balance). AidData codes capital leases as loans. 2. In shipping finance, financial close typically occurs on or around the delivery date of the final ship. As financial close occurred in August 2016, the final vessel was almost certainly delivered on or around that date. Thus AidData has coded the project_status field as Completion, the actual_implementation_completion_date fields as August 2016 and marked the actual_implementation_completion_date fields as True.