Skip to content
AidData logo

Overview

ICBC Leasing leases two LNG carriers worth $360 million USD to Angelicoussis Shipping Group

Commitments (Constant USD, 2023)$362,266,666
Commitment Year•2018Country of Activity•GreeceDirect Recipient Country of Incorporation•Cayman IslandsSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2018

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

The purpose of this project was for the ICBC Leasing leases two LNG carriers worth $360 million USD to Angelicoussis Shipping Group. More detailed locational information can be found at: https://www.openstreetmap.org/way/697893197

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

  • Angelicoussis Shipping Group Limited (ASGL)

Loan desecription

ICBC Leasing leases two LNG carriers worth $360 million USD to Angelicoussis Shipping Group

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2018, 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 leasing contracts worth $360 million USD with Angelicoussis Shipping Group Limited (AGSL) — a Greek shipping company — for two LNG carriers.

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.