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Overview

CMB Financial Leasing leases five containerships to CMA CGM

Commitment Year•2021Country of Activity•FranceDirect Recipient Country of Incorporation•FranceSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 5, 2021

Geospatial footprint

Map overview

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The project was a leasing agreement for five container ships to the French shipping company CMA CGM S.A., headquartered at Tour CMA CGM Boulevard Jacques Saade, 4 Bd Euromediterranée Quai d'Arenc, 13002 Marseille, France. More detailed locational information can be found at: https://www.openstreetmap.org/way/202481439

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

  • CMB Financial Leasing Co., Ltd. (CMB Financial Leasing) (CMBF) (CMBFL)

Receiving agencies

Private Sector

  • CMA CGM S.A.

Loan description

CMB Financial Leasing leases five containerships to CMA CGM

Interest type•Unknown

Narrative

Full Description

Project narrative

Prior to March 5, 2021, CMB Financial Leasing Co., Ltd. (CMBFL) — a Chinese state-owned leasing company wholly owned by China Merchants Bank — entered into a leasing agreement with CMA CGM S.A. — a French shipping and logistics company — for five containerships with a capacity of twenty-foot equivalent units (TEUs) on order from China State Shipbuilding Corporation.

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. Specific details about this leasing agreement, including commitment date, is unknown. However, AidData has determined this agreement occurred prior to March 5, 2021, as it is mentioned to exist in an Internet Archive page of a deals law firms involved in the deal time-stamped to March 5, 2021 and no earlier. This issue merits further investigation.