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Overview

ICBC Financial Leasing Co., Ltd. supplies $630 million USD financing lease to CMA CGM for the acquisition of five container ships

Commitments (Constant USD, 2023)$649,992,307
Commitment Year•2020Country of Activity•FranceDirect Recipient Country of Incorporation•FranceSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2020
Start (actual)
Aug 27, 2021
End (actual)
Mar 4, 2022

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

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

Receiving agencies

Private Sector

  • CMA CGM S.A.

Loan description

ICBC Financial Leasing Co., Ltd. supplies $630 million USD financing lease to CMA CGM for the acquisition of five container ships

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2020, ICBC Financial Leasing Co., Ltd. (ICBCFL) supplied a $630 million USD financing lease to CMA CGM — a French shipping and logistics company — for the acquisition of five new container ships. These ships (two of which were oil and natural gas dual-fuel powered ships) were from Shanghai Jiangnan Changxing Shipyard by CMA CGM: CMA CGM Zephyr, CMA CGM Hermes, CMA CGM Osiris, CMA CGM Apollon, and CMA CGM Adonis. CMA CGM Zephyr was delivered on August 27, 2021. CMA CGM Hermes was delivered on October 19, 2021. CMA CGM Osiris was delivered on November 24, 2021. CMA CGM Apollon was delivered on January 4, 2022. CMA CGM Adonis was delivered on March 4, 2022.

Staff comments

1. Oil and natural gas dual-fuel powered ships can reduce 25% of carbon dioxide emissions, 99% of sulfur dioxide emissions, 99% of particulate matter emissions and 85% of nitrogen oxide emissions (as compared with the same type of heavy oil-fueled ships in the market). 2. 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.