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Overview

ICBC Leasing enters into finance leasing agreement with Pacific International Lines for four large container ships

Commitment Year•2016Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 1, 2016

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The purpose of this project was for the ICBC Leasing to enter into a finance leasing agreement with Pacific International Lines for four large container ships. More detailed locational information can be found at: https://www.openstreetmap.org/way/725743263

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

  • Pacific International Lines (Pte) Limited (PIL)

Loan desecription

ICBC Leasing enters into finance leasing agreement with Pacific International Lines for four large container ships

Interest type•Unknown

Narrative

Full Description

Project narrative

In May 2016, 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 agreements with Pacific International Lines (Pte) Limited (PIL) — a Singapore-incorporated and based shipping company — for four new large container ships.

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.