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Overview

ICBC Leasing leases one cruise ship to Viking Cruises

Commitment Year•2016Country of Activity•SwitzerlandDirect Recipient Country of Incorporation•BermudaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 1, 2016

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The project was a leasing transaction with Viking Cruises Limited for one cruise ship. Viking Cruises Limited's operational headquarters are located at Schäferweg 20, 4057 Basel, Switzerland. More detailed locational information can be found at: https://www.openstreetmap.org/way/315432853

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned companies

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

Receiving agencies

Private Sector

  • Viking Cruises Limited (VCL)

Loan description

ICBC Leasing leases one cruise ship to Viking Cruises

Interest type•Unknown

Narrative

Full Description

Project narrative

In March 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 transaction with Viking Cruises Limited (VCL) — a Bermuda-incorporated cruise line providing river, ocean, and expedition cruises with its operating headquarters are in Basel, Switzerland and its marketing headquarters are in Los Angeles, California — for one high-end cruise 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. The specific Viking Cruises entity that entered into lease is unclear; for the time being, AidData has coded main subsidiary Viking Cruises Limited as the recipient. This issue merits further investigation.