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Overview

CDB Leasing leases 2 MSC boxships to Conglomerate Maritime for $269 million USD

Commitments (Constant USD, 2023)$279,218,635
Commitment Year•2019Country of Activity•SwitzerlandDirect Recipient Country of Incorporation•GuernseySector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 1, 2019
Last repayment (originally scheduled)
Oct 29, 2031

Geospatial footprint

Map overview

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The project was lease agreement for two ships to Conglomerate Maritime Limited, a Special Purpose Vehicle (SPV) headquartered at Regency Court, Glategny Esplanade, Guernsey GY1 3HW, Guernsey, owned by Mediterranean Shipping Company (MSC), headquartered at Chem. Rieu 12, 1208 Genève, Switzerland. More detailed locational information can be found at: https://www.openstreetmap.org/way/420022316 and https://www.openstreetmap.org/way/182090240

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

  • China Development Bank Financial Leasing Co., Ltd. (CDB Leasing)

Receiving agencies

Private Sector

  • Conglomerate Maritime Limited

Loan description

CDB Leasing leases 2 MSC boxships to Conglomerate Maritime for $269 million USD

Interest type•UnknownMaturity•12 years

Narrative

Full Description

Project narrative

In November 2019, China Development Bank Leasing Co. has acquired 9,400 teu boxship pair MSC Elma (built 2016) and MSC Romane (2017) from HNA Group’s SinoOceanic Shipping for $172.78 million USD. Both ships are delivered. CDB Leasing then struck a financial agreement to lease these two ships to Conglomerate Maritime Limited, a Guernsey company that is affiliated with Swiss shipping company Mediterranean Shipping Company, S.A. (MSC), for $269 million for 12 years.

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.