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Overview

China Bank of Communications Leasing leases 4 container ships to Mediterranean Shipping Company in 2014

Commitment Year•2014Country of Activity•SwitzerlandDirect Recipient Country of Incorporation•SwitzerlandSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 1, 2014
End (actual)
Aug 1, 2015

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This project is a lease agreement for four ships to 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/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 Commercial Banks

  • China Bank of Communications Financial Leasing Co., Ltd. (BoCom Leasing)

Receiving agencies

Private Sector

  • Mediterranean Shipping Company Group S.A. (MSC)

Loan desecription

China Bank of Communications Leasing leases 4 container ships to Mediterranean Shipping Company in 2014

Interest type•Unknown

Narrative

Full Description

Project narrative

In August 2014, China Bank of Communications Leasing Co. (BoComm Leasing) and South Korean shipbuilding company Daewoo Group (DSME) signed an agreement to construct 4 container ships (MSC Maya, MSC Oliver, MSC Oscar, and MSC Zoe) and lease to Mediterranean Shipping Company (MSC) on a long-term charter. The fourth 19,000-TEU ship (19,224-TEU MSC Maya) was delivered from Daewoo Shipbuilding and Marine Engineering (DSME) in Korea in August 2015.

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.