Overview

CSIC Leasing enters into $65.5 million USD sale and leaseback agreement with Eletson Corporation for the acquisition of 4 long range product tanker vessels

Commitments (Constant USD, 2023)$69,700,278

Commitment Year•2017Country of Activity•GreeceDirect Recipient Country of Incorporation•LiberiaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 1, 2017

Geospatial footprint

Map overview

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This project supported Eletson Corporation, which has it address at 118 Kolokotroni Street, GR 185 35 Piraeus, Greece. More detailed locational information can be found at https://www.openstreetmap.org/way/267072355

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

CSIC Leasing Co., Ltd.

Receiving agencies

Private Sector

Eletson Corporation

Loan desecription

CSIC Leasing enters into $65.5 million USD sale and leaseback agreement with Eletson Corporation for the acquisition of 4 long range product tanker vessels

Interest type•Unknown

Narrative

Full Description

Project narrative

In September 2017, law firm Watson Farley & Williams announced that CSIC Leasing Co., Ltd. (CSIC Leasing) had agreed to a sale and leaseback agreement worth $65.5 million USD with privately-held Greek shipping company Eletson Corporation for the acquisition of four ‘second-hand long range product tankers’ from Eletson's subsidiaries. The funds from the agreement allowed Eletson Corporation to refinance existing debt related to the vessels. The vessels were immediately leased back to Eletson at unknown terms and for an unknown period of time.

Staff comments

1. Sale and leaseback (or sale-leaseback) agreements are generally considered to be off-balance-sheet hybrid debt products.