Overview

ICBC Financial Leasing provides 11 ships to Denmark’s Maersk Tankers in 2019

Commitment Year•2019Country of Activity•DenmarkDirect Recipient Country of Incorporation•DenmarkSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 1, 2019

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

BP Shipping Limited
Maersk Tankers

Loan description

ICBC Financial Leasing provides 11 ships to Denmark’s Maersk Tankers in 2019

Interest type•Unknown

Narrative

Full Description

Project narrative

In November 2019, ICBC Financial Leasing signed a leasing agreement with Denmark's Maersk Tankers for the provision of 11 oil tankers. According to the agreement, Maersk Tankers will take each vessel from ICBC Financial Leasing under a bareboat charter arrangement. It will then hire them out to BP Shipping under a three-year time charter. Maersk Tankers will have full responsibility for operational risks and technical management. The 11 vessels were all built in South Korea between 2016 and 2017; three were 158,000 deadweight tonnage (DWT) Suezmax ships (British Tradition, British Heritage, and British Century) constructed by STX Corporation in 2017, and three MRs and five handysizes constructed Hyundai Mipo Dockyard.