Overview

China Development Bank Financial Leasing Co., Ltd (CDBL) enters leasing agreement with Maersk Product Tankers in 2020

Commitments (Constant USD, 2023)$435,391,673

Commitment Year•2020Country 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: Jan 1, 2020

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

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

Receiving agencies

Private Sector

Maersk Tankers

Loan description

China Development Bank Financial Leasing Co., Ltd (CDBL) enters leasing agreement with Maersk Product Tankers in 2020

Interest type•Unknown

Narrative

Full Description

Project narrative

On December 7, 2020, Maersk Product Tankers entered an agreement with China Development Bank Financial Leasing Co., Ltd (CDBL) for the sale of 14 product tankers at a total value of $422 million USD. Under the terms of the agreement, nine of the vessels were to be bareboat chartered back to Maersk Product Tankers. The product tankers were built between 2016 and 2020. All 14 vessels were to remain under the commercial and technical management of Maersk Tankers. It was reported that the vessels were to be delivered to CDBL in the coming months but confirmation of delivery is unavailable.

Staff comments

1. Maersk Product Tankers is a tanker owner with 52 tanker vessels, which carry energy products worldwide for large energy companies and trading houses. The company is owned by A.P. Møller Holding A/S and Mitsui & Co., Ltd. and has its headquarters in Copenhagen, Denmark.