CDB Leasing on bulker buying spree

Hong Kong-listed China Development Bank Financial Leasing has entered into a contract with New Ocean Shipbuilding in Jiangsu for the construction of eight bulkers.

The 63,000 dwt bulkers will cost a total of $188.9 million.

CDB plans to fund the investment via its own funds, bond issuance funds and commercial bank loans.

Two of the vessels are expected to be delivered in February 2021, two in May 2021, two in July 2021 and two in September 2021.

CDB plans to lease the ships upon delivery to an independent third party.

Furthermore, CDB has also been linked to an order for two more 61,000 dwt bulkers at Dalian COSCO KHI Ship Engineering (DACKS) shipyard in Dalian.

According to Asiasis, the ships are slated for delivery in 2021.

Data from VesselsValue shows that CDB has 18 bulkers on order at compatriot yards, including eight Ultramaxes and one Panamax at New Dayang Shipbuilding scheduled for delivery in 2020.