CDB Financial Leasing spending $140 million on 11 ships

China Development Bank (CDB) Financial Leasing is splashing $140 million on the purchase of eleven bulk carriers from an undisclosed ship owner based in the Marshall Islands.

The purchase is being carried out through the company’s wholly-owned subsidiary in Hong Kong, which is principally engaged in the vessel investment and financing business

As disclosed the deal will be financed from the company’s own funds and/or commercial bank loans.

CDB Leasing said the deal was set to increase its market share in the vessel market and was consistent with the company’s business development strategy.

The deal is being reported several months after CDBL bought 14 ships from Maersk Product Tankers. The fleet has been sold to CDBL for a total of $422 million.

Under the terms of the deal, nine of the vessels will be bareboat chartered back to Maersk Product Tankers. All fourteen vessels will remain under the commercial and technical management of Maersk Tankers.