China’s Bank of Communications Financial Leasing (Bocomm Leasing) is to expand its fleet with eight VLOC newbuildings and one ultra-large containership.
A source familiar with the Chinese leasing house said the 325,000-dwt guaibamax vessels are being built, with state-owned Qingdao Beihai Shipbuilding Heavy Industry and privately owned Yangzijiang Shipbuilding constructing four ships each.
Bocomm Leasing booked the VLOC newbuildings last year.
“Recently, there were reports that Bocomm [Leasing] has signed up for four newbuildings at Qingdao Beihai and this is not true. The yard carried out steel cutting for the ore carriers and some mistook that they are newly booked newbuilding.”
The source said the VLOC orders placed by Bocomm Leasing at Qindao Beihai and Yangzijiang are linked to South Korea’s Kukje Maritime Investment Corp (Kmarin).
Bocomm Leasing has bareboat chartered out the quintet to Kmarin on a long-term deal.
The South Korean shipowning and shipmanagement company has chartered the VLOCs to service long-term contracts of affreightment for Brazil mining giant Vale.
LNG ready
The 325,000-dwt VLOC newbuildings will cost close to $75m each, will meet the IMO Tier-III emissions standards and are LNG ready.
Yangzijiang is scheduled to deliver the VLOCs in 2021, while Qingdao Beihai is slated to hand over a pair in 2021 and 2022.
Bocomm Leasing owns four 400,000-dwt VLOCs that were built by DSME. The finance house purchased the 400,000-dwt Shandong Da Cheng, Shandong Da Ren, Shandong Da Zhi (all built 2012) and Shandong Da De (built 2011) from Vale.
The ore carriers are on charter to Shandong Shipping.
In the containership segment, Bocomm Leasing has acquired the 12,000-teu Seaspan Falcon (ex-Kota Perabu, built 2018) from US-listed owner Seaspan Corp for $85.2m, according to VesselsValue. Its current market value is $94.33m.
“This is a financing arrangement between Seaspan and Bocomm [Leasing],” said the source. The Seaspan Falcon was previously owned by Singapore’s Pacific International Lines.
Bulker quintet
Besides the VLOC newbuildings, Bocomm Leasing is also due to take delivery of five 80,000-dwt bulk carriers from Chengxi Shipyard this year. It is unknown if Bocomm Leasing has lined up employment for the vessels.
The Chinese leasing house has one 50,000-dwt MR newbuilding at Hyundai Vinashin Shipbuilding, according to VesselsValue. The product carrier is slated to be delivered this year, and is a financing deal with Scorpio Tankers.
Bocomm Leasing is listed with a fleet of 179 vessels that includes 31 bulkers, 57 containerships, 81 tankers, six gas carriers, two ferries and two cruiseships. The fleet is estimated to be worth $7.72bn.
