China Development Bank Financial Leasing (CDB Leasing) has ordered nine ultramax bulker newbuildings from New Dayang Shipbuilding.
The Hong Kong-listed leasing arm of state-owned China Development Bank said it will pay $261m for the 60,000-dwt vessels, or $29m per vessel.
CDB Leasing said the prevailing market value of the vessels obtained from an independent third-party appraisal company is around $279m.
“Due to the long-term stable cooperation between the us and the seller, both parties conducted negotiations on the consideration of the vessels well in advance,” CDB Leading said.
The company told shareholders that it would fund the acquisitions through a combination of its own funds and commercial bank loans.
This latest transaction comes hot on the heels of CDB Leasing’s deal to acquire seven handysize bulkers from John Fredriksen-backed company SFL Corp for $100m.
At the end of 2020, CDB Leasing said it controlled a fleet of 110 vessels comprising 85 vessels under operating leases and 25 under finance leases.
Bulkers account for more than 75% of its fleet, with containerships making up 14%. It also has three LNG carriers, two dredgers and a cruiseship.
TradeWinds recently reported that New Dayang had booked a series of four ultramax bulker newbuildings from Wah Kwong Maritime Transport Holdings.
The Hong Kong shipowner is said to be paying around $120m in total for the quartet which are scheduled to be delivered between 2023 and 2024.
New Dayang became state-owned in 2018 when it was taken over by Sumec Marine, a subsidiary of Beijing's China National Machinery Industry Corp and a former Dayang Shipbuilding creditor.
