Stolt Tankers has carried out a sale and leaseback deal for 20 chemical tankers with China’s CMB Financial Leasing Co (CMBFL).
The Oslo-listed shipowner received $415.6m for the ships with the proceeds used to refinance certain debt secured on the vessels.
The leases were described as being of a “hybrid nature” combining elements of both financial and operating leases. Financial terms were not disclosed.
Watson Farley & Williams’ (WFW) Hong Kong maritime team, led partner Christoforos Bisbikos, advised CMBFL on the transaction.
“The successful roll out of this transaction, the first of this kind undertaken by Stolt Tankers, demonstrates that the flexibility of Chinese leasing structures is making them increasingly attractive to reputable western shipping companies," said Bisbikos.
“We’re delighted to have been involved in this major, multi-vessel transaction which we were able to help complete within a very tight timeline.”.
