CSSC (Hong Kong) Shipping has made a move into offshore wind with a new leasing deal.
The vessel leasing arm of government-controlled yard group China State Shipbuilding Corp (CSSC) said it is teaming up with Chinese finance company CGN International to buy a new wind turbine installation vessel (WTIV) for CNY 700m ($98m).
The seller, Guangzhou Shipyard International, will deliver the 1,600-tonne unit by the end of next September.
It is not clear when the ship was ordered, or by whom.
CGN International will own 70% of the WTIV and CSSC 30%.
The companies will charter it to Chinese wind power company Summer Bihai for 6.5 years, for which CSSC will receive CNY 255.7m.
Summer Bihai will assume ownership at the end of the term for a nominal CNY 100.
CSSC Shipping already owns a $6bn fleet of 114 ships, including bulkers, container vessels, tankers and LPG and LNG carriers.
It also has car carriers, two heavylift ships and two platform supply vessels.
The Hong Kong-listed company said it has striven to maintain a “diversified, modern and youthful vessel portfolio”.
The board considers the purchase and charter deals are “conducive to the finance lease business of the group, as they would enable the group to generate stable cash flow and [are] in line with the group’s business development strategy”, it added.
This year, the owner has sold two modern suezmaxes to John Fredriksen’s SFL Corp as part of a four-ship deal worth $222.5m that also involved two tankers sold by Ciner Ship Management.
In 2021, Croatian owner Atlantska Plovidba sold the 38,700-dwt handysize bulker AP Revelin (built 2016) to CSSC Shipping.
