CDB Leasing expands fleet with order for eight bulk carriers at Cosco yard
Ships valued at US$221.6 million will be delivered in 2023 and 2024
19 May 2021 | Michael Marray

China Development Bank Financial Leasing (CDB Leasing) is pursuing its shipping fleet expansion with orders for eight 80,000dwt bulk carriers placed with Cosco Shipping Heavy Industry (Yangzhou). The ships, with a total order value of US$221.6 million, are scheduled to be delivered in 2023 and 2024.

Last December CDB Leasing entered the global tanker market, agreeing to acquire 14 product tankers for a total of US$422 million from Maersk Product Tankers. The ships were built between 2016 and 2020.

Maersk Product Tankers, a joint venture between Denmark-based AP Moller Holding and Mitsui, will continue to operate the vessels.

In 2020 CDB Leasing's total assets reached 303.3 billion yuan (US$48.5 billion), up 16.08% from the previous year. Operating income grew 5.37% to 19.33 billion yuan while net profit rose 11.24% to 3.27 billion yuan.

Total new lease financing to lessees reached 104.4 billion yuan, an increase of 11.96%. A total 32 ships were delivered during the year, further increasing the proportion of mainstream ship types. 

Hong Kong-listed CDB Leasing is a subsidiary of China Development Bank.

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