| Jinhai HI raises USD24 mil. |
| Jinhai Heavy Industry (Jinhai HI) has raised CNY152 million (USD24 million) in a sale-and-lease-back deal over its shipbuilding equipment. Jinhai HI has leased back the equipment with a term of three years at an interest rate of 8.45% per year, according to a stock filing of Shenzhen-listed Bohai Leasing, a subsidiary of HNA Group. The shipyard will buy back the equipment for CNY10,000 when the lease expires. The shipbuilding equipment had been appraised at a face value of CNY172 million. The sale-and-lease-back deal was originally reached in February between Jinhai HI and Puhang Leasing, which is also a subsidiary of HNA Group. Bohai Leasing took over the deal from Puhang Leasing through Wanjiang Financial Leasing in early April. Wanjiang Financial Leasing is indirectly owned by Bohai Leasing. According to IHS Sea-web.com, Jinhai HI is currently building 10 8,800 teu container ships, three 2,500 teu container ships, four VLCCs, one jack-up offshore construction vessel, and 13 bulk carriers, which include Newcastlemax, Kamsarmax, Panamax, and Ultramax vessels. |