SinOceanic Shipping ASA signed a $154.4 million sale and charter-back deal for a 13,100-TEU container ship as part of a refinancing of one of the Oslo-based company’s subsidiaries.
The subsidiary, SinO1, is selling the MSC Vega to Grand Indus Shipping and will charter back the vessel for 15 years. The charter rate will cover the repayment instalments by GIS on a $105 million loan from a major Chinese bank.
SinO1 may at any time exercise an option to repurchase the ship.
The refinancing comes two weeks after SinOceanic Shipping placed an order with China’s Jinhai Heavy Industries for 10 8,800-TEU ships that it will manage for a foreign carrier.
SinOceanic said the total transaction, including the cost of building the ships, which will be delivered from mid-2015, and their charter parties, is valued at $2.4 billion.
SinOceanic is majority-owned by Sinindo Holdings, a Singapore-based subsidiary of China’s HNA transport and logistics conglomerate.