CMBFL Sells and Lease Back 20 Tankers

Maritime Activity Reports, Inc.

November 27, 2019

Image: Watson Farley & Williams

Image: Watson Farley & Williams

CMB Financial Leasing (CMBFL) sign a $415.6 million sale and lease back transaction of 20 chemical tankers with Stolt Tankers, a UK-based provider of transportation and storage for liquids, notably specialty and bulk liquid chemicals, the proceeds of which were used to refinance certain debt secured on the vessels.

Watson Farley & Williams (WFW), the international law firm based in London, has advised on this transaction. The leases were of a hybrid nature combining elements of both financial and operating leases.

Founded in 2008, Shanghai-based CMBFL provides financial leasing solutions to large, medium and small businesses across China. It is a subsidiary of China Merchants Bank, the first joint stock-holding commercial bank owned by corporate legal entities in China.

Stolt Tankers is a sub-division of Stolt-Nielsen Limited, a leading global provider of integrated storage and transportation solutions for bulk liquid chemicals, edible oils, acids, and other specialty liquids.

The WFW Hong Kong Maritime team was led Partner Christoforos Bisbikos, supported by Registered Foreign Lawyer (Malaysia) Siu Ting Lee and Trainee Xiaocheng Lin. WFW Singapore Senior Associate Rod Cameron also assisted.

Christoforos said: “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. 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”.

Maritime Reporter Magazine Cover Nov 2019 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News