ICBC Leasing Pens USD 1.1bn Deal with Jaccar and Seatrade

ICBC Leasing, a unit of Industrial & Commercial Bank of China Ltd., has signed loan deals with Belgian reefer company Seatrade and French private holding company of Jacques de Chateauvieux JACCAR Holdings worth a total of USD 1.1 billion.

The loans are intended to be used for financing construction of new ships of the two shipping companies at Chinese yards, ICBC Leasing said in a statement.

The contract with Seatrade was signed in Belgium on June 29, under the presence of China’s Prime Minister Li Keqiang and Belgian Prime Minister Charles Michel.

The deal purports a USD 200 million worth loan, intended for construction of 7 reefers scheduled for delivery in early 2016.

The second deal was signed three days later when ICBC Leasing agreed to provide JACCAR Holdings with a USD 900 million loan, intended for financing of eight gas carriers, five very large ethane carriers (VLECs) and three multi-purpose gas carriers.

The signing ceremony was attended by Chinese Prime Minister Li Keqiang and French Prime Minister Manuel Valls within the framework of Li Keqiang’s ‘One Belt One Road Project’ tour.

The Chinese Prime Minister also visited French liner giant CMA CGM to witness signing of two major deals, one with Export-Import Bank of China (CEXIM) on financing solutions for a total of up to USD 1 billion, and the second one with China Merchants (CMHI) aimed at developing the strategic “One Belt, One Road” project.

World Maritime News Staff

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