China’s leasing company ICBC Financial Leasing has entered into an USD 869 million agreement with BP Shipping, the shipping arm of the oil major BP, to lease 18 tankers for a period of 10 years.
This is the first business deal between ICBC and BP Shipping, signed during a visit of Chinese President Xi Jinping to Great Britain.
ICBC Financial Leasing, a subsidiary of the Industrial and Commercial Bank of China Ltd. (ICBC), currently manages a fleet of over 200 vessels within commodity, energy shipping and offshore industry.
The company’s shipping lease assets are valued at around USD 7 billion.
World Maritime News Staff