CSIC Marine Container Shipping to Acquire 10 Vessels and Lease Them Out

CSIC Marine Container Shipping (02866) has announced that its wholly-owned subsidiary, Hainan CSIC Marine Container Shipping, will acquire 6 vessels and lease them out, while China Shipbuilding Corporation will build 4 vessels under a 2025 shipbuilding contract. The total value of the contracts is approximately RMB 31.68 billion (excluding taxes).

On the same day, Hainan CSIC Marine Container Shipping and COSCO Shipping Containers (as lessee) signed a 2025 vessel lease agreement. According to the agreement, CSIC Marine Container Shipping will provide ship leasing services for the aforementioned vessels to be built under the 2025 shipbuilding contract, with a rental period of 240 months ± 90 days, calculated from the delivery date of each vessel.

As per the lease agreement, each vessel's rental period will be 240 months ± 90 days from its delivery date; in any case, each vessel's delivery date will not be later than December 31, 2028. After the end of the lease period, each vessel will be returned to Hainan CSIC Marine Container Shipping. Considering the potential upgrade and modification of vessels with dual fuel engines, the expected annual rental fee for each vessel after delivery will not exceed approximately RMB 638 million (excluding taxes).