By outdoor-nature-child.com On October 15, the first cross-border ship financing lease project in Northeast China was officially inaugurated in Dalian, Liaoning province. The signing ceremony featured the collaboration between Taiping Petrochemical Financial Leasing, Sinopec Fuel Oil, and Dalian COSCO Shipping Heavy Industry, who entered into a contract for the construction of two MR-type oil tankers, each with a deadweight tonnage of 49,900.
During the event, the significance of ship financing was highlighted as a pressing issue for numerous shipping companies. Ship financing leasing emerges as a particularly effective solution within this context. In essence, ship financing leasing allows a lessor to purchase a vessel from a shipyard according to the specific needs of the lessee, who then pays rent in installments for its use.
This project will see Taiping Petrochemical Financial Leasing establishing a new company within the Dalian Free Trade Zone at the Daqiaowan Comprehensive Bonded Zone to serve as the lessor, while Sinopec Fuel Oil Sales Co., Ltd. will act as the lessee, engaging in the operational leasing of the two MR tankers. Construction of the vessels will be undertaken by Dalian COSCO Shipping Heavy Industry, with completion and operational deployment expected by 2027.
Fang Haifeng, General Manager of Sinopec Fuel Oil Sales, shared insights on the partnership: “Collaborating with Taiping Petrochemical Financial Leasing and COSCO Shipping Heavy Industry to build these two MR tankers enables us to leverage each partner’s strengths in finance, technology, and manufacturing. This initiative not only aids in the development of our own fleet but also explores innovative business models, fostering a synergistic ecosystem for integrated production and finance, which is vital for enhancing the shipping industry’s structural optimization.”
Liang Yanfeng, Chairman of COSCO Shipping Heavy Industry, emphasized the importance of this project, stating, “The signing of the Northeast’s first cross-border ship financing lease project exemplifies successful government-enterprise collaboration and integration of production and finance. Once constructed, these two oil tankers will be utilized by Sinopec Fuel Oil for petroleum transportation in Southeast and South Asia.”
Sun Xinzhi, Deputy Director of the Dalian Free Trade Zone Management Committee, remarked on the project’s broader implications: “This cross-border ship financing lease project is crucial for accelerating the high-quality development of our local shipbuilding industry chain and for establishing a more competitive shipbuilding industrial cluster. Moving forward, the Dalian Free Trade Zone aims to expand financial leasing services across various sectors, including aviation, shipbuilding, equipment manufacturing, and marine engineering, to further reinforce the role of financial leasing in supporting the real economy and to expedite the clustering of the financial leasing industry in our region.”