More CIMC orders for MSC

CIMC Financial Leasing, the shipowning subsidiary of CIMC, entered into a shipbuilding contract with Jiangsu New Times Shipbuilding yesterday to construct five 8,800 teu container vessels for a total of $425m. The vessels are expected to be delivered in 2015.
Meanwhile, CIMC Financial Leasing signed a charter agreement with MSC to lease the five vessels to the latter for a term of 204 months for $425m and MSC have an obligation to purchase all the vessels upon expiry of the charter agreement.
CIMC said the finance lease deal will enable the company to fully realize the benefits to be generated by chartering the vessels to the charterers. The interest income from the deal is expected to be $37.27m for the first 12 month and the company will use it as general working capital.
Source: Sino Ship News