ICBC Leasing inks $869m tanker leasing deal with BP Shipping

2015-10-22

ICBC Leasing inks $869m tanker leasing deal with BP Shipping

ICBC Leasing, the financial leasing arm of China’s state-run bank ICBC, has signed a ship leasing agreement with BP Shipping, the shipping unit of oil and gas giant BP, for the leasing of 18 tankers yesterday.

Under the agreement, ICBC Leasing will lease out the tankers to BP Shipping for ten years. At $869m this is the largest ever financing project for BP Shipping. The deal was signed as part of Chinese president Xi Jinping’s state visit to the United Kingdom.

Jiang Shuqing, president of ICBC, said the signing paves the way for ICBC to further expand its market in the international oil and gas industry.

The ship leasing deal is part of BP Shipping’s fleet renewal plan and ICBC Leasing won the deal through a tender arranged by BP Shipping.

ICBC Leasing is currently one of the largest shipowners in the world, controlling RMB44.3bn ($7bn) worth of ships and offshore equipment assets.

BP Shipping’s fleet renewal plan has seen it order a host of ships in South Korea at STX, Hyundai Mipo and DSME.

Source from : Splash

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