COSCO SHIPPING Development announced that it will charter ships to COSCO SHIPPING Lines according to the asset leasing framework agreement.

As the chartering term for 74 ships under the agreement will expire, the company will enter into a general agreement on ship chartering services with COSCO SHIPPING Lines on October 30, 2020. Accordingly, COSCO SHIPPING
Development has agreed to provide ship chartering services to COSCO SHIPPING Lines, and 74 ships will be chartered to COSCO SHIPPING Lines in the form of bareboat chartering contract.

According to the general agreement on ship chartering services, 74 vessels will be chartered out, with a total capacity of 581603 TEU and an average age of about 12.2 years.

COSCO SHIPPING Lines shall pay COSCO SHIPPING Development a total fee of US $4618343445 according to the general agreement on ship chartering services, which shall be paid over 20 years according to the specific terms of the relevant ship charter party.

Source: Sarah Yu, XINDE MARINE NEWS

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