September 21, 2020
- Bimco has adopted a new contract model for
sale transaction and leaseback of ships
- It is specific to second-hand naval units but
it can also be adapted to new constructions
- The international shipping association Bimco has announced that it is
adopted Shiplease, a new contract model for
transactions of salt and leaseback of ships that will be
available in the coming days and will cover transactions
second-hand naval units but may be able to
adaptable to new shipbuilding as well.
"This," said Sabrina Chao, president-designate
Bimco and chairman of Wah Kwong Shipping Holdings - it is
a very timely step. In turbulent times , he explained -- for
shipowners it's important to be able to free
capital and at the same time maintain the ability to manage
operate as owners under a ship's contract.
long-term rental. The model is an easy-to-use
to negotiate the agreement.'
- Specifying that the sale and lease back of ships is a
transaction that is increasingly being used for the
naval financing and that most of these transactions have
origin in Asia, the Bimco pointed out that the Shiplease model is
was developed by an Asia-based committee that involved
major ship-leasing and shipping companies. The committee was
founded by Alexandros Laios (Navios Corporation), Catherine Smith
(Wah Kwong), Conor Warde (Mayer Brown), Jia Zhang (China Development
Bank Leasing), Jay Shi (China Merchants Bank Financial Leasing),
Lawrence Chao (Island Navigation), Matt Hannaford (Hannaford Turner)
LLP), Olga Petrovic (Linklaters LLP) and Shen Zhao (CSIC Leasing).
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