COSCO Pacific sells containers for $195 million
Florens Maritime, a container leasing subsidiary of COSCO Pacific, has agreed to sell 104,663 TEUs worth of marine containers to SLI Dritte, part of Germany's Schroeder Group, in a deal valued at $194.7 million.
Under the terms of the agreement, another COSCO Pacific unit, Florens Macao, will manage the containers for SLI Dritte.
The volume of containers bought by SLI Dritte represents about 8.4 percent of COSCO Pacific's operated container fleet as of the end of 2006.
'The disposal will help the group to improve the business model and capital structure of its container leasing business, to increase its sources of income and to lower the operational risks,' COSCO Pacific said in a statement.