OOIL to sell, lease back ships to pay for newbuilds
Orient Overseas (International) Ltd., parent company of OOCL, has decided to sell and lease back eight of its existing vessels in order to provide 80 percent financing for four new 8,063-TEU “SX-class” containerships ordered in October from Korean shipyard Samsung Heavy Industries.
The financing structure will provide the Hong Kong-based company with about HK$3.74 billion ($480 million), according to an independent valuation.
Samsung will deliver the four ships to OOCL between the fourth quarter of 2009 and the first quarter of 2010.
OOIL to sell, lease back ships to pay for newbuilds
