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31 October 2020 The on-line newspaper devoted to the world of transports 20:06 GMT+1

September 21, 2020

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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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