Under the terms, released in a stock market announcement, it will pay DSIC $595m for seven 8,800-teu container ships for delivery between 2015 to 2016. Payment terms are very favourable, with just 2% downpayment as the initial instalment and the rest on delivery.
The vessels will then be chartered to MSC for 204 months (17 years) for a total cost of $595m, which is equivalent to the vessels' purchase price. This amounts to a rate of $25,000 per vessel per day. Under the agreement, MSC also has the obligation to purchase the vessels on expiry of the lease for $21.5m each.
CIMC FL (HK) intends to fund the purchase with cash and bank borrowings and believes the interest income from the finance lease of the vessels will come up to approximately $52.2m in the first 12 months of the charter period.
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