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Trafigura exits product tankers in sale and leaseback deal with Chinese bank

Trafigura exits product tankers in sale and leaseback deal with Chinese bank
Global commodities trader Trafigura Group has exited the product tanker business with a sale and leaseback deal with China’s Bank of Communications Financial Leasing Co over five MR newbuilds.

The new 50,000-dwt MR product tankers, ordered by Trafigura in 2013 from Guangzhou Shipyard, were delivered to the Chinese bank at the end of September.

Financial details of the deal were not disclosed.

“The sale and leaseback of the vessels concludes an entry and exit for now in owning product tankers for Trafigura,” said Rasmus Bach Nielsen, global head of wet freight for Trafigura.

“The ships were bought at low entry levels and we saw an opportunity to sell now. While we have a significantly growing cargo programme it is not a must for us also to own the steel. This is our first transaction with BoCom Financial Leasing and we look forward working with them in the years ahead.”

The number of Trafigura’s wet freight fixtures rose to 1,959 in 2015, from 1,680 in 2014 and with 2016 expected to generate more than 2,700 wet freight fixtures on the back of significantly increasing trading volumes.