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MOL signs first deal with Chinese leasing company

MOL Representatives of BOCOM, CNOOC, COSCO and MOL in front of a banner withing chinese and english writing about the lease deal
Mitsui O.S.K. Lines Ltd. (MOL) has entered into a lease agreement covering three LNG carriers under construction in China.

MOL said the deal is its first contract with a Chinese leasing company.

The lease agreement covers three LNG carriers under construction at Hudong-Zhonghua Shipbuilding and was signed with Bank of Communications Financial Leasing (BOCOM Leasing), a subsidiary of Bank of Communications Co and the largest Chinese leasing company.

The deal was struck through a joint venture with COSCO SHIPPING LNG Investment (Shanghai) Co., Ltd., CNOOC Gas and Power Singapore Trading & Marketing Pte. Ltd., and CETS Investment Management (HK) Co., Limited.

MOL said the new agreement represented an expansion and diversification of its funding sources and methods in a bid to improve competitiveness. MOL used a local financial institution in collaboration with a Chinese partner, it added.