China's top ship financing hub leases 1,000th vessel

ANKARA

China’s largest ship financing hub reached a major milestone Wednesday by leasing its 1,000th vessel — a floating liquefied natural gas (LNG) facility — according to state media.

A signing ceremony marking the achievement was held in the northern municipality of Tianjin, where the Dongjiang Free Trade Port Zone (DFTP) is located, Xinhua News reported.

The landmark vessel, constructed in Singapore, represents a total investment of nearly $1.8 billion, including $1.2 billion secured through leasing-based financing.

Shi Jinfeng, a DFTP official, hailed the deal as a significant achievement in China's offshore ship leasing industry. He said it was the largest cross-border syndicated leasing project on the Chinese mainland to date, based on both financing scale and number of participants.

The DFTP currently accounts for over 90% of mainland China's cross-border leasing activity involving ships and offshore engineering equipment.