Chinese leasing companies have taken ownership of hundreds of vessels in deals worth tens of billions of dollars in the latest sign of the industry’s rapid transformation amid a long-running financial crisis.
The deals made by Chinese companies, including the leasing businesses of ICBC, China Minsheng Bank and Bank of Communications, have provided badly-needed financing for shipowners as miserable trading conditions dominate most shipping sectors.
Although there are no comprehensive figures, a conference in London in January heard that Chinese leasing groups had invested $11.5bn in shipping in 2016 alone, a figure seen representing several hundred vessels. Maersk Line, Mediterranean Shipping Company and CMA CGM — the biggest three operators of container ships — have all done Chinese leasing deals.