Seacon Shipping has struck a deal to buy into the container leasing sector, acquiring a 40% stake in CIMC Xinde Leasing (Shenzhen) for around $67.6m.
The Hong Kong-listed, Qingdao-based owner and operator is purchasing the holding from Shenzhen Financial Leasing. Once the transaction is complete, CIMC Xinde will be owned 40% by Seacon, 40% by CIMC and 20% will continue to be owned by Shenzhen Financial Leasing.
CIMC Xinde is focused on container, vessel and general leasing, as well as investment activities. Seacon said the deal allows it to integrate vessel operations, financing and management with container leasing, creating what it described as a “circular ecosystem” across the maritime value chain.
The company highlighted plans to combine its shipping experience with CIMC’s shipbuilding and R&D capacity to build a “one-stop maritime service” spanning design, construction, financing, management and operations.
As part of the deal, Seacon will provide shareholder guarantees in proportion to its equity interest. It has also agreed to guarantee a $40.4m loan from Agricultural Bank of China linked to CIMC Xinde’s activities.
The move marks Seacon’s biggest step yet into the container business, positioning it closer to CIMC, the world’s largest container manufacturer.
