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　　On November 17, 2017, Oriental Fleet International Co., Ltd. ('Oriental Fleet'), a subsidiary of COSCO Shipping Development Co., Ltd. and Shanghai Chipolbrok Shipping Management Co., Ltd. (Chipolbrok Shipping), a subsidiary of Chipolbrok (Chinese-Polish Joint Stock Shipping Company), signed a sale and lease back contract for four 36,000DWT heavy crane barges. Oriental Fleet will buy in this batch of crane barges in form of finance lease and lease them back to Chipolbrok Shipping in form of bareboat charter in the next 10 years and Chipolbrok Shipping will still act as the actual controller and operator of these barges. The project covers four barges as the subject matter: Chipolbrok Changjiang, Chipolbrok Huanghe, Chipolbrok Taihu and Chipolbrok Donghai.

　　Chipolbrok Shipping adopts the financing scheme offered by Oriental Fleet, which will lower down the financing cost, prolong the lease period, reduce the pressure of payment, and further optimize the financial structure of Chipolbrok Shipping. With this project, COSCO Shipping Development will support its entity shipping company to optimize the financial structure by way of finance lease, further expand its ship lease business of diversified ship types and implement the development strategy of 'integration of industry and finance and promoting industry with finance' in depth.

　　The signing of this project is an important manifestation of COSCO Shipping Development to carry forward the spirit of the 19th National Congress of the Communist Party of China in depth and fully support the Group's strategic objective of 'creating the world's leading comprehensive logistics supply chain service group'. During the advancing process, the project received concern and support from the leaders and departments of all levels of the Group. Next, COSCO Shipping Development will further serve the industrial companies within the Group and seek coordinated development with the key industries of shipping, ship building, logistics and so forth of the Group to develop a linkage effect.

Cosco Shipping Development Co. Ltd. published this content on 21 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 21 November 2017 01:45:02 UTC.

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