COSCO SHIPPING Development to Lease 74 Vessels to COSCO SHIPPING Lines for US$4.62 Billion
Hong Kong – Paul Hastings, a leading global law firm, announced today that it has advised COSCO SHIPPING Development Co., Ltd. (Stock Code: 2866.HK and 601866.SH) (“COSCO SHIPPING Development”) on its leasing service agreement with COSCO SHIPPING Lines Co., Ltd. (“COSCO SHIPPING Lines”) in connection with the lease of 74 vessels to COSCO SHIPPING Lines under bareboat charter. The aggregate lease payments payable shall amount to approximately US$4.62 billion.
The Hong Kong and Shanghai-listed COSCO SHIPPING Development is principally engaged in shipping and industry-related leasing businesses, manufacturing of containers and provision of investment and financial services. COSCO SHIPPING Lines, a wholly-owned subsidiary of COSCO SHIPPING Holdings Co., Ltd. (Stock Code: 1919.HK and 601919.SH), is principally engaged in container shipping.
As a long-standing legal partner of COSCO SHIPPING Development, Paul Hastings has represented the company in various transactions. These include COSCO SHIPPING Development’s recent
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