Cosco Shipping Specialized Carriers， a unit of Cosco Shipping Group， has reached an agreement with three Chinese leasing companies worth around $1.1bn to charter in 12 multipurpose pulp carrier newbuilds for up to 15 years.
The 70，000 dwt ships will be built by Cosco Dalian Shipyard for Bank of Communications Financial Leasing (BoComm Leasing)， China Merchants Bank Financial Leasing (CMB FL) and SPDB Financial Leasing (SPDB FL).
Cosco Shipping will pay a fixed rate of $16，900 per day for each vessel and will charter them for between 177 and 179 months. There is no obligation to buy the ships after the expiry of the lease， Cosco said.
The charter begins after the delivery， which has not been disclosed. Under the deal， the three leasing companies will be responsible for the daily management of ships， the supply of spare parts and materials， ship repairs， crew provisioning and insurance purchases.