China Shipping Container Lines (CSCL) has agreed to sell container boxes worth about $358.6m to CLC Maritime Container Leasing in a bid to improve its cash position.
CSCL is expected to gain $112m from the container sale and purchase agreement, whereby the shipping line will lease back the 139,941 boxes for four years at approximately $221.3m.
“The company is of the view that the container disposal would enhance the cash condition and optimise financial structure,” Hong Kong-listed CSCL said.
The containers are between three to six years old with an aggregate capacity of approximately 210,000 teu, representing around 20% of the containers owned by CSCL as at 31 December 2011.