Zhongchang Marine announced that its fully controlled subsidiary Yangxi Zhongchang Marine has signed a sale and leaseback agreement with Zhejiang Marine Leasing Co.
Under the agreement, Yangxi Zhongchang will sell its vessel “Zhongchang 118” to Zhejiang Marine Leasing for RMB110m and lease it back for five years.
Zhongchang Marine said the deal would optimize the company’s debt structure and supplement the company’s working capital.