Ningbo Marine has announced it has reached a sale and leaseback agreement with Zhejiang Energy Financial Leasing Company to secure RMB100m (US$15.4m) financing.

Under the agreement, Ningbo Marine will sell its 47,593dwt bulk carrier Ming Zhou 55 to Zhejiang Energy Financial Leasing and lease it back for a period of 36 months.

Ningbo Marine said it is facing financial pressures amid a slump in the bulk shipping market, and the sale and leaseback deal has lowered the company's financing cost and risk.