Chinese leasing company China Development Bank Financial Leasing (CDB Leasing) has bought nine petrochemical tankers from Danish shipping company TORM.

On 6 December 2021, CDB Leasing, part of state-backed China Development Bank, concluded a ship purchase agreement worth $172 million.

The consideration will be paid in U.S. dollars with the company’s own funds and/or commercial bank loans, the leasing company said.

No delivery details have been disclosed.

Vendors in the transaction were TORM Singapore and Vesselco 10, both controlled by TORM which operates a fleet of approximately 80 ships.

As explained, CDB Leasing aims to increase its market share in the shipping market with this purchase, which is said to be in line with the company’s business development strategy.

Only a few days earlier, the company also acquired five medium range (MR) tankers from Swiss commodity trader Trafigura. The deal has been valued at $140 million.

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