Ciner Shipping inks sale and leaseback with CSSC Shipping for newbuild suezmax tanker pair

Ciner Shipping, led by Turkish owner Turgay Ciner, has entered into an agreement with CSSC Shipping, the financial leasing unit of China State Shipbuilding Corporation, for the sale and leaseback of two 158,000 dwt suezmax tankers.

Under the agreement, Ciner Shipping will sell the two vessels to CSSC Shipping and charter them back for a period of 10 years at a total charter cost of $126.95m including an estimated lease interest of $29.46m.

The vessels, Ayse C and Zeynep, are expected to be delivered by Hyundai Heavy Industries this month.

In the meantime, CSSC Shipping entered into an agreement with a bank to borrow $48.26m for the purpose of funding the acquisition cost of the vessels. The loan shall be repaid in full in one year.