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Minsheng Banking to Invest US$1 Billion to Build 30 LCL Carriers

Date Posted:2010-03-23   Author:    Source:Original site
Minsheng Financial Leasing Co., Ltd., the company under China Minsheng Banking, plans to invest US$1 billion to build a fleet managing 30 LCL cargo carriers to be ready for its new service – carrier leasing business.
In December last year, Minsheng Financial Leasing Co., Ltd. invested US$272 million to build eight Panama Bulk Carriers in Jiangsu Rongsheng Heavy Industries Group Co., Ltd; the delivery time is due by the latter half of 2011 and the company has already signed long-term leases with a shipping company in Fujian Province.
Minsheng Financial Leasing Co., Ltd. currently has an order of eight 76,000-dwt LCL carriers which is under construction in Chinese shipyard and run by Chinese cargo owners.
Minsheng Financial Leasing Co., Ltd. is a subsidiary company of China Minsheng Banking Corp. Ltd., the sixth largest bank in China. Established for only one year, Minsheng Financial Leasing Co., Ltd. devotes itself to the lease of airplanes, ships and construction facilities. Being the largest carrier lease enterprise, Minsheng Financial Leasing Co., Ltd. now has 44 ships, all flying Chinese National flag. The coming plan of 20 to 30 carriers will start from the first half of 2012. People from Minsheng Financial Leasing Co., Ltd. said the company would center on Capesize Bulk Carriers and Panama Bulk Carriers, and hoped to increase the number of ships to 20 or 30 to be built in Chinese shipyard with a total investment of US$1 billion. It also considers establishing cooperation with foreign cargo owners.