CMB Financial Leasing (CMBFL) recently closed a US$415.6 million sale and leaseback transaction involving 20 chemical tankers operated by Stolt Tankers, the proceeds of which were used to refinance debt secured on the vessels. The leases were of a hybrid nature combining elements of both financial and operating leases.

Stolt Tankers operates the world’s largest fleet of chemical and parcel tankers, with over 70 deep-sea ships that are integrated with regional fleets in Europe, Asia and the Caribbean, coastal fleets in Asia, and inland barging services in Europe and the US Gulf.

Stolt Tankers is a unit of Stolt Nielsen, which has its roots in The Netherlands. Stolt-Nielsen Limited is a global provider of integrated storage and transportation solutions for bulk liquid chemicals, edible oils, acids, and other specialty liquids.

Shanghai-based CMBFL provides financial leasing solutions to large, medium and small businesses across China. It is a subsidiary of China Merchants Bank.

CMBFL was advised on the deal by law firm Watson Farley & Williams.