Seyang shipping harvests 7 billion won in vessel lease

Seyang Shipping secured 10 billion won in cash through vessel finance to convert a cape sized vessel to lease. This put 7 billion won in sales profits on the books.
Seyang Shipping sold the vessel to KDB Capital Corp., securing 10 billion won. Seyang will continue to use the vessel for 6 years. This is not mere vessel disposal, but a way to invest in vessel re-purchasing with profits from vessel disposals. This is a first in Korea to buy a vessel with a management lease, even though it is very popular in advanced countries.
The vessel, the ?reat Moon? is cape size, 146,000 dwt.