Grand China Logistics signs $1.2 bln ship leasing contract

Grand China Logistics (GCL), an arm of Hainan Airlines Group, on September 2 signed $1.2 billion worth of cooperation agreement with China Development Bank in Shanghai to cooperate on ship leasing services.
GCL said that CDB will purchase more than 20 bulk ships from Jinhai Heavy Industry controlled by GCL for a total of US$1.2 billion, and then lease these ships to GCL.

GCL, which owns 12 cargo aircrafts and 70 ships, has more than RMB 4 billion worth of total assets and targets RMB 25 billion in operating revenue for 2010.

HNA group is scheduled to launch a fund for shipping industry development by the end of this year, Tan added. <Korea Shipping Gazette>