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JSFL completes US$75 million financing for 14 vessels
Deal involves prepayment of outstanding exposure from a previous transaction
Michael Marray 8 May 2024

Jiangsu Financial Leasing (JSFL) has completed a US$75 million financing for ten chemical/oil tankers and four general cargo vessels owned by the Yildirim Group.

JSFL is a prominent player in the financial leasing sector in China, and in recent years has been building up its shipping portfolio. It is the only financial leasing company listed on the main board of the Shanghai Stock Exchange.

Watson Farley & Williams, which advised JSFL, says the transaction was not a pure sale and leaseback as the closing mechanism was complex, involving the prepayment of outstanding exposure from a previous transaction. The use of mortgage-backed vessels allowed the parties to use a structured loan-to-value ratio for lower-value vessels.

“We are delighted to have advised JSFL, a relatively new player in the ship leasing market that is actively seeking to expand its shipping portfolio, on this complex and challenging financing," says WFW Hong Kong Office head Christoforos Bisbikos.

Yildirim Group is a highly diversified, vertically integrated industrial conglomerate with headquarters in Amsterdam, the Netherlands, and Istanbul, Türkiye. It operates in 57 countries across five continents, employing 25,000 employees in nine industries.

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