Working in partnership with international container lessor Blue Sky Intermodal, Investec has provided South Korean shipping operator Sinokor Merchant Marine with an initial facility to fund up to 10, 070 TEU of new marine general purpose containers, equivalent to nearly 8.5% of Sinokor’s current container fleet.
Sinokor is a medium sized regional shipping operator operating in East, South-East and Southern Asia, as well as China. The company operates a fleet of 95 vessels, including 39 containerships across Asia, with a total capacity of 52, 092 TEU. It is an established customer of Blue Sky, the world’s 11th largest container lessor with a fleet of 310, 000 TEU.
The transaction represents not only the maiden deal in Investec’s container box finance strategy but also a new market entry as it is the first time that Investec has provided funding to a Korean business.
Keith Glasscoe, leading the deal from Investec Asset Finance, said:
“Investec is pleased to announce its first container box finance deal since the team’s launch late last year. I am particularly delighted that the deal has come as a result of our partnership with Blue Sky Intermodal, whose premier client list and international network make them one of the world’s leading lessor of shipping containers.”
Geoff Mornard, Managing Director of Blue Sky Intermodal, commented:
“Investec’s detailed understanding of the asset type makes them a welcome addition to the container finance market. We look forward to continuing to work with Keith and the team in the future”
About Investec Asset Finance
Investec Asset Finance plc (“Investec”) provides asset and loan finance across a broad spectrum of asset classes to UK businesses including SMEs, corporates and professional firms.
Investec offers specialist finance introducers a broad product range that includes fixed and minimum term hire, standard leases, masterlease, hire purchase, commercial and practice loans, and block discounting.
Its comprehensive end-to-end service is run from a single business platform, providing an integrated, efficient and cost effective solution to high volume transaction management.
Investec forms part of Investec Bank plc’s Corporate & Institutional division which has expertise in Structured Asset, Project and Infrastructure Finance and Treasury Management skills. Working together and combining the range of skills, enables the team to address the most complex financing challenge, whilst also delivering efficient and tailored solutions to the smallest and simplest asset funding.
Investec is an international specialist bank and asset manager that provides a diverse range of financial products and services. Investec focuses on the following activities: Asset Management, Private Wealth, Property Activities, Private Banking, Investment Banking and Corporate & Institutional Banking.
For further information visit www.investec.co.uk/