ICBC Leasing reaches agreement with Silversea Cruise Holding

ICBC Leasing Co Ltd and Silversea Cruise Holding Ltd said on Thursday that they reached an agreement to cooperate on the financial leasing business of five-star cruise company Silver Shadow.

Financial details were not disclosed.

This is the first deal of a Chinese financial institution in the global high-end cruise industry.

From 1990 to 2011, the global number of cruise passengers increased 7 percent annually.

The number of cruise passengers in 2011 was 16.4 million and is forecast to be 25 million in 2015, according to the Cruise Line Industry Association.

ICBC Leasing is the leasing arm of the Industrial and Commercial Bank of China Ltd. By the end of December, 2012, the number of ships owned and managed by ICBC Leasing totaled almost 200, covering bulk freighters, container ships, chemical tankers and cruise ships.