Maersk Tankers has agreed to sell 14 product tankers to China Development Bank Financial Leasing (CDB Leasing), TradeWinds has learnt.

The Danish tanker giant’s Singapore arm will receive a total of $422m for the ships, the Hong Kong-listed leasing company said in a regulatory filing.

CDB Leasing said a deposit of 10% will be paid within three banking days after the date of the vessel purchase agreement, and the remaining 90% paid once it takes delivery of the ships.