In this study, a case on acquiring a ship of a ship owner company located abroad by using leasing contract through a leasing firm located in Turkey is investigated. In this sense, the cash flow derived from financial lease contract of a ship is compared with the cash flow of the similar type of a ship as if it was acquired by using net present value method. Considering the findings of the study, the necessity of taking into consideration of leasing as an alternative financing option is emphasized due to its lower cost and other advantages. It is expected that the findings will provide contribution to the existing literature and also draw attention of the practitioners.