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Dynagas seals Chinese sale and leaseback coup

Dynagas seals Chinese sale and leaseback coup

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China Development Bank Leasing (CDBL) has announced that it has entered into sale and leaseback agreements with an undisclosed party for two 162,000 cu m ice class LNG carriers.

Under the agreements, CDBL will acquire the two vessels via two special purpose companies CDBL Ocean and CDBL Planet for $363.8m in total and lease them back to the charterer for 12 years. The total lease interest is around $150m.

Splash research suggests that the two vessels in the transaction most likely are Greek owner Dynagas Holdings’ Clean Ocean (2014-built) and Clean Planet (2014-built). Both vessels have fixed 15-year charter contracts starting from July 2019 with the Yamal LNG project.

 

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Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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1 Comment

  1. jim barr
    December 18, 2017 at 10:17 pm

    Hello Jason:
    Do the economics of this transaction work for CDBL?
    I don’t mean to be rude, but are the “two special purpose companies” a de-facto means for what would de-jure be called a fraudulent conveyance. Or is it simply the standard state-backed subsidy that seems to be predominant form of investment in China.
    You could probably do some serious reporting on this sort of thing.
    Best regards…
    Jim