Dynagas seals Chinese sale and leaseback coup

Dynagas seals Chinese sale and leaseback coup

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.

 

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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1 Comment

  1. Avatar
    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