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GasLog banks $22m from Chinese sale and leaseback deal

New York-listed LNG carrier owner GasLog has sealed a sale and leaseback deal with China Development Bank Leasing for 2015-built 155,000 LNG carrier GasLog Salem.

GasLog has sold the vessel for $128m, releasing around $22m in liquidity. The company will bareboat charter the vessel back from CDB for a period of five years, with no purchase obligation attached to the deal.

The GasLog Salem is currently on charter to Gunvor Group’s shipping arm Clearlake Shipping through to March 2022.

GasLog has a fleet of 35 LNG carriers of which 16 are owned, four have been sold and leased back under long-term bareboat charters, and 15 are owned or chartered in by subsidiary GasLog Partners.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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