Landbridge VLCC International, a Hong Kong-based shipowning unit of Chinese industrial company Landbridge Group, has sealed a sale and leaseback deal with investment firm Värde Partners for one of its VLCCs.
Landbridge will continue to operate the vessel, the 2016-built Landbridge Prosperity, under a bareboat charter before repurchasing the vessel at the conclusion of the charter period.
The deal was arranged by Pareto Securities.
“We are pleased to begin a financing relationship with Värde, a firm with diverse expertise and a long history in shipping. We look forward to developing further areas of collaboration with Värde and Pareto.” said Vincent Lai, CEO of Landbridge.
“Our modern fleet of VLCCs are among the most fuel-efficient VLCCs on the water, and complement our port operations and activities in the oil and gas industry. The transaction is a part of our scrubber retrofitting programme for the whole fleet, which cements our pioneering position in response to the IMO 2020 convention,” Lai added.
Rizhao-based Landbridge Group is a diversified multinational group specialising in port infrastructure and logistics, oil and gas, shipping and petrochemical industries. The company currently operate a fleet of four VLCCs and has another two newbuildings at DSIC set to join the fleet this year.