CDB Leasing to buy two GasLog LNG carriers

China Development Bank Financial Leasing (CDB Leasing) has entered into deals to purchase two LNG carriers from GasLog and GasLog Partners.

The Hong-Kong listed firm revealed this in a stock exchange filling last week.

CDB Leasing’s unit entered into vessel purchase deals with two entities owned by GasLog Partners and GasLog, Gas-five and Gas-nine, on March 20.

These entities own the 2013-built 155,000-cbm, GasLog Sydney, and the 2014-built, GasLog Saratoga.

According to the filling, CDB Leasing will buy the two LNG carriers for a consideration not exceeding $248 million.

After the completion of the transaction, CDB Leasing’s units will enter into operating lease agreements with the sellers to lease the vessels with fixed rent, the filling said.

GasLog’s data shows GasLog Sydney is on a charter with Naturgy and this charter ends in April this year, while GasLog Saratoga serves a charter with Mitsui and this deal expires in September 2024.

In March last year, GasLog and a unit of CDB Leasing and GasLog completed the sale and lease-back of the 2013-built 155,000-cbm, GasLog Skagen.

GasLog said at the time that the bareboat charter with CDBL is for a period of five years with no repurchase option or obligation.

Earlier this year, Peter Livanos-led GasLog sent a buyout offer to GasLog Partners.

GasLog’s consolidated fleet currently consists of 38 LNG carriers, out of which four 174,000-cbm LNG carriers are under construction at South Korea’s Daewoo Shipbuilding and Marine Engineering.

Of these 34 vessels, GasLog owns 15 ships, while it sold and leased back 5 of the vessels.

The company’s unit GasLog Partners owns the remaining 12 LNG carriers, while it sold and leased back two vessels as well.

Most Popular

LNG shipping rates continue to decrease

Spot LNG freight shipping rates in both basins continued to decrease this week, while European prices increased compared to last week.

US LNG exports climb to 34 cargoes

US liquefied natural gas (LNG) plants shipped 34 cargoes during the week ending April 16. According to the Energy Information Administration, pipeline deliveries to the LNG terminals increased compared to the prior week.

GTT secured orders for nine LNG carriers in Q1

French LNG containment giant GTT received orders for nine liquefied natural gas carriers in the first quarter, while its revenue rose 31.6 percent compared to the same period last year.

More News Like This

GasLog Partners reports lower profit in Q4

GasLog Partners, part of Greek LNG carrier owner GasLog, reported lower profit and revenues in the fourth quarter of the last year due to a weak market and a non-cash impairment loss.

Wartsila to support GasLog’s LNG carrier quintet

A unit of Finland’s Wartsila has signed a deal with Greek shipowner GasLog to support the latter’s five liquefied...

Singapore’s GIC to buy BlackRock’s stake in GasLog

GasLog announced the deal in a statement this week but did not disclose the financial details. According to GasLog, the...

GasLog takes delivery of LNG carrier in South Korea

Greece’s GasLog has taken delivery of a new liquefied natural gas (LNG) carrier from Hanwha Ocean in South Korea. According...