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.

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