China Development Bank agrees to buy and lease LNG duo

China Development Bank agrees to buy and lease LNG duo
Image courtesy of Dynagas

China Development Bank’s units have signed a memorandum of understanding to purchase and lease back two 162,000 cubic meter LNG carriers. 

According to China Development Bank’s filing to the stock exchange, the charter period is for 12 years starting from the delivery date.

While the bank did not disclose the name of the charterer, the two vessels, the Clean Ocean and the Clean Planet have been built by the South Korean shipbuilder Hyundai Heavy Industries in 2014 for the Greek shipowner Dynagas.

The purchase price for the two vessels has been set at $363.8 million with the leaseback principal set at the same amount, however, the lease interest is approximately $150.5 million.

According to CDB, the market value of the vessels was at $428 million.

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