Hong Kong-based Landbridge VLCC International of Landbridge Group will continue to operate the 2016-built VLCC under a bareboat charter, before repurchasing the ship at the end of the charter period.
“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,” said Vincent Lai, ceo of Landbridge VLCC International.
Stephen Seymour, managing director at Vӓrde Partners responsible for the firm’s investments in the transportation sector, said: “This transaction underscores our objective to become a leading provider of alternative finance to the sector by building long term partnerships with reputable maritime companies and shipowners.”
The transaction was arranged by Pareto Securities, with Landbridge VLCC International advised by HFW and Vӓrde by Allen & Overy.