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CSSC (Hong Kong) Shipping confirms sale and leaseback deal for floating LNG barge

CSSC (Hong Kong) Shipping Company inked a sale and leaseback deal for a floating LNG storage and regasification barge with a charterer incorporated in Hong Kong.

Fortune Antwerp, one of the company’s special purpose vehicles, has entered into the Memorandum of Agreement and the Bareboat Charter with the charterer. Fortune Antwerp is to purchase the vessel from the charterer and lease back the vessel at a total estimated cost of approximately $189.65m.

The charterer is ultimately owned by a company incorporated in Belgium, which is a well-known service provider of floating solutions for the operation, transportation and regasification of LNG, according to CSSC (Hong Kong) Shipping.

The floating LNG storage and regasification barge is approximately valued at $155m, which is expected to be delivered within one month from the date deal signed. The charter period will be 120 months commencing from the actual delivery date.

The company says the deal will strengthen the group’s leasing business and is consistent with the group’s overall business development strategies.

CSSC (Hong Kong) Shipping is China State Shipbuilding Corporation’s leasing arm and is principally engaged in the provision of leasing services.