Golar LNG, CSDC Sign Sale, Leaseback Deal

Owner and operator of LNG carriers Golar LNG has entered into a sale and leaseback agreement for the 2014-built Golar Crystal with Hong Kong-based Cosco Shipping Development Co (CSDC).

Under the deal, the CSDC is paying USD 187 million for the 160,000 m3 liquefied natural gas carrier, which will be chartered back to Golar LNG for a period of 10 years.

Additionally, Golar Hull said it would pay USD 75 million upfront for the bareboat charter, payable on or before the delivery date of the 80,762 dwt Golar Crystal.

Another USD 62 million will be paid in charter fees every quarter, with a variable financing component.

CSDC said that the sale and leaseback deal “would facilitate the expansion of the group’s ship leasing business, and enhance the profitability of the group.”

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