CDB Financial Leasing (CDB Leasing), the leasing company of China Development Bank, has taken over its first floating LNG terminal following a conversion.
As the state-owned financial player announced on the Hong Kong Stock Exchange, it has acquired the “Golar Gimi”, built in 1976 and recently extensively converted, from Golar LNG for 500 million dollars.
At the same time, Golar LNG is to lease back the unit for 12 years.
Originally a conventional LNG tanker, the “Golar Gimi” was converted at Seatrium in Singapore in 2023 for two years and is chartered to the energy company BP until 2045. “Golar Gimi” will be used for BP’s Greater Tortue Ahmeyim field off the coast of Mauritania and Senegal and can process 2.7 million tons of LNG per year.
For CDB Leasing, the transaction marks an expansion of its fleet portfolio. The fleet is currently dominated by bulk carriers, but a CDB representative told HANSA that they are looking to diversify their portfolio. In June 2024, CDB Leasing owned 248 vessels, including 172 bulk carriers, 44 product tankers, 13 container ships, 17 LNG tankers and two cruise ships. In addition, 14 ships were under construction, including nine bulk carriers and five product tankers.
According to CDB Leasing, the sale and leaseback project “Golar Gimi” has a variable interest rate, which is adjusted according to the Secured Overnight Financing Rate plus a premium. The lessor expects cumulative interest income of around USD 250 million over the term of the lease. Thereafter, Golar LNG can repurchase the “Golar Gimi” at 30% of the sale price.
“We do not acquire ships for speculative purposes. All our ship purchases are secured by long-term charter agreements with renowned operators,” the representative told HANSA.
Over the past decade, Chinese leasing companies have been looking to finance and operating lease deals in the maritime sector to fill the gap left by European banks reducing their exposure to shipping. (PL)
