CSSC Shipping, Golar LNG ink tanker sale and leaseback deal

CSSC (Hong Kong) Shipping, a unit of China State Shipbuilding Corporation, has signed deals with Golar LNG for the sale and lease-back of an LNG carrier. 

Under the memorandum of agreement, CSSC will purchase the vessel from Golar LNG and lease back the vessel to the shipper for total charter hire of $159,650,000.

The vessel is a 140,000-cbm LNG carrier, which will be converted into a floating storage re-gasification unit, CSSC said in its statement.

The vessel is valued at €159,600,000 ($175.5 million), which is equivalent to the purchase price of the vessel pursuant to the relevant delivery contract. The vessel is expected to be delivered by March 2020.

The charter period is for 36 months starting from the date of the delivery of the vessel.