Värde Agrees Sale and Leaseback for Landbridge VLCC

US-based alternative investment firm Värde Partners has signed a sale and leaseback agreements for a very large crude carrier (VLCC) with Hong Kong’s Landbridge VLCC International.

The vessel in question is the 2016-built fuel-efficient tanker Landbridge Prosperity.

Landbridge, a subsidiary of Chinese industrial company Landbridge Group, will continue to operate the 308,285 dwt ship under a bareboat charter, before repurchasing it at the conclusion of the charter period.

“We are pleased to begin a financing relationship with Värde,” Vincent Lai, CEO of Landbridge, said, adding that the transaction is a part of the company’s scrubber retrofitting programme for the entire fleet.

The parties did not reveal the financial terms of the transaction, which was arranged by Pareto Securities.