Varde Buys VLCC from Landbridge

Maritime Activity Reports, Inc.

May 10, 2019

Image: Landbridge Group

Image: Landbridge Group

Global alternative investment firm Värde Partners and Landbridge VLCC International, a Hong Kong-based subsidiary of Chinese industrial company Landbridge Group, announced a sale and lease back transaction of a very large crude carrier (VLCC).

The vessel, Landbridge Prosperity, is a modern, fuel-efficient tanker built in 2016. Landbridge will continue to operate the vessel under a bareboat charter, before repurchasing the vessel at the conclusion of the charter period.

“We are pleased to begin a financing relationship with Värde, a firm with diverse expertise and a long history in shipping. We look forward to developing further areas of collaboration with Värde and Pareto.” said Vincent Lai, CEO of Landbridge.

“Our modern fleet of VLCCs are among the most fuel-efficient VLCCs on the water, and complement our port operations and activities in the oil and gas industry. The transaction is a part of our scrubber retrofitting programme for the whole fleet, which cements our pioneering position in response to the IMO 2020 convention,” Vincent added.

“We are excited to partner with Landbridge and finance the growth in their shipping business. With over 20 years of experience in the shipping sector, Värde is a longstanding investor in the industry. This transaction underscores our objective to become a leading provider of alternative finance to the sector by building long-term partnerships with reputable maritime companies and shipowners,” said Stephen Seymour, Managing Director at Värde Partners responsible for the firm’s investments in the transportation sector.

The transaction was arranged by Pareto Securities.

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