Landbridge Group and Sincere Navigation reached a VLCC sale-leaseback contract

Landbridge Group signed a sale-leaseback contract of VLCC "Landbridge Glory" with Taiwan's Sincere Navigation Corporation.
 
On May 28, Bridge Poiema Limited, a 55%-owned subsidiary of Sincere Navigation Corporation, acquired a very large crude carrier under a bareboat sale-leaseback contract. The transaction amount is $62 million.
 
At the same time as the sale, the seller will lease back the ship in the form of bareboat chartering contract, and the seller's parent company Landbridge International VLCC Limited shall be jointly and severally liable for the debts under the charter party.
 
The bareboat chartering contract for "Landbridge Glory" is for a period of seven years, starting from the date of delivery specified in the purchase contract, and expected to end in June 2028.
 
"Landbridge Glory" is a VLCC delivered by DSIC in 2019. The ship is the first energy-saving and environmentally-friendly 308,000DWT VLCC specially designed for Landbridge Group by DSIC.
 
Source: Sarah Yu, XINDE MARINE NEWS

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