Cosco Shipping: $187m sale & leaseback deal with Golar LNG

Golar-Maria

Cosco Shipping Development Co, has agreed a sale and leaseback deal with a unit of Golar LNG (GLNG) to purchase the 2014-built LNG carrier Golar Crystal with an eventual repurchase option.

Cosco Shipping Development unit Oriental Fleet agreed with GLNG unit Golar Hull to buy the vessel for $187m and charter it back to the latter for 10 years the company said.

Cosco Shipping Development noted that the deal would facilitate the expansion of the group’s ship leasing business and enhance its profitability.

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