A major deal has been signed by Pure Energy Limited, owned by George Prokopiou, with CMB Financial Leasing Co. It concerns the sale and leaseback of five 200,000 m3 LNG carriers for a total of 1.1 billion US dollars.
Watson Farley & Williams, which advised CMB Financial, notes that the deal includes pre- and post-delivery financing deals for the vessels, which are to be employed on a long-term basis by several reputable charter groups that hold a leading position in the market.
Founded in 2008 and headquartered in Shanghai, CMBFL provides leasing solutions to large, medium and small-sized enterprises across China. It is a subsidiary of China Merchants Bank, the first commercial bank owned by corporate legal entities in China.
Pure Energy is controlled by Greek shipowner George Prokopiou, founder of Dynacom Tankers, Sea Traders and Dynagas, and focuses on the adoption of clean energy solutions through sustainable practices and digital innovations.
The WFW Hong Kong Assets Structured and Finance team, which advised CMBFL, was led by partner Christoforos Bisbikis and supported by partner Dora Ying and associate Jennie Wong.
Lead partner Christoforos Bisbikis commented: “We are delighted to be involved in a significant transaction for our long-standing client CMBFL. This transaction is a testament to CMBFL’s ability to support its clients in capital-intensive projects, such as the financing of very large LNG carriers.”