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CDB Leasing picks up four ships from Dynagas LNG Partners

CDB Leasing has purchased four liquefied natural gas (LNG) vessels from entities linked to George Procopiou-backed Dynagas LNG Partners.

The Hong Kong-listed leasing unit of the China Development Bank said it will pay up to $477.5 million for the 149,700 cubic meter ships Clean energy, Ob River And The Amur Riverbuilt between 2007 and 2008, and the 155,000 cubic meters built in 2013 Arctic Aurora.

New York-listed Dynagas LNG Partners will lease the ships back for a period of between 60 and 120 months, retaining its fleet of six LNG units.

The total amount of lease interest is expected to be about $130 million, CDB Leasing said, adding that Dynagas LNG Partners has the option to buy back the ships for $95.5 million when the leases expire.

CDB Leasing has completed several LNG transactions in the past, acquiring three of Procopiou’s newbuild 200,000 cubic meter LNG vessels, a number of units from Peter Livanos-controlled GasLog, and most recently two vessels from Awilco LNG.

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