Alternative investment firm Varde Partners is set to acquire a very large crude carrier (VLCC) from Landbridge, a Hong Kong-based subsidiary of Chinese industrial company Landbridge Group.

Under the terms of the contract, Varde will buy the 308,000dwt Landbridge Prosperity, a modern, fuel-efficient tanker built in 2016.

Landbridge CEO Vincent Lai said: “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.

“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.”

The deal is being arranged by Pareto Securities.

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“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.”

Landbridge will continue to operate the vessel under a bareboat charter, before re-acquiring the vessel after completion of the charter period.

Värde Partners managing director Stephen Seymour said: “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.”

The parties have not disclosed the financial terms of the transaction.

China-based Landbridge Group specialises in port infrastructure and logistics, oil and gas, shipping, and petrochemical industries. It also operates Landbridge Port in China and Port of Darwin in Australia under a 99-year lease and is developing Isla Margarita Port in Panama.

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