Landbridge buys back VLCC from SFL

Hong Kong-based owner Landbridge has declared a purchase option on a VLCC
Landbridge Wisdom currently on bareboat charter from John Fredriksen’s sale-and-leaseback specialist SFL Corp.

SFL picked up the 2020 Dalian-built 308,000 dwt vessel for $65m as a newbuild resale and leased it back to Landbridge with purchase options attached together with an obligation to buy at the end of the charter in Q2 2027.

Delivery of the SFL’s only remaining bareboat chartered tanker is scheduled to take place at the end of August, with the company recording a $10m positive cash effect after repayment of debt and a book gain of about $2m in the third quarter.

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