Shanghai-based CMB Financial Leasing ( CMBFL ) has signed a US$1.1 billion sale and leaseback deal for five 200,000m3 liquified natural gas ( LNG ) carriers with Pure Energy, which includes pre-delivery and post-delivery financing arrangements on vessels that are to be employed on a long-term basis with multiple chartering groups.

Pure Energy is controlled by Greek shipowner George Prokopiou, founder of Dynacom Tankers, Sea Traders and Dynagas. It focuses on the adoption of clean energy solutions through sustainable practices and digital innovations.

Greek shipowners have been investing heavily in LNG carriers, as the global trading of LNG goes through a boom period, influenced by the cessation of most pipeline gas from Russia to Europe.

The five LNG carriers are being built by HD Hyundai Heavy Industries shipyards.

CMBFL, founded in 2008, is a subsidiary of China Merchants Bank. The company provides financial leasing solutions to large, medium and small businesses across China.

Christoforos Bisbikos, a partner at law firm Watson Farley & Williams, which advised CMBFL on the deal, says: “This transaction is a testament of CMBFL’s capacity to support its clients in capital intensive projects such as this one, which involves the financing of very large LNG carriers.”