UK investment manager Basalt Infrastructure Partners is eyeing more LNG carrier purchases after founding its new shipping platform with two vessels acquired from Chinese leasing companies.
The group has teamed up with Danish shipowner Celsius Shipping to buy back the 180,000-cbm Celsius Copenhagen (built 2020) and Celsius Carolina (built 2021) from China Merchants’ CMB Financial Leasing and Cosco Shipping Leasing, respectively.
Celsius and Basalt have formed a new joint venture to purchase the Samsung Heavy Industries-built gas vessels.
The ships are being managed and operated by Celsius, and are the first vessels for Basalt’s new Vanadis LNG platform.
Celsius ordered the ships and financed them through Chinese leases in 2021.
Basalt said the duo are chartered on long-term, fixed-rate time charter contracts with investment-grade counterparties.
“In addition to the acquisition of these vessels Basalt is working on a significant pipeline of follow-on opportunities, aiming to build a larger portfolio of operating and newbuild vessels over the coming months,” the investor added.
John Hanna, partner and head of Europe at Basalt, said: “LNG continues to play a key role in the global energy mix and we look forward to continuing to service the growing level of demand that presents as we further grow this platform.”
Vanadis builds on the model used by its Freyja LNG platform, which controls seven LNG carriers managed by Celsius.
Basalt also has a 50% stake in UK ferry company Wightlink and backs Italian ferry owner Caronte & Tourist.
Dutch and Australian lenders involved
In 2017, Basalt bought Scottish offshore shipowner North Star and led its push into wind ships, before selling out in 2021.
UK-headquartered law firm Norton Rose Fulbright advised Dutch lender ABN Amro and National Australia Bank (NAB Bank) on the acquisition financing.
The amount of the term loan has not been revealed.
VesselsValue assesses the Celsius Copenhagen as worth $254m and the sister ship at $264m.
Ruben Tas, executive director of syndicated loan origination at ABN Amro, said his bank acted as joint mandated lead arranger alongside NAB Bank in structuring the financing, before obtaining additional lender commitments with First Citizens Bank.
Celsius’ group chief financial officer Morten Henriksen said: “ABN Amro took the time to understand this investment opportunity, and, alongside NAB, provided a bespoke financing package to allow us to execute.”
“The team showed great expertise and commitment to support us — and we look forward to continuing our longstanding partnership with ABN Amro,” he added.
The Norton Rose Fulbright team advising on the deal was led by London-based partners Andrew Williams and Richard Howley.
Howley said: “We have advised on a number of significant LNG carrier financings, and our multi-jurisdictional team worked closely with our clients and the lenders to deliver the financing within a tight timeframe and to achieve a successful result for all parties.”
In September, Swiss energy company MET Group ordered its first LNG carrier after forging a joint-venture deal with Celsius.
MET said the partnership involves a newbuilding that will be constructed at China Merchants Heavy Industry Jiangsu for delivery in 2027 to support its growing LNG activities.
Celsius has 10 LNG carriers on the water after announcing the delivery of the 180,000-cbm Celsius Granada (built 2024) from SHI.
The delivery leaves 10 LNG carriers on its orderbook in China and South Korea.
Celsius and ABN Amro have been contacted for further comment.
