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Fleetscape provides funding for one VLGC

In May 2021, Fleetscape completed its first Sale and Leaseback (“SLB”) transaction with Foresight by acquiring a 80,100 cbm VLGC , “Lotus Gas” renamed the “Surya Veerya”. The proceeds from the transaction were used to part-finance the acquisition cost of the vessel. The vessel was acquired in a back-to-back SLB’s with Fleetscape and include a purchase obligation by Foresight at the end of the five-year charter period.

Guillaume Bayol, Managing Director at Oaktree and Co-Portfolio Manager of the Fleetscape platform, said: “Fleetscape is excited to finance the acquisition of a VLGC with Foresight. The company has a proven track record and strong combination acumen and fits well within Fleetscape’s strategy. We look forward to further expanding the relationship with Foresight going forward.

Foresight is an international conglomerate, with interests in shipping, oil drilling, exploration & production, hospitality and leisure. The Company was founded in London in 1984 by the Executive Chairman Dr. Ravi Kumar Mehrotra, CBE. Dr. Mehrotra, is a marine engineer by profession and received his Honorary CBE (Commander of British Empire) from Her Majesty Queen Elizabeth II in 2006. In 2014 he was awarded Lloyd’s List Lifetime Achievement Award for his contribution to the Maritime Industry.

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