Awilco LNG Agrees Refinancing for LNG Carrier Duo

Oslo-listed shipping company Awilco LNG has reached a sale and leaseback deal for two of its 156,000 cbm LNG carriers.

Source: Flickr – under the CC BY-NC-SA 2.0 license; Image by: Kees Torn

Under the agreement, the 2013-built units, WilForce and WilPride, would be refinanced at “favourable terms”, the company said. The refinancing is similar to the current financing of the vessels and enables a full take out of the facilities maturing at the end of 2019.

Awilco LNG signed the deal with an undisclosed leasing company based in Asia. The new financing is expected to close during the fourth quarter of 2019.

The 230-meter-long WilForce is still undergoing repairs in Singapore after being involved in a collision in May 2019. The work is scheduled for completion by late August or early September, Awilco LNG earlier said. The second vessel under the refinancing deal is currently deployed on an 8-month time charter contract that started in early July.