Coronavirus delays Exmar’s Tango FLNG loan payment

Belgium’s Exmar, the Nicolas Saverys-led shipowner, said that the outbreak of the Coronavirus (Covid-19) in China has caused a delay in receiving Tango FLNG funds.

To remind, the shipper has agreed a $40 million loan deal with the Bank of China.

However, the outbreak of the Coronavirus in China caused delays in fulfilling all the conditions precedent to the release of $40 million under the Tango FLNG loan facility.

These conditions precedent are merely administrative points that cannot be solved until the offices from the Chinese authorities officially re-open. The developments in this file are closely followed and EXMAR will give a further update within the foreseeable future, Exmar said in its statement.

In regards to its FSRU barge deal with Gunvor, Exmar said that under the ongoing arbitration, the financing of the asset could not be completed at this stage of the procedure.

Meanwhile, Exmar obtained a further extension of its bridge loans until the end of February and of certain other capital expenditures until mid-March.