Exmar Refinances 10 Ships

Belgian owner and operator of gas carriers Exmar has received a firm commitment for the refinancing of its ten owned pressurized vessels.

The fleet is currently 100% chartered out and will be refinanced through several sale and leasebacks with unnamed Japanese owners for a period of up to six years, the company revealed.

The refinancing will generate approximately USD 60 million of free cash to Exmar.

The transaction is subject to documentation and expected to close in the fourth quarter of this year with a partial drawdown in 2018 and the balance in the first quarter of 2019.

The ships are all Hong Kong-flagged, built between 2008 and 2010, ranging in capacity from 5,019 to 3,518 cbm.