Belgium’s Exmar said that China Export Credit Insurance Corporation (Sinosure) approved the release of $40 million from the debt service reserve account under the TANGO FLNG loan facility.
The Nicolas Saverys-led shipowner, further said the Tango FLNG has exported its second cargo for YPF in December 2019 and the third cargo is being produced.
The company’s two very large gas carriers, currently under construction at Jiangnan are due for delivery over the course of 2021. The two vessels will each enter a five-year time-charter to Equinor upon delivery from the shipyard.
Exmar has obtained and drawn under pre-delivery financing of $20 million with Maritime Asset Partners, which partially covers the instalments during the construction of these vessels.
With the structural developments and extension of the bridge loans, Exmar said it is in a stable cash position to cover its current liabilities and address its future cash requirements until the effective release of the Debt Service Reserve Account (DSRA).