BW LPG is refinancing six 2016-built VLGCs with a new $290m debt facility arrangement.
The vessels are from the Aurora LPG fleet, which BW picked up in its acquisition of the Norwegian shipowner last year.
This new financing deal is with The Export-Import Bank of Korea as export credit agency lender, and ABN AMRO and OCBC as mandated lead arrangers, at an all-in cost of LIBOR plus 1.88% and a 16-year amortisation profile.
“This financing exemplifies our strategy of cost leadership, and our ability to leverage the BW LPG platform value in obtaining market leading financing. The ex-Aurora fleet is now fully re-financed at similar competitive terms and structure as the rest of the BW LPG fleet, which further strengthens our competitive edge in a challenging market. We thank our lenders for their continued support,” commented Martin Ackermann, CEO of BW LPG.