Sovcomflot secures $149m credit facility for LNG carrier newbuild

Sovcomflot secures $149m credit facility for LNG carrier newbuild

Russia’s largest state run shipping firm Sovcomflot has signed a 10-year $149m credit facility with a consortium formed by ING Bank, KfW IPEX-Bank, and Crédit Agricole Corporate and Investment Bank.

The funds will be used to finance the construction of a new generation 174,000 cu m Atlanticmax LNG carrier, which will be on long-term charter to Total Group.

“This is the fifth successful international debt financing accomplished by SCF Group in 2018, which further strengthens the Group’s liquidity position and, despite challenging conditions in the global financial and shipping markets, enables it to address its upcoming financial requirements. We are very grateful to all our financial partners for their ongoing support towards the growth of our business,” said Nikolay Kolesnikov, senior executive vice president of Sovcomflot.

Sovcomflot currently operates a fleet of 13 gas carriers.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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