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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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