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.