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Avenir LNG to finalize finance for small carriers

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Avenir LNG, the company owned by three Norwegian shipping firms and with six small-scale LNG carriers under construction in Asia, said it was obtaining debt financing to meet the remaining payments on delivery of the vessels.

Norwegian-listed company Stolt-Nielsen started up Avenir in 2015 and its two newer investors are Golar LNG and Höegh LNG, each with 22.5 percent to Stolt-Nielsen’s 45 percent.

“Avenir has signed a term sheet for a facility of up to $108.3 million, which management expects to be closed prior to 30 June 2020,” said a statement in the Avenir annual earnings just published.

“The shareholders have also committed to invest an additional $72M to fulfil the group’s capital commitments,” it added.

Losses from continuing operations narrowed to $7.98M versus $10.43M in the previous year.

Avenir continues to develop its first LNG terminal on the Italian island of Sardinia along with an LNG distribution facility in the port of Oristano.

Avenir has four 7,500 cubic metres capacity LNG vessels and two 20,000 cubic metre capacity carriers on order.

Keppel Marine of Singapore is scheduled to deliver two 7,500 cubic metre LNG vessels in 2020 from its affiliated yards in Nantong, China.

In 2021, Sinopacific Offshore & Engineering will deliver two more 7,500 cubic metres capacity carriers as well as two with 20,000 cubic metres capacity from their yards, also in Nantong.