Awilco LNG Fully Refinances LNG Carriers
Norwegian based fully integrated pure play LNG transportation provider Awilco LNG ASA has announced the successful closing and completion of a 10-year sale/leaseback facility with CCB Financial Leasing Co. Ltd. (CCBFL) for the WilForce and the WilPride LNG carriers.Both vessels have been sold for a gross consideration per vessel of USD 175.0 million including non-amortizing and non-interest bearing pre-paid charter hire of USD 43.75 million per vessel.The vessels are chartered back on bareboat basis to wholly owned subsidiaries of the Company for a period of up to 10 years.Awilco LNG’s finance cost is initially expected to be reduced by about MUSD 7 annually subject to interest rate fluctuations compared to the previous financing arrangement.The bareboat rate…
Newbuild AWILCO LNG Carrier Sold to Teekay, Chartered Back
The vessel, according to AWILCO was subsequently sold to Teekay LNG Partners L.P., and bareboat chartered back by Awilco LNG for a period of four years plus a one-year extension option in AWILCO LNG’s favor. AWILCO LNG is a Norwegian based pure play LNG transportation provider, owning and operating LNG vessels intended for international trade. The Company currently owns two 156,000 cbm DFDE membrane LNG vessels; WilForce and WilPride, and three 125,000 cbm steam Moss type LNG vessels; WilGas, WilPower and WilEnergy.
Teekay Buy Newbuilding LNG Carrier, Charter Out
Teekay LNG Partners L.P. is to acquire a second 155,900 cubic meter liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA, a Norway-based owner and operator of LNG carriers. The vessel is currently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) of South Korea and is expected to deliver in the fourth quarter of 2013, when it will be chartered back to Awilco. As with the first vessel, Teekay LNG will purchase the second vessel for a price of $205 million less a $50 million upfront prepayment of charter hire by Awilco which is in addition to the daily bareboat charter rate. Awilco has fixed-price purchase obligations for both vessels at the end of both the firm charter period and option period.
Teekay to Acquire Up to Two LNG Carriers
Teekay LNG Partners L.P. announced that it has agreed to acquire a 155,900 cubic meter (cbm) liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA, a Norwegian-based owner and operator of LNG carriers. The vessel, which is currently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea, is expected to deliver in the third quarter of 2013, and subsequent to delivery from DSME to Awilco, Teekay LNG will purchase the vessel and bareboat charter the vessel back to Awilco at a fixed rate for a firm period of five years, plus a one-year extension option. Teekay LNG will purchase the vessel for a price of $205 million less a $50 million upfront prepayment of charter hire by Awilco which is in addition to the daily bareboat charter rate.
