Belgium-headquartered manager of specialized floating assets Exmar said that China Export Credit Insurance Corporation (Sinosure) approved the release of $40 million from the debt service reserve account under the TANGO FLNG loan facility.
The documentation for the release of the restricted cash has been signed and the effective release will occur within the coming days.
In the meantime the TANGO FLNG has exported its second cargo for YPF in December 2019 and the third cargo is being produced.
Exmar has two Very Large Gas Carriers under construction at Jiangnan, due for delivery in the course of 2021.
The two vessels will each enter a five year time-charter to Equinor upon delivery from the shipyard.
Exmar has obtained and drawn under a pre-delivery financing of USD 20 million with Maritime Asset Partners, which partially covers the installments during the construction of these vessels.
With the structural developments and extension of the bridge loans, Exmar is in a stable cash position to cover its current liabilities and address its future cash requirements until the effective release of the Debt Service Reserve Account (DSRA).