Flex LNG has released a statement claiming that it has amended terms with Metrogas Holdings Inc. to extend a working capital loan, which was entered into in 2014. Metrogas Holdings is an affiliate of Geveran Trading Co. Ltd.
The facility, which was originally US$7 million, has been increased to US$14.5 million. Funds can be drawn from it half yearly when required, and the repayment date has been extended to April 2018. The rate of interest remains the same.
Flex LNG is building two Panamax LNG carriers – each of which has capacity of 174 000 m3 – with Samsung Heavy Industries. The vessels are scheduled for deliver in 1H18. The company expects that the loan will cover the capital costs of the group until the vessels are delivered.
Edited from press release by David Rowlands