China Eximbank contributes $56.4 million USD to a $94 million USD syndicated loan to Avenir LNG for the LNG Carrying and Bunkering Vessel Project

Project narrative

On December 22, 2021, financial close was reached on a deal in which a two-bank syndicate — the Export-Import Bank of China and ABN AMRO Bank NV — entered into a $94.0 million USD syndicated loan (mortgage financing) agreement with Avenir LNG Limited — a Norwegian LNG supplier and specialist LNG shipowner, its shareholders are Stolt-Nielsen Limited (45% stake), Höegh LNG (22.5% sake), Golar LNG (22.5% stake), and free-float on the Oslo Stock Exchange (10% stake) — for the LNG Carrying and Bunkering Vessel Project. This loan carried a maturity period of 12 years. China Export & Credit Insurance Corporation (Sinosure) provided 80% credit insurance coverage. China Eximbank contributed 60% ($56,400,000 USD) and ABN AMRO contributed 40% ($37,600,000 USD) of the loan syndicate. The proceeds were to be used by the borrower to cover 70% of the cost of the four LNG carrying and bunkering vessels constructed at Chinese shipyards, high-end green ships and large LNG bunkering vessels. These vessels were delivered or soon-to-be delivered and includedy the 7,500-cubic meter 'Avenir Ascension' and 'Avenir Aspiration' and the 20,000-cubic meter 'Avenir Allegiance'.