Avance Gas has cut its break-even costs with a big new $555m fleet refinancing.
The Oslo-listed, John Fredriksen-controlled VLGC owner said the sustainability-linked facility involves seven unnamed banks and covers nine of 13 operational ships.
The transaction refinances all outstanding debt and also funds the next two newbuildings, the Avance Rigel and Avance Avior, in its series of six 91,000-cbm dual-fuel gas carriers on order at Daewoo Shipbuilding & Marine Engineering in South Korea.
