I.M. Skaugen Defers Debt Payment for One Year

Image Courtesy: I.M. Skaugen

Norway-based owner of liquefied natural gas (LNG) carriers I.M. Skaugen has secured extension of its debt maturity until 2018.

The agreements with all relevant parties were signed on May 19 and 23, 2017, with all conditions expected to be completed by June 8, 2017, the company said.

As a result, the extension will enable the company to move forward with its refinancing plan for the deferment of the 2017 maturity with all its financial lenders, which is now expected to be brough to fruition in the coming 10 months.

As disclosed, the intention has been to allow the company to better match maturity with its cash flow generating capacity going forward.

“On the basis of a successful execution of the “Proof of Concept” SSLNG project, IMS will have this financial ability to secure a refinancing structure with maturity to match the expected future cashflow,” the company further added.

In January 2017, IMSK signed long-term contracts for a SSLNG project that employs three multigas (MG) vessels on a timecharter for SSLNG contract. The contract was reconfirmed on May 24 and June 1 with definitive agreements and is expected to reach financial close soon. The first gas is expected to be transported in July 2017.

Under the contract, I.M. Skaugen will provide the shuttle/feeder services and floating storage support, as well as storage and offloading of LNG for a client with existing gas fired power plants in Africa.

The revenues from these SSLNG contracts will be about USD 39 million annualized when operational and equal to about USD 273 mill over 7 years, IMSK said.

For the first quarter this year, IMSK posted a loss of USD 6 mill, narrowing a loss of  USD 9.5 million from the previous quarter.

Due to the prevailing difficult market conditions within the LPG/Petchem gas segments, the spot trading of the ships is still a disappointment, the company said. The conditions in the LPG / Ethylene segment were aslo challenging during the quarter.

I.M. Skaugen has a fleet of 15 gas carriers, operated in a revenue sharing pool managed by Norgas Carriers.

Share this article

Follow World Maritime News

In Depth>


<< Nov 2017 >>
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >


The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >