WFW: Gas Ray Shipping to Get Financing for LPG Carrier

Shipowner Gas Ray Shipping LLC has secured a USD 11.8 million loan facility from Cyprus’ Hellenic Bank to refinance the acquisition costs of the liquefied petroleum gas (LPG) carrier Gas Ray.

Data provided by VesselsValue shows that the 35,533 cbm vessel is under the management of Greece-based Prime Gas Management.

Featuring a length of 174 meters and a width of 28 meters, Gas Ray has a market value of USD 21.4 million.

Built in 2003 by South Korean shipbuilder Hyundai Heavy Industries, the LPG carrier is one of five vessels operated by the Greek company.

According to a statement from the international law firm Watson Farley & Williams (WFW), the adviser on the loan, this is Hellenic Bank’s first venture into “the highly competitive international ship finance markets.”

“Prime Gas Management Inc. is one of the key players in the LPG space and this facility represents an important part of its fleet expansion,” asset finance Partner George Paleokrassas said.

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