Awilco LNG avoids covenant crunch in talks with CCB Leasing

Awilco LNG has sidestepped a potential covenant breach by forging a new deal with Chinese sale and leaseback company CCB Financial Leasing (CCBFL).

The Norwegian shipowner had a deal in place to 31 December to reduce the amount of cash it needs in the bank.

This stood at $8m on 30 September, which was $6m above the $2m temporary minimum covenant level set to expire on 31 December, according to Fearnley Securities.