Argentina Keeping to Payment Schedule: Exmar

Argentina's state producer YPF is keeping up to date with its debt repayment to Exmar, the LNG tanker charterer said December 22. For much of the year, the two were locked in a dispute over force majeure, which YPF had invoked to end payments for the use of Exmar's Tango FLNG vessel moored offshore and used to liquefy its Vaca Muerta shale gas output. Covid-19 had put a stop to output however, and YPF did not pay the monthly fees. This situation was resolved in Exmar's favour in October.

Exmar said: "Further to the settlement agreement signed with YPF on Tango FLNG, payments of $40mn have been received so far and have been used for the full replenishment of the debt service reserve account under the facility agreement with Bank of China (amounting to $66mn)."

It added that the €18 ($21.6)mn revolving credit facility, which was suspended following the YPF dispute, has now been released.  CEO Francis Mottrie said after a challenging year, Exmar was "pleased to enter the New Year on an improved financial footing through the above measures in addition to the strongest LPG mid-size market since 2017."