moodys il mese scorso
Eletson's liquidity is weak. Historically, it relied primarily on operating cash flows, but these have been pressured by persistent weakness in spot rates. Positively, in September 2017, the company refinanced a final maturity of a term loan from Citibank totaling approximately $83 million. Over the coming quarters Eletson also faces debt amortization payments of approximately $7 million in 2017 and $35 million in 2018, as well as close to $23 million in equity commitments for vessels under construction, according to the company. This figure excludes expected LPG vessel deliveries to the joint venture which are funded with Blackstone equity contributions. The company had $57 million of cash, restricted cash and short term investments on hand at 30 September 2017 and no availability under its revolving facilities. Moody's expects that Eletson's liquidity profile will continue to weaken, as its cash balance will be consumed owing to negative free cash flow.
Positively, the liquidity within the restricted group is better than for the company as a whole with approximately $51.5 million of cash and equivalents at 30 September 2017, no additional debt repayments in 2017 and approximately $7.2 million of amortization scheduled in 2018. In addition, Eletson is in discussions with Shanghai Waigaoqiao Shipbuilding and Offshore Co., Ltd.(SWS) to postpone the payments for its Aframax newbuilding programme for which the company still has to contribute almost $23 million of equity.
