Cetus Maritime taps Japanese leasing in four-ship deal with BNP Paribas

Hong Kong bulker owner and operator Cetus Maritime has sealed a fresh refinancing deal with BNP Paribas for four of its eco-designed handysize bulk carriers.

The deal, in which SBI Leasing Services was involved as the equity arranger, has seen the Marshall Islands flagged quartet refinanced from a term loan into the JOLCOs (Japanese Operating Lease with Call Option).

All four vessels will trade internationally as part of the Cetus Maritime fleet.

This is the second JOLCO facility for Cetus Maritime this year, and chief executive Mark Young said the company is “excited to continue its expansion in the Japanese financing market”.

Created last year by the merger of Hong Kong’s Asia Maritime Pacific (AMP) and Hamburg Bulk Carriers (HBC), Cetus Maritime owns and operates a fleet of over 50 vessels. The company focuses on larger handysize ships and has an operational business on vessels up to ultramax. 

“The fleet will continue to grow towards larger, uniform, attractive eco-designed vessels that comply with current environmental regulations and look beyond to future fuel solutions,” Cetus Maritime said.

In November 2022, BNP Paribas, the world’s largest shipping bank, formed an alliance with Tokyo-based SBI, focusing on the growing market for JOLCOs.