Hong Kong: Pacific Basin said yesterday that it has finalised terms of 12-year post-delivery export credit agency financing for four Japanese-built dry bulk vessels.
The four vessels include three handysizes and one handymax bulk carrier which are scheduled to deliver by mid-2014.
The facility, which amounts to $85.2m, has been arranged with Japan Bank for International Cooperation, with the Bank of Tokyo Mitsubishi UFJ participating as co-financing lender. BTMU’s portion will be secured by insurance from Nippon Export and Investment Insurance.
Andrew Broomhead, chief financial officer of Pacific Basin, said: “This loan represents an opportunity for us to access ECA financing with a 12-year repayment profile for the acquisition of four high-quality Japanese vessels at a time when we are committed to growing our fleet of owned ships at attractive prices.” [03/04/13]
