Hong Kong-based bulk carrier operator Pacific Basin has closed a $40m loan facility with Danish Ship Finance.
The seven-year facility is an extension of the company’s existing term loan with Danish Ship Finance and is secured by the same 19 vessels currently secured under the original financing.
Pacific Basin said the borrowings with a competitive interest cost, extend the Company’s overall amortisation profile and enhance its financial flexibility.
“We are very pleased with the terms of this additional new tranche to our existing term loan facility which further consolidates our funding flexibility with access to long-term committed funding for the next seven years at an attractive cost which contributes to our competitive vessel P&L breakeven levels. We appreciate the continued support of Danish Ship Finance with whom we have enjoyed an excellent relationship since 2009,” said Peter Schulz, CFO of Pacific Basin.