Pacific Basin closes $40m loan facility

Pacific Basin closes $40m loan facility

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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