Pacific Basin Closes USD 40 Mn Loan Facility

bulkerImage Courtesy: Pacific Basin

Hong Kong-based dry bulk shipping company Pacific Basin Shipping has closed a USD 40 million seven-year term loan facility with ship finance institute Danish Ship Finance A/S.

As explained, the facility is an extension of the company’s existing term loan with Danish Ship Finance A/S and is secured by the same 19 vessels currently secured under the original financing.

Pacific Basin said that borrowings under the new facility will carry an interest cost of Libor plus 1.5%, extend the company’s overall amortization 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,” Peter Schulz, CFO of Pacific Basin, commented.

Pacific Basin currently operates around 210 dry bulk ships of which 111 are owned and the rest are chartered.

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