Banks Close USD 175 Mn Financing of Polsteam Ship Portfolio

bulkerIllustration. Source: PxHere under CC0 Creative Commons license

A bank syndicate led by Germany-based DVB Bank SE has completed a USD 175 million financing of a bulk carrier portfolio for Polsteam Group (Polska Żegluga Morska).

The portfolio comprises a total of 34 vessels of the Polish shipping company.

The syndicate consisted of DVB Bank, CIT Group, Société Générale, BNP Paribas, Siemens Bank, Crédit Agricole Corporate & Investment Bank and Crédit Agricole Bank Polsk.

No further details on the transaction have been revealed.

Polsteam Group has a fleet of 56 bulk carriers with an average age of around 8 years.

The group has one of the largest route networks in the world, offering services to around 60 countries. It performs around 500 trips per year, transporting 15 million tons of cargo.

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