Pacific Basin Secures ECA Financing for Two Handymax Vessels

Pacific Basin Shipping Limited (Pacific Basin) has finalised terms of 12 – year post – delivery export credit agency (ECA) financing in respect of two handymax vessels. These two handymax vessels are already part of the Pacific Basin newbuild fleet and scheduled to deliver by the end of 2013.

The facility, which amounts to US$ 50.9 million, has been arranged with Japan Bank for International Cooperation (JBIC), with Citibank Japan Ltd. (Citi) participating as co-financing lender. Citi ’s portion will be secured by insurance from Nippon Export and Investment Insurance (NEXI).

Mr. Andrew Broomhead, Chief Financial Officer of Pacific Basin said: “This loan represents an attractive opportunity for us to access additional Japanese ECA financing with a 12 year repayment profile at a time when we are committed to growing our fleet of owned ships. This US$51 million facility is in addition to the US$85 million 12 year Japanese ECA facility announced in April. We are continuing to work actively to secure additional ECA and commercial bank financing with long tenors and associated favourable repayment profiles that we consider beneficial to our shareholders. ”