Pacific Basin Shipping announced it has finalized terms of 12-year post-delivery export credit agency (ECA) financing with regard to two handymax vessels. The company said the vessels are already part of the Pacific Basin newbuild fleet and scheduled to deliver by the end of 2013.

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

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 $51 million facility is in addition to the $85 million 12-year Japanese ECA facility announced in April.”

Hong Kong-based Pacific Basin Shipping Limited is and owner and operator of modern Handysize and Handymax dry bulk vessels. The company currently operates in two main maritime sectors under the banners of Pacific Basin Dry Bulk and PB Towage. The company’s fleet (including newbuilds on order) comprises over 300 vessels directly servicing blue chip industrial customers.

To read the Pacific Basin Limited news release click here.