Pacific Basin closes new US$40m loan
(Posted on 03/12/18)
Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, has closed a US$40 million 7-year term loan facility with Danish Ship Finance A/S.
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. Borrowings under the new facility will carry a very competitive interest cost of Libor plus 1.5%, extend the Company’s overall amortisation profile and enhance its financial flexibility.
Peter Schulz, CFO of Pacific Basin, says: "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 A/S with whom we have enjoyed an excellent relationship since 2009.”
Pacific Basin Shipping currently operates around 210 dry bulk ships of which 111 are owned and the rest are chartered. Pacific Basin is listed and headquartered in Hong Kong, and provides a quality service to over 500 customers, with approximately 3,400 seafarers and 330 shore-based staff in 12 offices in key locations around the world.
Latest News
MIS launches as new global media platform
(Posted on 30/07/25)Maritime Information Services (MIS) has officially launched as a global media platform delivering daily... Read more
Russian and Ukrainian seafarers continue struggle with psychiatric fallout of war
(Posted on 30/07/25)Russian and Ukrainian seafarers continue to experience significant psychological strain following the... Read more
Noatum expands global footprint with inauguration of Shanghai office
(Posted on 30/07/25)Noatum Maritime, part of AD Ports Group’s Maritime & Shipping Cluster, announced the official... Read more
Smart Ship Hub emission reporting first through Asiatic Lloyd partnership
(Posted on 21/07/25)Leading vessel optimisation platform Smart Ship Hub has announced its partnership with AL Group &ndash... Read more
KR Representative LEE Jungkun Elected Chair of IACS Safety Panel
(Posted on 21/07/25)KR (Korean Register) has announced that LEE Jungkun, General Manager of KR’s Convention &... Read more
INTERCARGO-member fleets outperform on safety and compliance
(Posted on 17/07/25)Dry bulk carriers entered with the International Association of Dry Cargo Shipowners (INTERCARGO) continue... Read more
NEMO strengthens global role with official status from IMO and IAEA
(Posted on 15/07/25)The Nuclear Energy Maritime Organization (NEMO) is proud to announce that it has officially been granted... Read more
Industry statement on recent Red Sea attacks on shipping
(Posted on 09/07/25)ICS, BIMCO, European Shipowners | ECSA, INTERCARGO and INTERTANKO have released a joint industry statement... Read more
NovaAlgoma Cement Carriers establishes new JV with DP World
(Posted on 08/07/25)NovaAlgoma Cement Carriers Limited, a joint venture between Algoma Central Corporation and Nova Marine... Read more
Julia Ju appointed The Swedish Club’s new Chief Executive in Hong Kong
(Posted on 08/07/25)The Swedish Club has announced the appointment of Julia Ju as the new Chief Executive and Area Manager... Read more
