Sailors SocietyThe Wolfson Centre for Bulk Solids Handling Technology Van AalstMultimodal 2022Cleveland Cascades LtdTBA Group
  • Vigan
  • Cimbria
  • Sailors Society
  • The Wolfson Centre for Bulk Solids Handling Technology
  • Multimodal 2022
  • Van Aalst

Pacific Basin’s US$325 million revolving credit facility

Pacific Basin’s US$325 million revolving credit facility

(Posted on 27/06/18)

 Hong Kong based Pacific Basin Shipping, one of the world’s leading owners and operators of modern Handysize and Supramax dry bulk vessels, has this week closed a US$325 million 7-year reducing revolving credit facility secured over 50 of the Company’s owned ships. The move follows improvements in the market for minor bulks such as fertilizer some steel products and, as reported in IBJ, the purchase of four modern ships 50 per cent funded by new share issues to the ships’ sellers.

The new credit facility is supported by a syndicate of eight leading international banks, refinances several of Pacific Basin’s existing credit facilities and raises fresh capital on previously un-mortgaged vessels.

Borrowings under the facility will carry a very competitive interest cost of Libor plus 1.5%, significantly extend the Company’s overall amortisation profile and enhance its financial flexibility. The average age of these 50 ships is 11 years and the facility will effectively extend their repayment profile by an additional 11 years to an average age of 22 years.

Mr. Peter Schulz, CFO of Pacific Basin, said, "We are very pleased with the terms of this important new milestone transaction for Pacific Basin. The facility further increases our funding flexibility with access to long-term committed funding on a revolving basis for the next seven years at an attractive cost which further reduces our already very competitive vessel P&L breakeven levels. We are glad that the facility has been supported by first rate banks that are familiar with the shipping industry, including four banks that represent new banking relationships for Pacific Basin. The facility demonstrates Pacific Basin’s strong access to diverse sources of capital. It was 40% oversubscribed reflecting the attraction of our solid balance sheet, corporate profile, business model, track record and reputation which set us apart as a preferred, strong, reliable and safe partner for finance providers, customers and other stakeholders.”

Pacific Basin currently operates around 230 dry bulk ships of which 108 are owned (with another 3 recently purchased modern ships still to deliver) and the rest chartered. The company serves over 500 customers, with approximately 3,400 seafarers and 330 shore-based staff in 12 offices in key locations around the world.

Latest News

DNV report: Hydrogen at risk of being the great missed opportunity

(Posted on 20/06/22)

Hydrogen has a crucial role in decarbonizing the world’s energy system, but uptake will be too... Read more


Aurus and Columbia join forces as ‘Columbia Aurus Ship Management’ India

(Posted on 20/06/22)

Columbia Aurus Ship Management will tap into the Indian crewing market to further consolidate Columbia... Read more


Governments must share emissions target load, warns INTERCARGO

(Posted on 12/06/22)

It would be a mistake to place responsibility for meeting IMO’s zero emission shipping targets... Read more


New BV partnership to advance augmented ship services

(Posted on 12/06/22)

Bureau Veritas (BV), one of the world’s leading ship classification societies, Laskaridis Shipping... Read more


Plakiotakis: financing decarbonisation needs creative solutions

(Posted on 08/06/22)

Shipping is required to face the complex challenges placed by the progressively stricter IMO and EU... Read more


AXSMarine selected for provision of training software

(Posted on 08/06/22)

 AXSMarine, a leading provider of SaaS shipping software and data for Dry Bulk, Tanker, and Container... Read more


CSM takes vessel twinning to new level

(Posted on 08/06/22)

Columbia Shipmanagement (CSM) has once again pushed industry boundaries by creating a totally SMART... Read more


StormGeo announces CII Simulator to advance shipping decarbonization

(Posted on 03/06/22)

StormGeo, a leading provider of weather intelligence and decision-support solutions for the shipping... Read more


Survitec’s Head Start to mitigate safety risks for shipowners

(Posted on 31/05/22)

Survival Technology specialist Survitec has introduced a unique approach to ensure shipowners are fully... Read more


Damen to supply second Combi Freighter to Elbe-Ems

(Posted on 31/05/22)

Shipping company Elbe-Ems has ordered a second Combi Freighter 3850 (CF 3850) from Damen Shipyards,... Read more


ViganPort of South LouisianaTOC EventsTelestackCimbriaBühler GmbH
  • Port of South Louisiana
  • TOC Events
  • Bühler GmbH
  • TBA Group

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping