The Wolfson Centre for Bulk Solids Handling Technology TelestackSailors SocietyMultimodal 2022TBA GroupVan Aalst
  • Port of Stockton
  • Multimodal 2022
  • Port of South Louisiana
  • TBA Group
  • Bühler GmbH
  • Cleveland Cascades Ltd

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

IOMSR strikes four ship deal with MX Bulk

(Posted on 28/09/22)

The Isle of Man Ship Registry (IOMSR) is expanding its fleet after securing a new deal with fellow Isle... Read more


DNV and SIT to promote decarbonization and digitalization

(Posted on 25/09/22)

DNV has signed a Memorandum of Understanding (MOU) with the Singapore Institute of Technology (SIT)... Read more


Fleet pledge to reduce environmental footprint of plastic bottles

(Posted on 25/09/22)

Fleet Management Limited, part of the Caravel Group and the second-largest ship management company in... Read more


Idwal appoints Haysom new CCO as expansion continues

(Posted on 15/09/22)

Idwal has announced that George Haysom has joined the business as chief commercial officer (CCO) to... Read more


Britannia hosts P&I academy for members in London

(Posted on 15/09/22)

Previously known as Members’ Training Week, the Britannia P&I Academy provides a week-long... Read more


Sailors’ Society gives thanks for special relationship with Patron, Queen Elizabeth II

(Posted on 09/09/22)

International maritime charity Sailors’ Society has joined the British nation and Commonwealth... Read more


DNV signs autonomous ship technology MOU with HHI, AVIKUS and LISCR

(Posted on 09/09/22)

DNV has signed a memorandum of understanding (MOU) with maritime industry technology leaders HHI, AVIKUS... Read more


ABB and Wallenius introduce digital offering driving efficiency gains

(Posted on 09/09/22)

ABB and shipping company Wallenius Marine today introduced OVERSEA – the maritime industry&rsquo... Read more


DNV and DSME to develop wind-assisted propulsion

(Posted on 07/09/22)

Daewoo Shipbuilding & Marine Engineering (DSME) and DNV have signed a memorandum of understanding... Read more


ioCurrents and ScanReach partnership benefits merchant fleet

(Posted on 07/09/22)

Data analytics specialist ioCurrents and ScanReach, a groundbreaking maritime wireless IoT solutions... Read more


Port of StocktonCleveland Cascades LtdViganBühler GmbHPort of South LouisianaCimbria
  • The Wolfson Centre for Bulk Solids Handling Technology
  • Van Aalst
  • Sailors Society
  • Cimbria

Subscribe to our newsletter

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