Norway’s Belships has secured a lower interest rate on a $90m loan.
The Oslo-listed bulker owner agreed to amend a term loan facility for six vessels, according to a statement.
It is the only senior-secured bank loan the company currently has.
After the amendment, the loan facility will have an interest rate of secured overnight financing rate plus 1.95%, which is 55 percentage points lower than the previous facility.
The loan matures in May 2029 and the first instalment is due in 2025.
In April, Belships signed a deal to lease two more ultramax bulkers that will be delivered from an unnamed Japanese shipyard in 2028.
The additional 64,000-dwt newbuildings mean Belships is awaiting delivery of 10 ultramaxes from shipbuilders in Japan by 2028.
Clarksons Securities said on Thursday that Belships is in the money on the 10 Japanese vessels due to join the fleet on time charters.
The first new vessel is expected in the final quarter of this year.
Four vessels will remain debt-free, Belships said.
Belships has also secured a new undrawn accordion tranche of $100m.
Its fleet consists of 40 vessels, including the 10 newbuildings that will be acquired on long-term leases.
Lenders for the loan facility are DNB Bank, Nordea and Sparebank 1 SR-Bank.
