Cetus Maritime has struck another financing deal using Japanese operating leases (JOLCOs).
The company, formed by the merger of Asia Maritime Pacific and Hamburg Bulk Carriers last year, said BNP Paribas is providing the facility for four modern 43,000-dwt handysize bulkers.
The ships were refinanced from a term loan facility into the JOLCOs.
Olivia Lennox-King, chief operating officer at Cetus, told TradeWinds that she could not reveal the amount due to confidentiality clauses.
SBI Leasing Services was involved as the equity arranger.
All four vessels are flagged in the Marshall Islands and will trade internationally.
“Cetus Maritime is excited to continue its expansion in the Japanese financing market, and is very pleased to embark on what all parties hope will be a long and fruitful partnership with BNP and SBI,” the company said.
Chief executive Mark Young said: “This is the second JOLCO facility for Cetus Maritime concluded within this year, and we are very pleased not only with the terms provided in this facility, but also with our new partnership with BNP Paribas.
“As the world’s largest shipping bank, we regard them as a reliable, strong and knowledgeable financing partner, and we look forward to expanding this relationship in the coming years.”
New investment venture
In August, Cetus teamed up with Singapore ship-leasing company Yangzijiang Financial to invest in handysizes.
The new asset-owning joint venture said it initially aims to acquire between four and eight modern, eco-designed handysizes to be deployed in Cetus’ commercial handysize pool.
Yangzijiang and Cetus said in a statement that the joint venture would also “acquire secondhand vessels at an opportune time”.
Cetus is one of the largest privately held handysize owner/operators in the world, with more than 50 vessels.
The company focuses on larger versatile vessels in the 32,000-dwt to 43,500-dwt range.
It also operates ships up to ultramax size.
“The fleet will continue to grow towards larger, uniform, attractive eco-designed vessels that comply with current environmental regulations and look beyond to future fuel solutions,” the company said.
Cetus also has its own in-house technical management team.
