Pacific Basin Shipping has secured a new revolving credit facility secured against 10 of its ships.
The new $115m loan has a seven-year tenor and has been provided by a syndicate of three unnamed "leading international banks".
The Hong Kong-headquartered operator said the facility would extend its overall amortisation profile and enhance its financial flexibility.
A spokeswoman for Pacific Basin told TradeWinds the collateralised vessels are all unmortgaged and newly delivered ships.
Pacific Basin has bought a total of eight secondhand vessels over the past 18 months.
It purchased three secondhand supramaxes in April, which will increase its owned fleet to 115 by July.
"We are very pleased with the terms of this new facility which 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 and reinforces our already very competitive vessel P&L breakeven levels," commented Peter Schulz, Pacific Basin's chief financial officer.
Schulz said the facility shows the company’s "strong access to diverse sources of capital reflecting the attraction of our solid balance sheet, corporate profile, business model, track record and reputation".
Borrowings under the facility will carry an interest rate of Libor plus 1.35%.
In November, the company closed a new $40m loan with Danish Ship Finance (DSF), which has extended an existing facility with the financier by seven years.
At the time, Pacific Basin called the interest rate of Libor plus 1.5% "very competitive".
