The $50.9m facility has been arranged with Japan Bank for International Cooperation with Citibank Japan Ltd as a partner. Citi’s portion will be secured by insurance from Nippon Export and Investment Insurance.
The two ships are already part of the Pacific Basin newbuilding fleet and scheduled to deliver by the end of 2013. This facility is in addition to the $85m facility also on a Japanese ECA deal announced in April.
"This loan represents an attractive opportunity for us to access additional Japanese ECA financing with a 12 year repayment profile at a time when we are committed to growing our fleet of owned ships. We are continuing to work actively to secure additional ECA and commercial bank financing with long tenors and associated favourable repayment profiles that we consider beneficial to our shareholders," said cfo Andrew Broomhead.
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