PST gets $132m bank loan to fund acquisitions

Pacific Shipping Trust (PST) has on Thursday secured financing commitments for a total of $132m from three banks to fund its purchase of five new bulk carriers. OCBC, Standard Chartered Bank and ING Bank will provide the loan for the five 57,000 dwt supramax bulk carriers, which have been time-chartered to Glovis for eight to 10 years. Last November, the Singapore-listed shipping trust secured $150m of loans from DBS Bank, Malayan Banking Berhad and Bangkok Bank Public Company to fund the acquisition of two capesize bulk carriers and two multi-purpose vessels. “Existing unitholders should benefit from these transactions when the contracted charter earnings come onstream, raising total revenue by $552m to almost $800m, extending through 2023,” PST said.
(Source:http://www.seatrade-asia.com)