Shipping bank DNB has supported Pangaea Logistics Solutions’ fleet renewal plan with a $50m bilateral refinancing, the shipowner said on Friday.
The upsized loan was instrumental in Pangaea’s purchase of two 57,700-dwt supramaxes from Oslo-listed Belships in May for $28.3m each. The former Belfriend and Beltide (both built 2016) have been renamed Bulk Brenton and Bulk Prudence.
The DNB facility “allowed us sort of a hunting licence to acquire ships”, chief financial officer Gianni Del Signore said on an earnings call with equity analysts on Friday.
