The company currently has no restrictions on vessel acquisitions or new debt and is free to make dividend payments to its shareholders from 1 January 2019 onwards. The company also announced that it has refinanced existing loans of approximately US$617 million with new debt financing totalling over US$625 million (new debt). The new debt will finance 59 vessels of all types, ranging from newcastlemax down to supramax, with an average age of 10.2 years. With this transaction, the company has been able to expand its banking group to include new European and Asian financial institutions, and reduce its cost of debt as the interest margin on the new debt is 70 bps lower than the weighted average interest margin on refinanced debt.
Stephanie Roker
Editor
Stephanie joined Palladian Publications in 2015 and is now the Editor of World Coal, Dry Bulk and Global Mining magazine. She has enjoyed learning about the industry and hopes to develop this understanding more, for many years to come.
Stephanie spent most of her life living in Norway, where she attended an international school, before returning to England for university. She graduated from the University of Winchester in 2015, with a BA (Hons) in English Literature.
Her pastimes include reading, travelling, cooking and annoying her cat.
