The credit facility, inked last Friday, can provide up to 80% financing on acquiring new or secondhand bulkers provided the vessels are not more than 15 years old and not less than 18,000 dwt.

“The total loan outstanding shall be repaid in 8.5 years in 34 equal quarterly installments,” Precious Shipping said in a statement.

Last Wednesday, Precious Shipping also executed a $45.6m term loan facility with Bangkok Bank to finance up to 80% of the contract price of two new 20,000 dwt cement carriers.