The deal sees finance company Grand Capital pay the money for the 149,000-dwt Cape Pioneer (built 1994) and then immediately sell it back to Courage for the same amount.
The shipowner will pay the cash back over four years at an agreed aggregate of 3.8% per annum and the London interbank rate, Libor.
The capesize has a book value of $7.5m.
The deal is being done using its recent acquisition from Ta-Ho Maritime, the 71,000–dwt Courage (ex Hsin Ho, built 1997), as collateral.
This
