The Japan Bank for International Cooperation and the Tokyo Branch of BNP Paribas Bank have combined to provide the cash for the duo being built at Oshima Shipbuilding.
Nippon Export and Investment Insurance (NEXI) is offering insurance on part of the facility.
The money will go towards two 36,800-dwt newbuildings at the Japanese yard.
Ultrabulk booked the bulkers in 2012 and the first of the vessels will be delivered late this year.
