The company, which completed an IPO last October, said domestic lenders for the seven-year syndicated loan include Cooperative Bank, Mega Commercial Bank and Grand Capital International, according to local reports.

After it listed, the company signed up for three 16,500-dwt ships at Japan's Honda Zosen.

Subsidiary Franbo Logos said in a statement these were costing $20m each.

It has nine bulkers, general cargoships and multipurposes currently, according to Clarksons.

The