22 May 2013

Gearbulk is pleased to announce that in March 2013 Gearbulk signed a financing agreement with Mizuho Corporate Bank and JBIC for USD 65.5 million, which will be used to finance one Fleximax III vessel being built by Oshima Shipbuilding Co Limited Shipyard, Hull 10664, due for delivery in March 2014. NEXI will provide credit insurance for the portion financed by Mizuho.

Gearbulk has been working with the Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI) for some time on utilising Japanese Export Credit Financing and are pleased that this collaboration is a win win situation for all those involved.