Bermuda-based shipping company Gearbulk Holding has signed a US$65.5mn loan with Japanese banks and ECAs for the construction and purchase of a cargo vessel from Japan’s Oshima Shipbuilding.

The 12-year loan has been provided by Mizuho Corporate Bank (US$42mn) and the Japan Bank for International Co-operation (JBIC; US$26.5mn), and is backed by buyer’s credit insurance from Nippon Export and Investment Insurance (Nexi) on Mizuho’s tranche.