Pacific Basin secures Japan Export Credit Financing
for four Bulk Carriers

Hong Kong, 2 April 2013

Pacific Basin Shipping Limited (“Pacific Basin” or “the Company”; SEHK: 2343) announces that it has finalised terms of 12-year post-delivery export credit agency (“ECA”) financing in respect of four Japanese-built dry bulk vessels.

The four vessels include three Handysize bulk carriers and one Handymax bulk carrier which are scheduled to deliver by mid-2014.

The facility, which amo unts to US$85.2 million, has been arranged with Japan Bank for International Cooperation (“JBIC”), with The Bank of Tokyo Mits ubishi UFJ, Ltd. (“BTMU”) participating as co - financing lender. BTMU’s portion will be secured by i nsurance from Nippon Export and Investment Insurance (“NEXI”).

Mr. Andrew Broomhead, Chief Financial Officer of Pacific Basin said:

“As we stated at the time of our convertible bond issue in September 2012, we regularly seek out funding opportunities which we consider beneficial to our shareholders. This loan represents an opportunity for us to access ECA financing with a 12 year repayment profile for the acquisition of four high-quality Japanese vessels at a time when we are committed to growing our fleet of owned ships at attractive prices.”

Pacific Basin Shipping Limited press release.