Pacific Basin secures Japan Export Credit Financing
of US$350 million for 18 Bulk Carriers

Hong Kong, 28 April 2014

Pacific Basin Shipping Limited (“Pacific Basin” or “the Company”; SEHK: 2343) announces that it has finalised terms of a 12-year export credit agency (“ECA”) financing in respect of 18 previously contracted Japanese newbuilding vessels.

The vessels include 12 Handysize and 6 Handymax bulk carriers which are to be built at a number of yards in Japan and one Japanese-owned yard in China.

The loans under the facility will be drawn after the delivery of the vessels, scheduled between mid-2015 and mid-2017.

The facility amounts to US$ 350 million and has been arranged with Japan Bank for International Cooperation (“JBIC”), with:

• Citibank Japan Ltd. (“Citi”) and Sumitomo Mitsui Trust Bank (“SMTB”) participating as co-financing lenders in respect of one portion of the facility;

• The Bank of Tokyo Mits ubishi UFJ, Ltd. (“BTMU”) participating as co-financing lender in respect of a second portion ; and

• Citi participating as co-financing lender in respect of a third portion.

These private financial institutions’ portion s will all be secured by insurance from Nippon Export and Investment Insurance (“NEXI”).

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

“This new financing represents attractive funding which we consider beneficial to our shareholders and supplements US$314 million of loans we secured in 2013 in the form of ECA and commercial bank loans.

We retain a healthy balance sheet with net gearing at 31 December 2013 of 34 % and a cash position that offers both protection and continued buying power to support selective further ship acquisitions should attractive opportunities arise.”

Pacific Basin Shipping Limited press release.