Ninja Takes on Credit Markets

On Tuesday, d’Amico International Shipping S.A. (“DIS”) announced that its operating subsidiary d’Amico Tankers Limited (Ireland) (“DAT”) had concluded a term loan facility of up to ten billion Yen (~$95 million). The facility was arranged by the Mizuho Corporate Bank Ltd., which is the market leader of the “Ninja Loan” market, and has been syndicated to a pool of Japanese primary banks and leading financial institutions. The proceeds of the loan will be used to acquire Japanese product tankers for which DAT has purchase options (4.5 vessels) and/or the acquisition of other product tankers (12.3 on order).

The facility is for ten years and bears interest at LIBOR for Japanese Yen plus a margin of 100 – 125 basis points depending on the financed vessels loan to

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