Goldenport Holdings said it has arranged a new loan facility totalling $37m from a Greek bank, which will be predominantly used to acquire a dry bulk carrier.

Of the total amount, $15.1m will be spent to finance up to 80% of the acquisition of the vessel.

The shipping company will use $11.9m to refinance an existing credit facility and the remaining $10m will be used for working capital purposes, Goldenport said.

Two existing vessels that became debt-free were used as collateral for the new loan facility, the company said.