Arias, Fábrega & Fábrega acted as special Panamanian counsel to DVB Group Merchant Bank (Asia) Ltd., based in Singapore, in connection with a term loan facility of up to US$12 million made available to Bulk Patriot Limited to partly finance the acquisition of the Panamanian flag vessel Bulk Patriot.

The term loan facility was guaranteed by among other security, a First Naval Mortgage over the Panamanian vessel Bulk Patriot and a Second Naval Mortgage over the Panamanian vessel Bulk Pangaea.

This transaction was one of a handful of financings extended by banks during 2011 for bulk carriers.