Asia/Pacific News
Pacific Basin Adds Seven Newbuild Vessels
Hong-Kong based dry bulk shipper Pacific Basin Shipping Ltd. (Pacific Basin) says it is acquiring seven newbuilding handymax and handysize vessels from three sellers for a total of $168.6 million.
"The Company is looking for opportunities to buy and charter both new and secondhand ships," it said.
"The Board considers that the Vessels can be purchased or built at attractive prices and that they will be beneficially employed within the Group's fleet for the long term after they are delivered."
Pacific Basin is buying two 55,000 deadweight-tonne (dwt) handymax vessels from Sumiomo Corp, two 37,400 dwt handysize vessels from Mistui & Co., and three 37,500 dwt handysize vessels from Giant Line Inc.
The ships are expected to be delivered between the second half of 2015 and the first half of 2017.
The company also noted three previous orders of vessels form Sumiomo Corp., two from Mistui & Co., and two from Giant Line Inc.
Including ships on order, Pacific Basin now has a fleet of about 300 vessels which serve industrial customers.
The company's chief executive, Mats Burglund, said earlier this year that buying secondhand vessels is more profitable than focusing on fuel-efficient newbuilds.
