Bulker owner and operator Pacific Basin has entered into ship purchase contracts with Jiangmen Nanyang Ship Engineering Co., Ltd. (JNS) to buy four 40,000-dwt handysize newbuilding vessels for an aggregate consideration of around $119.2m.
The handysize newbuildings, expected to be delivered in the first half of 2028, will feature fuel-efficient, open hatch and logs-fitted design.
These acquisitions double the number of vessels in Pacific Basin’s newbuilding programme which includes four newbuilding ultramax vessels of dual-fuel design that the company announced in November 2024.
In accordance with the company’s chief, the agreed price is considered “attractive”, and the timing is favorable to buy new handysizes of modern design, replacing some of the recently sold vessels.
Martin Fruergaard, chief executive officer of Pacific Basin, said: “One of our strategic priorities is the disciplined renewal and growth of our fleet to enhance scale and efficiency so that we can continue to meet strong customer demand, comply with increasingly stringent fuel efficiency regulations, increase our market outperformance and deliver long-term shareholder value.
“We see this four ship deal as a well-timed and attractive opportunity to acquire new Handysize vessels of modern, efficient and flexible design to replace some of our recently sold older, smaller vessels. The flexibility that such vessels have to carry more diverse cargoes opens up more cargo opportunities which enables scope for more triangulated trading and, in turn, increased TCE earnings outperformance.
“The agreed price is considered attractive in the current market for newbuildings delivering in 2028, and we are familiar with JNS who have built vessels for us before and who have a sound reputation among leading shipowners.”
Pacific Basin operates over 250 dry bulk ships of which 107 are owned and the rest chartered, and its fleet growth commitments include an order for four dual-fuel low-emission ultramax vessels being built in Japan and scheduled to be delivered in 2028 and 2029.
