Pacific Basin in $88.5 million, four-vessel buy

Written by Nick Blenkey
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MAY 14, 2018 — Hong Kong headquartered Pacific Basin Shipping reports that, through a subsidiary, it has entered into four separate ship contracts for the acquisition of four vessels from four separate sellers (referred to only as “Sellers A, B, C, and D”).

The vessels are a 2010 Tsuneishi Shipbuilding 58,000 dwt Supramax ($15.5 million); a 2018 Tsuneishi-built resale newbuild 64,000 dwt ($28 million); a 2015 Imabari-built 37,000 dwt Handysize ($20.5 million) and a 2018 Imabari-built resale newbuild 37,000 dwt Handysize vessel ($24.5 million).

Pacific Basin will pay for the ships with a combination of new shares (equivalent to $44.29 million) and $44.21 million in cash

Estimated delivery for the second hand vessels is between the fourth quarter of this year and first quarter of 2019, and for the resale newbuildings is between mid-2018 and fourth quarter of 2018.

Pacific Basin says it looks for opportunities to buy and charter suitable quality ships for its fleet.

“These vessels ,” it says, “are modern, high quality Imabari and Tsuneishi-built ships with designs suitable for the company’s operations. Two of the four vessels are Supramaxes, allowing the company to increase its relatively low proportion of owned versus chartered-in Supramax vessels. The dry bulk market is recovering and the board considers that these purchase prices are attractive and that the vessels will be beneficially employed within the group’s fleet for the long term after they are delivered.”

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