PACIFIC BASIN (02343) has announced that on April 16, 2026, two of its indirect wholly-owned subsidiaries, Jasper Bay Pte. Ltd. and Jackson Bay Pte. Ltd., entered into two vessel purchase agreements with Jiangmen Nanyang Ship Engineering Co., Ltd. The agreements, which contain substantially similar terms, are for the acquisition of two newly built Handysize dry bulk carriers for a total consideration of approximately $59.6 million. The purchase price for the vessels is expected to be funded using the Group's cash reserves and/or bank borrowings arranged prior to delivery. The seller is anticipated to complete the delivery of the vessels in the second half of 2028.
A key strategic focus for the company is enhancing economies of scale and operational efficiency through a disciplined approach to fleet renewal and growth. This strategy aims to meet robust customer demand, comply with increasingly stringent fuel efficiency regulations, strengthen competitive advantages in the market, and create long-term shareholder value. The company recognizes the impact of cyclical, seasonal, and other factors on freight rates and asset values in the dry bulk shipping sector and emphasizes the importance of maintaining cost competitiveness. Consequently, it continuously seeks appropriate opportunities to acquire modern, high-efficiency vessels with younger age profiles or newbuildings, while divesting older, smaller, and less efficient vessels.
The acquisition will add two new Handysize dry bulk carriers to the company's fleet. These vessels feature the latest, more energy-efficient designs with open hatches and the capability to carry logs. Compared to earlier standard Handysize designs, they offer greater cargo capacity and operational flexibility. This type of vessel provides the flexibility to carry a wider variety of cargoes, leading to more freight opportunities and enabling more triangular trade routes, thereby improving time charter equivalent revenue performance. In the current market environment, the specifications, timing of the contracts, and the agreed price for these newbuild vessels scheduled for delivery in 2028 are considered highly attractive.
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