Pacific Basin Shipping Limited (Pacific Basin) disclosed that on 16 April 2026 two indirect wholly owned subsidiaries—Jasper Bay Pte. Ltd. and Jackson Bay Pte. Ltd.—each executed a ship-building contract with Jiangmen Nanyang Ship Engineering Co., Ltd. to acquire one 40,000 dwt open-hatch, logs-fitted Handysize bulk carrier. Aggregate consideration for Vessel A and Vessel B amounts to US$59.60 million, or US$29.80 million per ship.
Under the contracts, payments are structured at 10 % on signing, 10 % on steel cutting, 10 % on keel laying, 10 % on launching and the remaining 60 % on delivery. PB Vessels Holding SG Pte. Ltd. guarantees the buyers’ contractual performance, while the shipyard will provide a bank-issued refund guarantee for any payments already made should a contract be terminated.
Delivery of both vessels is scheduled for the second half of 2028. Pacific Basin expects to fund the purchases through existing cash reserves and/or bank borrowings arranged prior to delivery.
The transaction follows four similar Handysize newbuild orders placed in December 2025 for US$119.20 million, bringing the company’s total commitment with the same yard to six vessels and US$178.80 million. Because the current and previous orders involve the same counterparty within a 12-month period, they are aggregated under Hong Kong Listing Rule 14.22; the combined deal size qualifies as a discloseable transaction, triggering mandatory reporting and announcement requirements, though no shareholder approval is needed.
Pacific Basin stated that the latest vessels offer greater cargo capacity, improved fuel efficiency and broader trading flexibility compared with earlier Handysize designs, aligning with its strategy of disciplined fleet renewal to enhance scale, comply with tightening efficiency regulations and support long-term earnings performance.
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