Pacific Basin announces acquisition of four Handysize newbuildings
(Posted on 06/01/26)
Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, has entered into ship purchase contracts with Jiangmen Nanyang Ship Engineering Co., Ltd. to acquire four 40,000 dwt Handysize newbuilding vessels for an aggregate consideration of approximately US$119.2 million.
The Vessels are expected to deliver in the first half of 2028, and will feature the latest fuel-efficient, openhatch and logs-fitted design with greater cargo carrying capacity and flexibility than earlier standard Handysize designs. 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. The Company has on this occasion opted for vessels of conventionally-powered, single-fuel design, mainly due to the lack of proven dual-fuel Handysize designs and the postponement in October 2025 of the International Maritime Organization’s adoption of its planned Net Zero Framework and global measures to drive the shipping industry’s transition to green fuels and green ships.
Mr. Martin Fruergaard, CEO 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 fuelefficiency 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 Shipping is committed to sustainable shipping with a keen focus on seafarer safety, security, health and wellbeing, responsible environmental investments and practices, performance optimisation for best fuel and carbon efficiency, and best-in-class service delivery. The Company 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. Pacific Basin provides a sector-leading freight service to over 600 customers, with over 4,300 seafarers and about 400 shore-based staff in 14 offices in key locations around the world.
Latest News
Posidonia 2026 takes centre stage amid global freedom of navigation challenges
(Posted on 29/05/26)From insurance and risk management to energy transition, digitalisation and maritime security, the Posidonia... Read more
First maritime compliance & prevention-focused organisation, PaS, joins DBCE
(Posted on 29/05/26)Prevention at Sea (PaS), a leading maritime compliance, auditing, and digital solutions provider, has... Read more
NorthStandard reports strong results and strategic momentum
(Posted on 29/05/26)NorthStandard has reported strong financial results, continued strategic progress and enhanced support... Read more
Latest guidance for vessel transit through Strait of Hormuz
(Posted on 25/05/26)Hundreds of vessels remain unable to transit the Strait of Hormuz and, in the event of a return to more... Read more
The Bahamas regains QUALSHIP 21 eligibility
(Posted on 25/05/26)The Bahamas has regained eligibility for the United States Coast Guard’s QUALSHIP 21 programme... Read more
First dedicated STS standard for dry bulk released by INTERCARGO
(Posted on 22/05/26)Ship to ship (STS) transfers are an established part of dry bulk operations, and they are growing. As... Read more
Columbia reinforces commitment to maritime talent
(Posted on 22/05/26)Columbia Group has strengthened its commitment to developing the next generation of maritime professionals... Read more
Jamaica marks 50 years at IMO with call for island states to shape future
(Posted on 22/05/26)The Maritime Authority of Jamaica has marked Jamaica’s 50th anniversary as a member of the International... Read more
Costamare Bulkers logs first profit after Cargill deal removes most legacy trading
(Posted on 14/05/26)Costamare Bulkers Holdings Limited has reported unaudited financial results for the first quarter ended... Read more
NORDEN strengthens fleet with the addition of four Handysize vessels
(Posted on 13/05/26)NORDEN have announced that they have expanded their fleet with the purchase of four dry cargo Handysize... Read more
