Pacific Basin Shipping Limited (PCFBF,PCFBY,2343.HK), a dry bulk shipping company, said on Tuesday that it has entered into ship purchase contracts with Jiangmen Nanyang Ship Engineering Co., Ltd. to buy four 40,000 dwt Handysize newbuilding vessels for around $119.2 million.
The vessels are expected to be delivered in the first half of 2028.
Martin Fruergaard, CEO of Pacific Basin, said: "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."
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