Hong Kong's minor bulk specialist Pacific Basin has purchased six second-hand vessels as part of its fleet renewal and growth strategy. Included in the deals were four second-had ultramax vessels, one second-hand supramax ship and one second-hand handysize vessel. The total commitment was US$124.65m.
 
Martin Fruergaard, CEO of Pacific Basin, said: "We remain committed to our long-term strategy of further growing our Supramax/Ultramax fleet and renewing our Handysize fleet with younger, larger and more efficient vessels, thereby further optimising our fleet to more easily meet tightening environmental regulations."
 
"This transaction is a further step in the execution of this strategy, while in parallel we are continuing to cooperate in the investigation and development of zero-emission vessels and investment in related bunkering infrastructure, as we accelerate the transition and make zero-emission-ready vessels the default choice by 2030."
 
Including the two Ultramax vessels and one Supramax vessel purchased in the latter part of 2022, and the most recent acquisitions, Pacific Basin expect to own 73 Handysize and 50 Supramax ships. Including currently chartered ships the company have approximately 263 ships on the water. 
 
The average age of the owned fleet is expected to decrease from the current 13 years to 12 years. "We consider this ideal for optimising our return on capital while minimising residual value risk in the transition over time to zero-carbon technology vessels," the company said in a press release.
 
Source: Hong Kong Maritime Hub

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.