Pacific Basin Adds One More Handymax Vessel

On 29 of August 2013, Pacific Basin declared the exercise of the purchase option granted by Sumitomo Corporation to acquire another newbuilding handymax vessel for US$26.50 million, which is expected to be delivered from a Japanese yard within 2016.

The vessel is expected to be funded by the cash reserves of the Group. It is expected that approximately 60% to 80% of such consideration will be eventually funded by new long-term bank borrowings, which the Company intends to arrange after the delivery of the vessel.

In its interim report for 2013, Pacific Basin expressed its intention to continue to invest in attractively-priced Handysize and Handymax ships thereby growing further its fleet and expanding its dry bulk customer and cargo portfolio simultaneously with its core fleet expansion.

In that respect, the company aims to add from 37 dry bulk ships at the beginning of the year to 72 by year end.

The company’s fleet at present comprises of 296 vessels (including newbuildings), those being 246 dry bulk ships, 45 towage vessels and 5 RoRos.

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Shipbuilding Tribune Staff, August 30, 2013