Pacific Basin Acquires 4 Bulk Carriers

PacificBasinShipping

Pacific Basin has decided to acquire four bulkers with 50% equity funding. On May 14, 2018, PB Vessels Holding Limited, a subsidiary of the company, entered into four separate ship contracts for the purchase of vessels.

The bulkers in question are a 58,000 dwt Supramax built in 2010, a 64,000 dwt Supramax resale newbuild, a 37,000 dwt Handysize constructed in 2015 and a 37,000 dwt Handysize resale newbuild. Built at Tsuneishi and Imabari shipyards, the ships are expected to be delivered by the first quarter of 2019.

As informed, the ships will be bought for a total consideration of USD 88.5 million to be 50% funded by equity. The consideration will take the form of 170,760,137 new PB shares worth USD 44.29 million to be issued to ship sellers and the group’s existing cash of USD 44.21 million.

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