Pacific Basin Eyes Exploring Second-Hand Ship Acquisitions

PacificBasinShipping

Pacific Basin Shipping Limited is exploring more acquisitions of second-hand tonnage.

“We will continue to look at attractive secondhand ship acquisition opportunities if they can generate a reasonable payback at prevailing asset prices and freight earnings,” Mok Kit Ting, Kitty, the company’s Secretary, said in a third-quarter trading update.

Three of the five recently bought second-hand vessels have been delivered into Pacific Basin’s fleet during the quarter, with one more to follow later this year and another in the first quarter of 2018.

“These latest acquisitions will increase our owned fleet to 106 ships, grow the proportion of our owned versus chartered Supramax ships, and reduce our owned Supramax daily break-even levels,” Ting said.

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