Pacific Basin to buy four bulk carriers in cash-and-shares deal

PacificBasinShipping

Pacific Basin has entered into a conditional agreement to acquire four secondhand dry bulk vessels for USD 73.84 million, that would be 33% funded by equity.

The units include two 35,900 dwt Handysizes, built in 2015, that are scheduled for delivery in October-November 2019 and March-April 2020.

The deal is also for two Supramaxes, featuring 61,400 dwt and 57,600 dwt, and built in 2012 and 2015, respectively. These two bulkers are also set to join their new owner in October-November 2019 and March-April 2020.

The three 2015-built ships are currently under long-term time charter to Pacific Basin, with one charter deal expiring in October 2019 and two expiring in 2022. The purchase of these vessels will replace the company’s charter costs “with significantly lower owned vessel cash costs”.

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