Pacific Basin Shipping : Acquisition of Six Second-hand Vessels
January 13, 2023 at 09:10 am EST
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Acquisition of four second-hand Ultramax vessels, one second-hand Supramax vessel and one second-hand Handysize vessel for a total consideration of US$124.65 million
Returning to growth as softness in asset prices allows further strategic investment
Funded by cash on balance sheet - strong balance sheet allows flexibility to invest counter-cyclically
Commitment to grow our Supramax/Ultramax fleet and renew our Handysize fleet
Value of second-hand10-15 year old Ultramax vessels down approximately 20% from June 2022 peak
Continue to divest smaller older Handysize vessels depending on market conditions
Vessel Type
DWT
Year Built
Builder
Consideration
Ultramax
61,470
2012
Imabari
US$20.95 Million
Ultramax
61,671
2012
Oshima
US$20.6 Million
Ultramax
61,181
2016
Imabari
US$24.3 Million
Ultramax
61,395
2012
Imabari
US$20.7 Million
Supramax
58,032
2012
Tsuneishi Cebu
US$17.5 Million
Handysize
37,918
2016
Imabari
US$20.6 Million
Ultramax Newbuilding and Second-hand Price Change
US$m 40
35
-12%
-17%
$30.5
30
$28.5
25
-21%
20
$18.5
-20%
15
$14.8
-31%
10
$10.0
5
-
Newbuilding
5 Year Old
10 Year Old
15 Year Old
20 Year Old
(61-63K dwt)
(63K dwt)
(58K dwt)
(56K dwt)
(52K dwt)
Jun-22
Jan-23
Source: Clarksons Research, data as at Jan 2023
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
Including vessels acquired we expect to own 73 Handysize and 50 Supramax ships and, including chartered ships, we will have approximately 263 ships on the water
Sales & Purchase Activity 2022-2023
Vessel
DWT
Year
MOA
Delivery/
Type
Built
Expected Delivery
Purchased
Ultramax
61,412
2011
Sep 2022
Dec 2022
Ultramax
60,280
2015
Dec 2022
Feb 2023
Supramax
58,086
2013
Dec 2022
Feb 2023
Ultramax
61,470
2012
Jan 2023
Feb-Jul 2023
Ultramax
61,671
2012
Jan 2023
Feb-Jul 2023
Ultramax
61,181
2016
Jan 2023
Feb-Jul 2023
Ultramax
61,395
2012
Jan 2023
Feb-Jul 2023
Supramax
58,032
2012
Jan 2023
Feb-Jul 2023
Handysize
37,918
2016
Jan 2023
Feb-Jul 2023
Sold
Handysize
28,433
2004
Feb 2022
Apr 2022
Handysize
33,048
2000
Mar 2022
May 2022
Handysize
28,488
2002
Mar 2022
May 2022
Handysize
35,107
2002
Apr 2022
May 2022
Handysize
32,959
2010
May 2022
Jul 2022
Handysize
28,470
2001
Aug 2022
Aug 2022
Handysize
33,213
2003
Nov 2022
Dec 2022
Ultramax
61,684
2011
Oct 2022
Jan 2023
Handysize
32,834
2000
Nov 2022
Apr-May 2023
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Disclaimer
Pacific Basin Shipping Limited published this content on 13 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2023 14:09:07 UTC.
Pacific Basin Shipping Limited is an investment holding company principally engaged in the provision of dry bulk shipping services internationally. The Company is also engaged in the management and investment of the Companyâs cash and deposits through its treasury activities. Through its subsidiaries, the Company is engaged in convertible bond issuer.
PACIFIC BASIN SHIPPING LIMITED 
