Pacific Basin acquires Post Panamax newbuild

Hong Kong: Leading dry bulk shipping company, Pacific Basin Shipping (PB), has purchased a 115,000dwt post panamax newbuild vessel for $54,680,000. The vessel, to be constructed and equipped by China's Shanghai Jiangnan Changxing Heavy Industry Company, is scheduled for delivery in the third quarter of 2011. The ship will be deployed to carry coal into China, which PB sees as an expanding segment of the dry bulk market.

 "The demand for imported coal and other bulk commodities is growing very strongly in China," said PB ceo Richard Hext. "With many shipyards fully booked, second hand and newbuilding bulk vessels are being bought and sold at record high prices: this opportunity allows us to acquire a vessel from a first class yard at an attractive price."  

In addition to this purchase, PB's joint venture subsidiary Pacific Time Shipping has long term chartered in a newbuilt 95,000dwt bulk carrier, to be delivered in the first half of 2011.  And a 115,000dwt newbuilding bulk carrier due for delivery in first half 2011.  [20/09/07]