Pacific Basin Ends 18-Month Buying Drought

Hong Kong-based dry bulk owner Pacific Basin Shipping has decided to expand its fleet as it reached an agreement to buy the 32,000 dwt Handy bulker Ocean Harmony, according to data provided by VesselsValue.

Ending an 18-month buying drought, the company is reportedly paying USD 9.6 million for the 176-meter-long bulk carrier, owned by Japanese shipping firm United Ocean Group.

VesselsValue data shows that the ship’s current market value stands at USD 9.7 million.

With a capacity of 40,903 m3, Ocean Harmony was constructed and delivered by Japan-based Hakodate Dock in December 2010.

Due to record low dry bulk market conditions seen during 2016, Pacific Basin recorded a net loss of USD 86.5 million and positive operating cash flows of USD 49.5 million.

Pacific Basin said that the Handysize daily TCE earnings outperformed the market by 34%, while the company generated cash proceeds of USD 22 million from the sale of towage and other non-core assets.

The company’s fleet comprises 220 dry bulk ships, including 96 owned, with a further 3 owned newbuildings scheduled to join its fleet by mid-2017.

World Maritime News Staff

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