Pacific Basin acquires scrubber-equipped bulkers

Pacific Basin Shipping is to acquire four 2015-built Ultramax dry bulk vessels from Scorpio Bulkers for an aggregate consideration of $67 million.

The vessels – the SBI Bravo, SBI Antares, SBI Hydra and SBI Maia – are scheduled for delivery by late April 2021, the Hong Kong-headquartered dry bulk shipping company confirmed.

The company said the purchase is consistent with its strategic plan to grow and renew its owned fleet with ‘larger, high-quality, modern second-hand’ acquisitions. Pacific Basin is paying particular focus on adding Supramax and Ultramax ships and trading up its smaller, older Handysize ships to newer vessels with larger carrying capacity and longer asset lives.

This strategy is somewhat at odds with an announcement made last year in which Pacific Basin said ‘the market for smaller dry bulk ships like ours will benefit also over the longer term.’

Commenting, Mats Berglund, CEO of Pacific Basin, said the acquisition was an ‘excellent opportunity to expand its fleet with several high-quality, larger ships at an attractive price.’

Berglund said: ‘We consider these vessels to be well constructed and efficient ships of excellent design for our trades. The four sister vessels each have cargo carrying capacities of over 61,000 DWT and are Kawasaki Heavy Industry designs built by Nantong COSCO KHI Ship Engineering Co., Ltd. (NACKS), which is a joint venture between Kawasaki Shipbuilding Corporation and COSCO.’

Berglund also confirmed that all four vessels are fitted with scrubbers and ballast water treatment systems.

Rhys Berry

Rhys Berry