Pacific Basin has made a rare excursion into the secondhand bulker market, picking up a scrubber-fitted ultramax for an undisclosed price.
The Hong Kong-listed owner gave few other details away as to the identity of the ship other than to say it was built in Japan in 2011.
“This is our first vessel purchase since December 2021 and is consistent with our long-term strategy to grow our supramax fleet,” the shipowner said.
Pacific Basin said the acquisition “supports our longer-term confidence in the supply and demand fundamentals of the minor dry bulk segment”.
The last reported sale of a Japanese-built ultramax delivered in 2011 was that of the 61,412-dwt Ultra Dynamic by clients of Ultrabulk Shipping, which has been sold for a price in the region of $23m, according to Clarksons.
Pacific Basin said it currently has 255 ships on the water, of which 116 are owned vessels comprised of 73 handysize and 43 supramaxes.
In its interim report issued in late July, Pacific Basin said it remained committed to its long-term strategy to grow its owned fleet of supramaxes by acquiring high-quality, modern, secondhand vessels, and to sell its older and less-efficient handysizes and replace them with younger and larger handysize tonnage.
During the first half of the year, it sold five of its older handysizes, while taking delivery of one ultramax purchased in 2021.
“This strategy is resulting in an even more efficient fleet with greater longevity, while crystallising value from historically high secondhand prices,” the shipowner said.
However, Pacific Basin said that it expects its vessel-purchasing activity to be “less than last year” as asset prices have approached historical highs, although it remains opportunistic where it sees attractive secondhand acquisition opportunities.
