Pacific Basin Shipping has offloaded two bulkers and added one vessel to its owned fleet in the first half of this year.
The Hong Kong-listed owner revealed the transactions as it reported a drop in first-half profit last week.
Its half-year report did not identify the two handysize ships sold or mention commercial details of the deals.
Brokers reported earlier this year that Pacific Basin sold the 32,800-dwt Port Pegasus (renamed Yasmin, built 2004) to United Arab Emirates-based Austria Shipping. A price was not mentioned.
The 32,600-dwt Hainan Island (renamed Rui Yuan, built 2004) was reportedly sold for $8.8m to China’s Qingdao Xianghe Ship Management.
Pacific Basin said: “Given increasingly strict existing and incoming decarbonisation regulations, such older, less efficient vessels will become increasingly challenging and costly to operate and we therefore consider it appropriate to gradually divest ourselves of our least efficient vessels.”
At the same time Pacific Basin has taken up a purchase option on a supramax. No details were given.
The Hong Kong-listed company reported a net profit before tax of $57.6m for the six-month period, down from $85.3m a year ago.
Pacific Basin added: “On the supply side, the fundamentals are equally encouraging. A well-balanced fleet growth, coupled with the strategic retirement of older, less efficient vessels, contributes to a favourable supply-demand balance in the market.”
