-- Pacific Basin Shipping (HKG:2343) said it entered agreements to buy two Handysize newbuilding vessels for around $59.6 million, according to a Hong Kong bourse filing Thursday.
Shares of the dry bulk vessel owner and operator gained over 6% in late morning trade Friday.
The firm will fund the acquisitions via its cash reserves and by way of bank borrowings. The vessels are estimated for delivery in the second half of 2028.
The ships will be delivered by Jiangmen Nanyang Ship Engineering, which was previously contracted to supply four other vessels for $119.2 million in the first half of 2028.
Meanwhile, in separate statements, the firm said it terminated the purchase of four separate dual-fuel methanol Ultramax vessels. The company was acquiring the ships in two separate batches priced at $93 million each.
Instead, the Pacific Basin Shipping will now acquire four conventional Ultramax vessels in two separate batches priced at $78.4 million each and scheduled for delivery by December 2028 and the first half of 2029, respectively.
The company also has the option to acquire two additional dual fuel methanol Ultramax vessels for $45.5 million each which could be delivered by April 2030 and March 2031.