PACIFIC Basin Bulk Shipping is buying two second-hand vessels after disposing of three of its oldest ships and a 50 per cent stake in another vessel which netted more than US$25 million.

The old vessels, the 17,197 deadweight tonne (dwt) Handy Piper, built in 1978, and the 16,325 dwt Handy Sailor, built in 1975, were delivered in the past two months. The 27,921 dwt Handy Panther, built in 1981, will be delivered this month.

The company will buy a 1985-built 26,000 dwt vessel, which will be renamed Handy Islander, for $12.5 million. The other, a 1982-built 34,000 dwt vessel, to be renamed Handy Success, will cost $11.5 million.