Pacific Basin to buy more Handysize and Handymax vessels

Pacific Basin Shipping is seeking to buy more Handysize and Handymax ships to go 'broad and deep into the segment', in which it is already one of the world's largest operators of Handysize tonnage.

The move was confirmed by Klaus Nyborg, the firm's chief executive, who said that while the company 'was sitting on the fence, watching' the shipping market, the firm remained committed to expanding its fleet.

He said that in the first half of this year, the company had bought three Handysize vessels, which were previously chartered to Pacific Basin, and leased a Handymax vessel on long-term charter.

This boosted the Pacific Basin Shipping fleet to 32 owned and 106 chartered Handysize and Handymax vessels. The company is also set to take delivery of 23 owned and chartered ships between 2012 and 2014.

Handysize vessels are typically of between 25,000 and 39,000 deadweight tonnes (dwt) and carry a variety of dry bulk cargoes including logs, timber products, cement, fertilisers, salt and coal products. Handymax are larger dry bulk vessels of between 40,000-60,000 tonnes.

The company has a war chest of US$631 million in cash and bank deposits to spend on possible vessel acquisitions, although about US$348 million of the total is earmarked to pay for vessels already on order.