Pacific Basin looks to expand its fleet
Planned growth comes despite the challenging outlook for dry bulk market this year
The dry bulk operator Pacific Basin Shipping is planning to expand its fleet, even though the dry bulk market is likely to remain challenging in 2013, according to chief executive Mats Berglund.
The firm, which has US$753 million for vessel acquisitions, has already spent US$122 million since September to acquire eight dry bulk ships. These comprise seven secondhand Handysize and Handymax vessels and a new Handysize which was sold by a shipyard after the original owner failed to take delivery.
Handysize and larger Handymax vessels vary between 25,000 and 64,999 deadweight tonnes and are more flexible than larger dry bulk ships carrying coal and iron ore.
Berglund said the firm's two key objectives were to buy "more Handysize and Handymax ships at attractive prices" and expand its customer and cargo base.
He confirmed that the company has sold its 45 per cent interest in a cargo terminal in Nanjing, which it bought for US$16 million in 2007, as part of a continuing disposal of non-core assets.
Executive director Wang Chunlin, who was recruited to develop the ports business, will step down at the annual meeting in April.