The Pacific Shipping (02343) subsidiary plans to acquire two newly built handy-size bulk carriers for $59.6 million.

Pacific Shipping (02343) announced that on April 16, 2026, two indirect wholly-owned subsidiaries of Pacific Shipping, namely Buyer A Jasper Bay Pte. Ltd. and Buyer B Jackson Bay Pte. Ltd., entered into two substantially similar ship purchase contracts with Seller Nanyang Ship Engineering Co., Ltd. to acquire two newly-built handy-size bulk carriers, at a total consideration of approximately USD 59.6 million. It is expected that the purchase price of these vessels will be paid prior to their delivery using the group's cash reserves and/or through bank borrowings. The seller is expected to complete the delivery of the vessels in the second half of 2028. One of the company's strategic focuses is to enhance fleet renewal and growth through rigorous measures to increase economies of scale and operational efficiency, to meet strong customer demand, comply with increasingly stringent fuel efficiency regulations, enhance market performance advantages, and create long-term shareholder value. The company recognizes the impact of the cyclical, seasonal, and other factors in the dry bulk shipping market on freight rates and asset values, and emphasizes the importance of maintaining cost competitiveness. Therefore, it continuously seizes suitable opportunities to acquire modern, high-efficiency designed vessels with younger or newly-built age, while selling older, smaller, and less efficient vessels. The acquisition will add two newly-built handy-size bulk carriers to the company's fleet. These vessels feature the latest, more energy-efficient, open-hatch design that can accommodate timber, providing greater cargo capacity and flexibility compared to earlier standard handy-size designs. These vessels offer the flexibility to carry a wider variety of cargoes, creating more shipping opportunities and enabling more triangular trade, thereby enhancing performance in spot charter equivalent revenues. In the current market environment, the specifications, delivery times, and agreed prices of the newly-built vessels to be delivered in 2028 are highly attractive.