Pac Basin on ship shopping spree

Hong Kong: Pacific Basin has bagged a bargain Japanese-built handysize in the past quarter, it revealed in a trading update.

The Hong Kong bulker major’s acquisition is the first since October 2011, but is likely to be followed by a number of other purchases.

“We are actively looking at more ship buying opportunities to expand our core fleet at attractive prices,” the company said in a statement.

Pacific Basin added: “Protracted dry bulk market weakness and funding shortages continue to drive down vessel prices to levels that make acquisitions increasingly attractive to well-capitalised owners like us.”  [19/10/12]

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