Dry CargoGreater China

Pacific Basin adds another ultramax

Pacific Basin has added another ultramax to its fleet according to brokers.

The Hong Kong shipowner has been named by Intermodal and Advanced Shipping & Trading as the buyer of Oshima-built (2011) ultramax Ultra Wollongong. The vessel has been reported as sold by Japan’s Kasuga Shipping for $13.8m, below its $14.32m market value according to VesselsValue.

Pacific Basin is expecting four ultramaxes to deliver into its fleet in April, after sealing a $67m deal with Scorpio Bulkers last November. The company currently owns a fleet of 112 bulkers, with a further 153 bulkers chartered in.

Over the last year, Pacific Basin CEO Mats Berglund has made no secret of the company’s plans to grow and renew its owned fleet with larger modern secondhand acquisitions, focused on supramax and ultramax bulkers.

Berglund is set to retire on July 30, and will be replaced by Ultragas CEO Martin Fruergaard.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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