Pacific Basin continues fleet growth with ultramax buy

Pacific Basin continues fleet growth with ultramax buy

Hong Kong’s Pacific Basin continues to add to its fleet with the acquisition of 2012-built ultramax Navios Oriana, according to brokers.

Both Seasure Shipbroking and Advanced Shipping & Trading report that Pacific Basin has shelled out $17.1m to Japan’s Meiho Kaiun for the Iwagi Zosen-built vessel. The price is slightly under the VesselsValue market value of $17.3m.

Pacific Basin does not comment on individual deals, but has consistently said it will continue to opportunistically buy good quality secondhand ships. In its half year interim results, the company said it took delivery of four modern vessels in the first half of the year plus an additional two more in July.

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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