Dry CargoGreater China

Pacific Basin picks up Japanese ultramax pair from Tufton Oceanic

Hong Kong owner Pacific Basin has made its first acquisition of the year, snapping up a pair of ultramaxes from Tufton Oceanic.

Brokers are reporting that Pacific Basin has paid $34m enbloc for the Oshima-built Malmo (2010) and Melbourne (2011), a good flip for Tufton Oceanic who acquired the pair from Jinhui for a total of $28.5m in 2016.

The $34m price quoted by brokers is in line with the market value of the bulkers according to VesselsValue.

Pacific Basin has yet to confirm the deal, but recently said in its annual report that it will continue to opportunistically buy good quality secondhand ships. Last year the company added two handysize bulkers, an ultramax and two supramaxes to its fleet, data from VesselsValue shows.

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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