Dry CargoGreater China

Pacific Basin raids the secondhand market

Hong Kong’s Pacific Basin has raided the secondhand bulker market, showing its dedication to Japanese-built ships.

Sales registers show that the Martin Fruergaard-led handymax and supermax specialist has grabbed an 11-year-old scrubber-fitted ultramax, the 62,000 dwt, Oshima Shipbuilding-built Ultra Wollongong. The Hong Kong-listed owner paid $22.2m for the ship.

The owner is also linked to the slightly smaller Shin Kasado Dock-built, 61,400 dwt Ultra Dynamic which was sold for some $23m in September.

The new purchase has ended a 10-month absence from the secondhand market for the owner who added eight ultramaxes in 2021.

Pacific Basin operates around 250 bulkers, of which 116 are owned, making it one of the largest shipowners in Hong Kong.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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