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Pacific Basin splashes $67m on Scorpio Bulkers ultramax quartet

Hong Kong shipowner Pacific Basin has acquired four ultramax bulkers from Monaco’s Scorpio Bulkers, who continue to sell bulkers at a rapid pace as part of a transition into the offshore wind sector.

Pacific Basin has paid $67m in total for the 2015-built SBI Bravo, SBI Antares, SBI Hydra, and SBI Maia with delivery scheduled by April 2021. VesselsValue places a market value of $66.37m on the NACKS-built quartet, which are all fitted with scrubbers and ballast water treatment systems. Two are equipped to carry logs.

The acquisition comes just weeks after Pacific Basin revealed it was back in the market for buying opportunities having paused its fleet growth plans in the early part of the Covid-19 pandemic.

“The transaction is consistent with the company’s previously announced resumption of its strategic plan to grow and renew its owned fleet with larger, high-quality, modern second-hand acquisitions, focusing especially on adding supramax and ultramax ships and trading up its smaller, older handysize ships to newer vessels with larger carrying capacity and longer asset lives,” the Hong Kong company said.

Pacific Basin will fund the deal from its cash reserves, while for Scorpio the deal makes 17 bulkers sold since it announced its plans to move into the offshore wind sector in August.

Scorpio boss Emanuele Lauro intends to clear out the entire dry bulk fleet. He told Maritime CEO in an interview last month that the decision to pivot was taken as dry bulk was a sector it could not dominate, unlike wind installation or the product tanker sector where it has led consolidation in recent years.

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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