Pacific Basin Shipping Limited (Pacific Basin) has cancelled two previously announced shipbuilding contracts for dual-fuel methanol Ultramax vessels valued at approximately US$93.00 million and, on the same date, committed to acquire two conventionally-fuelled Ultramax vessels for a combined US$78.40 million.
Termination details • Date: 16 April 2026 • Counterparties: Two indirect subsidiaries of Pacific Basin (Buyer A and Buyer B) and the original joint sellers. • Reason: Uncertainty over the International Maritime Organisation’s Net-Zero Framework has weakened the near-term economics of higher-cost, low-emission tonnage. Pacific Basin intends to limit capital outlay on dual-fuel vessels until global regulations become clearer. • Impact: The board expects no material adverse effect on the group’s business or financial position.
New acquisition terms • Buyers: Two different Pacific Basin subsidiaries (Buyer C and Buyer D). • Sellers: New Joint Sellers comprising Nihon Shipyard Co., Ltd. and Giant Line Inc., S.A. (a wholly-owned Imabari subsidiary). • Assets: Two fuel-efficient conventional Ultramax bulk carriers, each about 64,000 dwt (Vessel A and Vessel B). • Consideration: US$39.20 million per vessel; total US$78.40 million. • Funding: Cash reserves and/or bank borrowings prior to delivery. • Payment schedule (per vessel): – US$9.90 million already paid under the terminated contracts credited as first instalment – 10 % one year before delivery – 10 % upon launching – Balance of US$21.46 million upon delivery. • Delivery: Vessel A by December 2028; Vessel B within 1H 2029. • Performance guarantees: PBVH and PBVH SG fully guarantee the subsidiaries’ obligations.
Strategic implications By substituting dual-fuel newbuilds with lower-priced conventional tonnage, Pacific Basin reduces near-term capital expenditure while retaining access to modern, fuel-efficient vessels. Management will continue investing in efficiency upgrades and maintain readiness for future greenhouse-gas regulations.
Regulatory disclosure Under Hong Kong Listing Rules, each acquisition individually—and the two in aggregate—falls below the 5 % transaction threshold; therefore, the deals are not classified as discloseable transactions. The company released details voluntarily to keep shareholders informed.
Pacific Basin operates a fleet of over 250 dry-bulk vessels—including 107 owned units—serving more than 600 customers worldwide.