Pacific Basin Shipping has turned to China for its latest newbuilding move, signing up a quartet of handysize bulk carriers in a break from its long-standing preference for Japanese yards.
The Hong Kong-listed owner-operator of more than 250 bulkers has struck a deal at Jiangmen Nanyang Ship Engineering (JNS) to acquire four 40,000 dwt vessels for about $119.2m. The ships are scheduled for delivery in the first half of 2028.
The move marks Pacific Basin’s first order at a Chinese yard in 11 years, after a pair of supramaxes at Tsuneishi Zhoushan. The vessels will feature fuel-efficient, open-hatch and logs-fitted designs, offering higher cargo intake and more flexibility than earlier standard handysize tonnage, the company said.
The deal doubles the size of Pacific Basin’s current newbuilding programme, which already includes four dual-fuel ultramax vessels ordered in November 2024. Unlike those ships, the new handysizes will be conventionally powered, reflecting what the company described as a lack of proven dual-fuel designs in this segment and regulatory uncertainty following the IMO’s October 2025 decision to postpone its planned Net Zero Framework.
Chief executive Martin Fruergaard said the order fits with Pacific Basin’s strategy of disciplined fleet renewal and growth.
“We see this four-ship deal as a well-timed opportunity to acquire modern, efficient and flexible handysize vessels to replace some of our recently sold older, smaller ships,” Fruergaard said, adding that the cargo flexibility of the design should support more triangulated trading and improved TCE performance.
He also noted that the agreed pricing was attractive for 2028 deliveries and said the company is familiar with JNS, which has built vessels for Pacific Basin in the past. The last ships from JNS were 33,200-33,900 dwt units, delivered between 2008 and 2010.
