Pacific Basin Shipping Limited has ordered four 40,000-dwt Handysize vessels from Jiangmen Nanyang Ship Engineering Co., Ltd., expanding its newbuilding programme as it continues to renew and grow its dry bulk fleet.
The Hong Kong-listed owner said the ships have been contracted for an aggregate consideration of about $119.2 million, with deliveries scheduled for the first half of 2028.
The vessels will feature fuel-efficient designs with open-hatch and logs-fitted specifications, offering higher cargo intake and greater operational flexibility than earlier standard Handysize designs. Pacific Basin said this flexibility will allow the ships to carry a broader range of cargoes, supporting more triangulated trading and improved time charter equivalent performance.
The latest order doubles the size of the company’s newbuilding programme, which already includes four dual-fuel Ultramax vessels announced in November 2024. Unlike those ships, the Handysize newbuildings will be conventionally powered and single-fuel.
Pacific Basin said the decision reflects the lack of proven dual-fuel Handysize designs, as well as the postponement in October 2025 of the International Maritime Organization’s planned Net Zero Framework and associated global measures to accelerate the shipping industry’s transition to alternative fuels.
Chief executive Martin Fruergaard said the order fits with the company’s strategy of disciplined fleet renewal to enhance scale and efficiency, meet customer demand and comply with tightening fuel-efficiency regulations.
He added that the pricing was attractive for vessels delivering in 2028 and noted the company’s familiarity with Jiangmen Nanyang Ship Engineering, which has previously built vessels for Pacific Basin and is well regarded among shipowners.
