Pacific Basin Shipping Limited (2343.HK) signed ship purchase contracts on 23 December 2025 with Jiangmen Nanyang Ship Engineering Co., Ltd. to acquire four 40,000 dwt Handysize newbuilding vessels for an aggregate consideration of approximately $119.2 million.

The vessels are scheduled for delivery in the first half of 2028. The Company said the newbuildings will feature a fuel-efficient Handysize design with open-hatch configuration and log fittings, offering higher cargo carrying capacity and greater flexibility than earlier standard Handysize designs.

The acquisition doubles the size of the Company’s newbuilding programme, which also includes four dual-fuel Ultramax newbuildings announced in November 2024. For this Handysize order, the Company chose conventionally powered, single-fuel vessels, citing the lack of proven dual-fuel Handysize designs and the postponement in October 2025 of the International Maritime Organization’s adoption of its planned Net Zero Framework and global measures intended to support the shipping industry’s transition to green fuels and green ships.

CEO Martin Fruergaard said the order supports a strategic priority to renew and grow the fleet in a disciplined manner to enhance scale and efficiency, meet customer demand, and comply with increasingly stringent fuel-efficiency regulations. He added that the new Handysize vessels are intended to replace some older, smaller vessels recently sold, while expanding cargo options that can support more triangulated trading and improved TCE earnings outperformance. The Company also described the agreed price as attractive for 2028-delivery newbuildings and noted prior experience with the shipyard.