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Pacific Basin Shipping ( (HK:2343) ) just unveiled an announcement.
Pacific Basin Shipping has agreed to acquire four newbuild Handysize bulk carriers from a single seller for a total of about US$119.2 million, with delivery scheduled across the first and second quarters of 2028. The open-hatch, logs-fitted vessels, each of 40,000 dwt, are designed with improved fuel efficiency, greater cargo flexibility and higher carrying capacity than the ships they will replace, which the company expects will support more triangulated trading patterns and stronger time-charter-equivalent earnings. The purchases, to be funded through cash reserves and/or bank borrowings, are viewed by the board as attractively priced in the current newbuilding market and, when aggregated under Hong Kong listing rules, qualify as a discloseable transaction requiring reporting and announcement, highlighting the group’s ongoing fleet renewal and operational upgrading strategy.
The most recent analyst rating on (HK:2343) stock is a Buy with a HK$3.00 price target. To see the full list of analyst forecasts on Pacific Basin Shipping stock, see the HK:2343 Stock Forecast page.
More about Pacific Basin Shipping
Pacific Basin Shipping is a Hong Kong-listed dry bulk shipping company that operates principally in the Handysize and Supramax segments, focusing on transporting commodities such as logs and other bulk cargoes worldwide. The group deploys a large fleet of modern, fuel-efficient vessels and actively manages its fleet composition to enhance operating efficiency and time-charter-equivalent earnings in cyclical shipping markets.
Average Trading Volume: 19,619,560
Technical Sentiment Signal: Buy
Current Market Cap: HK$11.74B
For a thorough assessment of 2343 stock, go to TipRanks’ Stock Analysis page.