Pacific Basin Reshapes Fleet Orders, Cuts Near-Term Capex and Adds Methanol Vessel Option

Pacific Basin Shipping ( (HK:2343) ) just unveiled an update.

Pacific Basin Shipping has terminated two previously agreed ship purchase contracts for dual-fuel methanol Ultramax newbuildings worth about US$93 million and replaced them with contracts for two conventional Ultramax vessels totaling roughly US$78.4 million. The new ships, due for delivery by December 2028 and the first half of 2029, will be funded through cash reserves and/or bank borrowings, lowering near-term capital expenditure while preserving access to modern tonnage.

Leveraging its relationship with the seller, the company also secured an option to acquire two dual-fuel methanol Ultramax vessels for an aggregate US$91 million, with potential deliveries between April 2030 and March 2031. The board expects that the change in ordering strategy will not materially affect Pacific Basin’s business or financial position and allows it to balance cost discipline with flexibility to add low-emission vessels later, which is significant for its long-term fleet decarbonisation and stakeholder interests.

The most recent analyst rating on (HK:2343) stock is a Buy with a HK$3.70 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 focused on Ultramax and similar bulk carrier segments. The group operates and owns modern, fuel-efficient vessels serving global commodity and dry bulk trade routes, with a strategy of maintaining a competitive, environmentally progressive fleet profile.

Average Trading Volume: 22,708,688

Technical Sentiment Signal: Strong Buy

Current Market Cap: HK$14.78B

For a thorough assessment of 2343 stock, go to TipRanks’ Stock Analysis page.