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The latest update is out from Pacific Basin Shipping ( (HK:2343) ).
Pacific Basin Shipping has mutually agreed with its original shipbuilders to terminate contracts for two dual-fuel methanol Ultramax vessels worth about US$93 million. The board believes the move will not materially affect the company’s business or financial position and will help reduce near-term capital expenditure.
Concurrently, the company has signed new agreements to acquire two conventional Ultramax bulk carriers for a total of approximately US$78.4 million, with deliveries expected by December 2028 and in the first half of 2029. The vessels will be funded through cash reserves and/or bank borrowings, and management expects the shift to maintain fleet efficiency and competitiveness while easing immediate investment commitments.
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 operating and owning Handymax and Ultramax vessels. The group provides seaborne transportation services for bulk commodities and regularly renews and optimises its fleet to enhance efficiency and competitiveness in global shipping markets.
Average Trading Volume: 22,708,688
Technical Sentiment Signal: Strong Buy
Current Market Cap: HK$14.78B
For detailed information about 2343 stock, go to TipRanks’ Stock Analysis page.