Pacific Basin (PB) has announced that it has ordered four newbuild roll-on roll-off (ro-ro) ships for US$375 million to be funded by US$100 million in cash and the balance in loans, said a company statement.
This is a diversification outside PB's usual dry bulk trade and involves a longer-term strategy, said management, which hopes to seize opportunities in a niche market that has favourable supply characteristics and can bring solid returns to shareholders.
The vessels are due for delivery between late next year and the first quarter of 2011. They are being built at AP Moller-Maersk's Odense Lindo yard. One of the vessels has already been chartered-out for three years, with an option for a two-year extension.