Pacific Basin Shipping Ltd, an operator of dry-bulk cargo ships, will sell three ships for US$72 million and lease them back, planning to use the sales proceeds to fund new projects. The Hong Kong-based company agreed to sell the three so-called handysize ships, which were built in 1997 and can each carry 27,802 to 28,585 metric tons of cargo, to Greece's Tsangaris Bros Ltd, Hong Kong-based Pacific Basin said in a statement published in the South China Morning Post newspaper yesterday. It will reap a net gain of US$22.2 million from the sale, the statement said.
The company agreed to lease them back for a period of three years, the statement added.
Pacific Basin carried 59 per cent more cargo last year, as China's 10.7 per cent economic growth boosted demand for raw materials from BHP Billiton Ltd and the shipping line's other customers. Its handysize ships also carried about two-thirds more cement and steel from China, as it boosted export shipments to cut the number of journeys vessels made without a load.
The company will operate 60 handysize vessels after the leaseback and nine handymax vessels following the delivery of two vessels within this year, yesterday's statement said. Handysize vessels are ships with deadweight of between 10,000 and 30,000 tons and handymax vessels typically have deadweight of between 30,000 and 50,000 tons, according the website World Trade Ref. Shares of Pacific Basin have gained 79 per cent this year, compared with a 4.8 per cent increase in the Hang Seng Index.
The company agreed to lease them back for a period of three years, the statement added.
Pacific Basin carried 59 per cent more cargo last year, as China's 10.7 per cent economic growth boosted demand for raw materials from BHP Billiton Ltd and the shipping line's other customers. Its handysize ships also carried about two-thirds more cement and steel from China, as it boosted export shipments to cut the number of journeys vessels made without a load.
The company will operate 60 handysize vessels after the leaseback and nine handymax vessels following the delivery of two vessels within this year, yesterday's statement said. Handysize vessels are ships with deadweight of between 10,000 and 30,000 tons and handymax vessels typically have deadweight of between 30,000 and 50,000 tons, according the website World Trade Ref. Shares of Pacific Basin have gained 79 per cent this year, compared with a 4.8 per cent increase in the Hang Seng Index.