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Pacific Basin looking at vessels in rival fleets

Pacific Basin is among few bulk carriers to navigate the crisis without major damage. New capital will pad the carrier and enable exploitation of the historically low prices on used vessels. "Buy a five year old for God's sake instead of a new one," says CEO Mats Berglund to ShippingWatch.

Photo: Pacific Basin

Carriers with cash to burn have a golden opportunity to renew their fleet.

The dry bulk crisis has been dragging down prices on used vessels for a long time. The level has now reached such depths that a five-year-old Handysize vessel costs less that half of what a newbuilding costs. And this is historically attractive, says Mats Berglund, CEO of Pacific Basin.

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