Pacific Basin announced that it has revised its ship construction programme, opting for four conventional vessels instead of previously planned dual-fuel ships.
The shipping company cited uncertainty regarding international fuel regulatory frameworks as the reason for terminating the previous agreements with Nihon Shipyard and Mitsui.
Under the updated terms, four 64,000 DWT Ultramax vessels will be purchased for an aggregate consideration of $156.8 million. These ships are expected to be delivered between 2028 and mid-2029, Pacific Basin stated.
The agreement with Mitsui includes an option for two 64,000 DWT dual-fuel Ultramax vessels priced at $91 million. This option must be exercised by the end of February 2027 and delivery is expected to take place between April 2030 and March 2031, according to the company.
Separately, Pacific Basin has ordered two 40,000 DWT Handysize ships from Jiangmen Nanyang Ship Engineering for a total of $59.6 million.
These vessels are expected to be delivered in the second half of 2028 and increase the total Handysize orderbook with the shipyard to six units.
Chief Executive Officer Martin Fruergaard described the move to convert the dual-fuel order as a financially prudent response to the failure of global maritime authorities to adopt new standards in October 2025.
Fruergaard stated the company believes it is in the best interests of shareholders to avoid investment in higher-cost dual-fuel ships until, "clearer regulatory support emerges".
Following these transactions, the orderbook includes six Handysize and four Ultramax ships, with further options on 15 long-term chartered vessels.