Pacific Shipping Purchases Purchase Of Four Bulk Carriers

- May 16, 2018-

Pacific Shipping announced that on May 14, 1818, PB Vessels Holding Limited, a wholly-owned subsidiary, entered into four separate cargo ship contracts to acquire a second-hand supersonic dry bulk cargo at a total price of 88.5 million US dollars. Ships, One Resold Newly Constructed Supramax Bulk Carrier, One Used Handysize Bulk Carrier and One Resale Newly Constructed Handysize Bulk Carrier. weld overlay fittings

The company will issue new shares and cash to cover the consideration, and it will be required to sell 4 stocks at HK$2.036 per share, conditionally issue nearly 171 million new shares, totaling HK$348 million, while cash will be US$44.21 million. The new shares to be allotted and issued represent approximately 3.83% of the company's existing issued share capital. The issuance price of each new share represents a discount of 2.58% to the company's closing price of HK$2.09 last Friday. weld overlay flanges

Estimated delivery times for used cargo ships range from the fourth quarter of 2018 to the first quarter of 2019, while the delivery time for the resale of new construction ships ranges from mid-2018 to the fourth quarter of 2018.

The company stated that the dry bulk shipping market is recovering and the price of such cargo ships is attractive. It is believed that these cargo ships will be able to operate within the fleet for a long period of time after delivery.pipe spool