Pacific Basin puts focus on dry bulk

'Focus not diversification' has become the mantra for Mats Berglund, who took over as chief executive at dry-bulk, towage and ferries company Pacific Basin Shipping on June 1.

Wednesday, 15 August, 2012, 11:07pm

Poor markets hit HK's shippers

Uncertain conditions in the container shipping and dry bulk cargo markets continue to affect the maritime sector, according to trading results posted by Hong Kong's leading shipping companies yesterday.

28 Oct 2011 - 12:00am

Pacific Basin's profit crashes

Pacific Basin Shipping's net profit crashed to US$2.95 million in the first half of this year, from US$51.9 million a year earlier, after the company made an US$80 million impairment charge on its ferry business.

4 Aug 2011 - 12:00am

Pacific Basin to spend extra US$1b on ships

Pacific Basin Shipping, which specialises in owning and operating handysize and handymax dry-cargo ships of between 32,000 and 55,000 deadweight tonnes, is eyeing further ship acquisitions, particularly in the larger handymax sector.

That is despite concerns drycargo shipping firms face a weaker market in 2011 compared with last year.

20 Apr 2011 - 12:00am

Pacific Basin looks Down Under for towage

Pacific Basin Shipping is targeting Australia's burgeoning oil and gas sector and infrastructure development in the Middle East to drive expansion of its fledgling towage business.

Through its PB Sea-Tow subsidiary, the firm is already providing tugs and staff for the Gorgon gas project being developed up to 200 kilometres off the northwest coast of Western Australia.

21 Aug 2010 - 12:00am

Pacific Basin adopts neutral outlook after strong first half

Pacific Basin Shipping has adopted a neutral outlook for the dry bulk shipping market for the rest of the year based on a projected rebound in Chinese commodity imports in the fourth quarter following a relatively weak third quarter.

The company enjoyed a strong first half, posting revenue of US$616.5 million, up from US$425.9 million in the period a year earlier.

4 Aug 2010 - 12:00am

Pacific Basin income falls 78pc, forecast bleak

Pacific Basin Shipping has posted a 77.84 per cent plunge in net interim profit and warned that iron ore demand could fall in the second half, hurting shipping rates.

12 Aug 2009 - 12:00am

Pacific Basin to buy more vessels

Pacific Basin Shipping, the world's largest handysize vessel operator, says it will acquire more dry bulk ships to cope with growing demand for commodities, despite seeing a 25 per cent drop in net profit last year as its freight rates fell and fuel prices soared, more than eroding gains in sales.

6 Mar 2007 - 12:00am

Jinhui shares on hold for fleet news

Trading in shares of Jinhui Holdings was suspended in Hong Kong yesterday as the bulk shipping firm prepared to announce a fleet expansion that may be worth HK$455 million to capitalise on growing demand for raw materials such as iron ore and coal.

9 Aug 2006 - 12:00am

Pacific Basin eyes larger handymax sector

Bulk shipping firm Pacific Basin Shipping will start building a foothold in the larger handymax sector this year even though the management feels the dry market has entered a 'less predictable' stage as more vessels enter the trades.

7 Mar 2006 - 12:00am

Jinhui rushes to add to fleet amid boom

The Oslo-listed arm of Jinhui Holdings yesterday agreed to pay more than $530 million for two relatively new Handymax vessels from Greek interests as the bulk shipping industry continued to see strong demand for capacity to transport raw materials.

24 Feb 2005 - 12:00am

Jinhui unit scales down deal

Jinhui Holdings' 50.9 per cent owned subsidiary has amended a vessel deal reducing the purchase price by 23 per cent. Under the new agreement, they will now buy a Handymax size vessel, instead of a Panamax size vessel.

17 Dec 1998 - 12:00am

L&T to sell marine business

Shareholders of India's engineering conglomerate Larsen & Toubro (L&T) have approved the sale of its shipping business, although no potential buyers have been named. L&T owns and operates six Handysize and Handymax-geared bulk carriers with a total capacity of 176,000 deadweight tonnes and a book value of 956 million rupees (about HK$188 million).

5 Dec 1997 - 12:00am

SCI orders handymax bulkers

The public sector Hindustan Shipyard would build two handymax-sized bulk carriers of 42,750 deadweight tonnes for Shipping Corporation of India (SCI).

The first carrier would be delivered in 20 months and the second in 30 months. The cost of one ship was US$22.3 million, the company said.

31 Oct 1997 - 12:00am

Sellers ask for more as buyers hold out

IT was another quiet week on the second-hand market, with improved freight markets causing sellers to demand higher prices while buyers are waiting to see whether the market will drop during the summer.

18 May 1994 - 12:00am