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

Pacific Basin hurt by falling charter rates

Pacific Basin Shipping is facing a harsh year at its core dry-cargo division, with average charter rates lower this year than last as a glut of new tonnage outpaces growth in cargo demand.

Chief operating officer Jan Rindbo said: 'We expect dry bulk rates to be weaker in 2012. It will be a tough year for our dry bulk business.'

15 Aug 2012 - 10:51pm

Shipping firm's beef about paint 'baseless'

A Scandinavian shipowner has hit back at claims by a Hong Kong shipping company that technical issues led it to return four ships it had on charter from the Western firm.

Ole Hjertaker, chief executive of Norway's Ship Finance Management, said Hong Xiang Shipping Holding (Hong Kong) 'had not paid charter hire for three months' before it returned the four ships last week.

15 Aug 2012 - 10:51pm

Shipowners on verge of a buying frenzy, insiders say

Hong Kong shipowners could be poised to invest heavily in new fuel-efficient ships at rock-bottom prices, despite ongoing concerns about overcapacity and uncertain cargo growth, according to industry insiders.

23 Apr 2012 - 12:00am

Pacific Basin sees rebound in demand

Pacific Basin Shipping, which specialises in transporting dry bulk cargoes including fertiliser and steel, was expecting a rebound in demand and volumes in the second quarter that should temporarily buoy charter rates, the firm said yesterday.

19 Apr 2012 - 12:00am

Chellaram fleet to expand despite dry bulk worries

Chellaram Shipping, one of Hong Kong's largest independent shipowners, is looking to further expand its fleet of dry cargo ships despite concerns about the challenges facing the dry bulk sector. The company, controlled by founder Lal Chellaram, has recently taken delivery of two large dry cargo ships and a third will join the fleet this month.

10 Apr 2012 - 12:00am

Dry times for Pacific Basin

Pacific Basin Shipping, which specialises in shipping dry bulk cargo and towage, is facing a weaker dry cargo market this year with lower rates overall compared with last year, senior executives said yesterday,

Chief executive Klaus Nyborg said the dry bulk sector was in 'its darkest hour'.

2 Mar 2012 - 12:00am

Pacific Basin to buy more Handysize and Handymax vessels

Pacific Basin Shipping is seeking to buy more Handysize and Handymax ships to go 'broad and deep into the segment', in which it is already one of the world's largest operators of Handysize tonnage.

5 Aug 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

Choppy waters forecast as too many cargo ships chase too little freight

Too many ships chasing too few dry bulk cargoes are likely to lead to a weaker shipping market this year compared with 2010, senior executives from dry cargo specialist Pacific Basin Shipping said yesterday.

2 Mar 2011 - 12:00am

Sinotrans in US$335m talks on new ships

Sinotrans Shipping is in negotiations with a mainland shipyard for an order worth up to US$335 million for new ultra large dry cargo ships that would be the biggest in the company's fleet.

16 Oct 2010 - 12:00am

Pacific Basin profit dives 73pc on plunging rates

Pacific Basin Shipping, the world's leading small bulk vessel operator, posted a 73 per cent slide in net profit last year but forecast a better time this year due to the recovering fortunes of the mainland economy.

3 Mar 2010 - 12:00am

Pacific Basin sells HK$772m shares

Pacific Basin Shipping, the Hong Kong-based bulk shipping company, placed HK$772 million worth of new shares yesterday, the second placement of new stock by the company in about a year.

The company placed 174.73 million shares at HK$4.28 to HK$4.42 each yesterday after the market closed.

13 May 2009 - 12:00am

Shipping group rides crest of wave

Group profits of dry bulk shipping company Pacific Basin Shipping shot up 328 per cent to US$472.1million, its best results since listing in 2004, thanks to much increased revenue days and strong dry bulk market conditions.

10 Mar 2008 - 12:00am