'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 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
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
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 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 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
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 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 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 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