Pacific Basin Shipping

Pacific Basin sees brighter prospects in second half of 2014

Pacific Basin Shipping says rising affluence on the mainland means more demand for food and building supplies, which account for two-thirds of its cargoes. Photo: Bloomberg

The mainland's seemingly insatiable appetite for grains, oilseeds and construction supplies should see demand in the dry bulk shipping sector stay strong despite the still uncertain outlook for the global economy.

Friday, 7 March, 2014, 12:57am

Pacific Basin's fleet strategy pays off

Mats Berglund, chief executive of Pacific Basin. Photo: bloomberg

Pacific Basin Shipping's strategy to expand its fleet at a time when the market was down is paying off as its earnings from Handysize ships outperformed its peers by 32 per cent and helped the dry bulk operator to turn around in the first half.

2 Aug 2013 - 5:02am

Pacific Basin Shipping weathers storm

Pacific Basin Shipping weathers storm

Strong relations with charterers, particularly Japanese cargo owners, and a healthy balance sheet have helped dry-bulk shipowner Pacific Basin Shipping weather the downturn better than rivals, the chief executive said yesterday.

20 Apr 2013 - 5:35am

What are the limits to shareholder rights?

Paradise postponed

As if life wasn't tough enough for Pacific Basin Shipping - the dry cargo shipowner saw the Baltic Dry Index slump to its lowest quarterly average since 1986 earlier this year, and now has to put up with greedy shareholders.

20 Apr 2013 - 5:35am

Pacific Basin expands fleet as charter rates rise

Pacific Basin outperformed the underlying Handysize spot charter market by minimising the number of unladen voyages to load cargo.

Pacific Basin Shipping has continued last year's spending spree on vessel acquisitions despite what the company said was a weak outlook, "with moderate seasonal variations", for the dry bulk market this year.

The firm added a ninth dry bulk vessel to the eight it has agreed to buy for US$122 million since September last year.

19 Apr 2013 - 4:06am

Chairman Ronnie Chan aims another kick at Donald Tsang

Shippers support their museum.

One clear takeaway from the chairman's letter to shareholders in the Hang Lung Group 2012 annual report is that Ronnie Chan Chichung was no supporter of the previous administration.

16 Mar 2013 - 3:32am

Time to buy dry bulk bargains, says chief

Secondhand vessels are seen as offering a better return on capital than new ships, despite the new vessels' fuel efficiency. Photo: Bloomberg

Chief executive Mats Berglund said prices had bottomed out and were "definitely not going down". Prices were "on the low side, which is why we see more upside in [ship] values".

6 Mar 2013 - 5:05am

Pacific Basin looks to expand its fleet

Pacific Basin Shipping chief executive Mats Berglund. Photo: Bloomberg

The firm, which has US$753 million for vessel acquisitions, has already spent US$122 million since September to acquire eight dry bulk ships. These comprise seven secondhand Handysize and Handymax vessels and a new Handysize which was sold by a shipyard after the original owner failed to take delivery.

1 Mar 2013 - 5:17am

Pacific Basin sheds 6pc on loss warning

Pacific Basin Shipping saw its share price plunge by more than 6 per cent yesterday, a day after the firm said it expected a first-half loss after taking a US$190 million impairment on its fleet of roll-on/roll-off vehicle ferries.

20 Jun 2012 - 12:00am

Pacific Basin mulls selling assets

Pacific Basin Shipping is putting a 'For Sale' sign on its non-core shipping operations to focus on profitable dry bulk and towage businesses, senior executives said yesterday.

20 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

Pacific Basin upbeat on financing prospects

Pacific Basin Shipping, which may need to raise up to about US$225 million to finance existing ship purchases, expects to find the cash despite the likelihood of a fall in bank lending to the shipping industry.

3 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 soars on high rates

Pacific Basin Shipping's first-half profit more than quadrupled as the dry bulk shipper benefited from record high freight rates.

The company expects rates will be buoyant for the next two years driven by the demand for commodities from the mainland and India.

8 Aug 2007 - 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