Pacific Basin suffers from roro exit

2013-03-03

Pacific Basin, Hong Kong’s largest dry bulk operator, reported a net loss of $158m for 2012 in its results yesterday, a far cry from the $32m profit made in 2011. However, the underlying fundamentals of the company would look in a more sound position today than a year ago. Results were impacted by a $199m write-off for Pacific Basin’s ill-fated foray into roros. The very weak dry bulk market was aided by PB Towage’s $38m contribution to the balance sheet.

Pacific Basin reemphasized its commitment to buy plenty of handysize and handymax ships this year, taking advantage of the low prices for secondhand tonnage.

“Pacific Basin has a strong balance sheet” ceo Mats Berglund told SinoShip News. “It is a good time to buy more ships as we can add more volume in the long term.”

Source from Sino Ship News

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