• 2020 August 1 11:31

    Pacific Basin announces 2020 interim results

    Pacific Basin Shipping Limited (“Pacific Basin” or the “Company”, SEHK 2343), one of the world’s leading dry bulk shipping companies, today announced unaudited condensed consolidated results of the Company and its subsidiaries (collectively the “Group”) for the six months ended 30 June 2020.

    “Global Covid-19 containment measures impacted dry bulk trade and our underlying results, but we achieved a positive EBITDA of US$79 million and continued to significantly outperform the market. We have cash and committed liquidity of US$350 million. Freight market earnings have improved since May, and we expect a seasonally stronger albeit volatile second half and generally improved market conditions,” Pacific Basin says in a press release.

    Mr. Mats Berglund, CEO of Pacific Basin, said: “In a challenging half-year period dominated by the global Covid-19 pandemic and related economic disruption and weaker dry bulk freight rates, we delivered a positive EBITDA of US$79.2 million. Our core business of deploying owned and long-term chartered ships generated Handysize and Supramax TCE earnings that outperformed the BHSI (tonnage adjusted) and BSI spot market indices by US$2,270 and US$4,250 respectively. Our operating activity generated a margin of US$1,790 net per day.
    Our underlying results were negatively impacted by global efforts to contain the pandemic while the dry bulk fleet continued to grow. Overall, we made a net loss of US$222.4 million, mostly attributable to a US$198.2 million one-off non-cash impairment of our Handysize core fleet (primarily our smallest and oldest Handysize vessels), which does not impact our operating cash flows, EBITDA or available liquidity, and will result in lower depreciation costs, higher EPS and higher return on equity going forward, all things being equal.

    About Pacific Basin
    Pacific Basin Shipping Limited (www.pacificbasin.com) is one of the world’s leading owners and operators of modern Handysize and Supramax dry bulk vessels. As at 30June 2020, the Company operated over 230 dry bulk ships of which 117 are owned and the rest chartered. Pacific Basin is listed and headquartered in Hong Kong, and provides a quality service to over 500 customers, with over 3,900 seafarers and 345 shore-based staff in 12 offices in key locations around the world.




2020 September 25

18:07 Tripartite agreement signed on establishing the FSRU terminal in the Bay of Gdansk
17:55 Baltic Fuel Company shipped first batch of bitumen
17:39 Scorpio Bulkers announces purchase of shares by Scorpio Services
17:34 Vessel “Razul Rza” sent to outer waters after the repair works
17:12 Metal Shark debuts 48-meter catamaran expedition vessel and introduces "Metal Shark Yachts" portfolio
16:51 Ningbo Containerized Freight Index rises significantly in September
16:19 OOCL's service update for Trans-Pacific trade
16:16 Representative office of Marinet opened in China
15:27 GTT signs a contract with the U.S. Dep't of Defense for the Red Hill Bulk Fuel Storage Facility
14:59 RFC held the second stage of the ecological marathon
14:31 Bunker prices are flat in the Port of Saint-Petersburg, Russia (graph)
14:05 Zvezda shipyard to build 10 gas tankers for Arctic LNG 2
13:42 Wärtsilä solutions meet challenging needs of Canadian Coast Guard vessel
13:18 Nuclear-powered container carrier Sevmorput delivered Kamchatka fish to Saint-Petersburg
12:56 Competition for construction of two scientific research ships for Russian Federal Fisheries Agency to be announced in October
12:34 Royal Niestern Sander orders SCHOTTEL thrusters for world’s first shallow-draught ice-breaking W2W vessel
12:11 VEB.RF starts financing construction of ten gas tankers for Arctic LNG 2 project
11:29 LR awards Samsung Heavy Industries AiP for its ammonia-fuelled tanker
10:37 British Ports Association sets out spending review priorities
10:29 New state programme on Arctic development in 2021-2024 drafted by Russia’s ad hoc Ministry
09:53 Debt service guarantees on Yamal LNG removed from NOVATEK
09:30 Oil prices rise in hope of demand
09:12 Baltic Dry Index as of September 24
09:11 MABUX: Bunker market this morning, Sept 25

2020 September 24

18:37 Kongsberg Digital develops cloud-based simulators for maritime industry, with funds from Innovation Norway
18:07 Wärtsilä ranked first in UN challenge to fight climate change with big data
17:45 Alco Bio Fuel, Messer Benelux and IJsfabriek Strombeek once again invest in recycling CO2 in North Sea Port
17:20 World’s first subsea compression system passes five years in operation
17:12 Esben Poulsson reappointed as ICS Chairman for a new term
16:48 Okskaya Shipyard launches first multipurpose dry cargo carrier of Project RSD59 for Astrol
16:24 Severnaya Verf starts cutting steel for seventh trawler of Project 170701 for NOREBO Group
15:50 ASCO's vessel “Razul Rza” sent to outer waters after repairs
15:26 Russian Direct Investment Fund (RDIF) to invest in Sovcomflot, says RDIF CEO
15:02 Diana Shipping announces the sale of a Capesize Dry bulk vessel
14:39 Russian Railways launches regular multimodal service from China to Europe via the ports of Kaliningrad and Hamburg
14:17 MABUX releases its weekly review of bunker market
14:02 Fincantieri starts dry dock works for experimental vessel Zeus
13:40 Freeport of Riga Authority signs Declaration of Cooperation with Port of Shenzhen
13:21 IMO celebrates World Maritime Day 2020
13:08 Total and MOL officially name the world’s largest LNG bunker vessel
12:48 Bunker prices decrease in the Far East ports of Russia (graph)
12:25 ZIM launches new China-Australia Express Line
12:11 Inmarsat Fleet Lte service coverage extended to Gulf of Mexico following successful trials with V.Ships Offshore
11:32 Ships of RF Navy’s Black Sea Fleet take part in "Kavkaz-2020" maneuvers
11:14 Port of Trelleborg offers their shipping customers reliable and fast internet with Nowhere Networks
11:13 "Tatarstan" missile ship of RF Navy’s Caspian Flotilla involved in "Kavkaz-2020" maneuvers
10:09 CTI-Maritec receives DNV GL approval for ballast water testing
09:57 Muuga freight station of Rail Baltica is to be designed by SWECO Projekt AS
09:36 MPC Container Ships ASA announces appointment of new CFO
09:29 Oil prices decrease amid concern over demand/supply imbalance
09:11 Baltic Dry Index as of September 23
08:40 MABUX: Bunker market this morning, Sept 24

2020 September 23

18:15 HMM opens Fleet Control Centre
17:35 Stena develops a solution to use recycled batteries in charging stations at port
17:05 Philippine Ports Authority COVID-19 Molecular Testing Center for seafarers now operational
16:42 British Ports responds to reasonable worst-case scenario Brexit assumptions
16:17 Vestdavit wins contract to supply six Australian Navy patrol boats
16:03 ABB powers P&O super-ferries towards new sustainable transport era
15:43 Royal Niestern Sander orders SCHOTTEL thrusters for world’s first shallow-draught ice-breaking walk-to-work vessel
15:25 FESCO’s Board of Directors elected new Management Board