(Bloomberg) — Pacific Basin Shipping Ltd., Hong Kong’s biggest dry-bulk carrier, posted its first annual loss since listing in 2004 after a $199 million write-off against vehicle-carrying ships and falling rates for moving commodities.
The net loss of $158.5 million compared with a profit of $32 million a year earlier, the company said in a filing to Hong Kong stock exchange today. That was smaller than the average $189.9 million loss of 11 analysts’ estimates compiled by Bloomberg. Sales rose 10 percent to $1.44 billion.
Pacific Basin, in September, agreed to sell all six of its RoRo, or roll-on, roll-off, ships with forward deliveries after making a $190 million first-half writedown against the vessels as the European debt crisis damped rates. Chief Executive Officer Mats Henrik Berglund, who took over in June, said the company will revert to its traditional focus of operating handysize and handymax dry-bulk ships as well as tugs.
“Pacific Basin has to cope with falling rates even though we believe it outperforms peers,” Bonnie Chan, a Hong Kong- based analyst with Macquarie Group Ltd., said before the earnings were released. “Its core handysize segment should be the first to recover within the dry-bulk industry as it has seen the slowest supply growth in 2012.”
The ship operator said it plans to pay a final dividend of 5 Hong Kong cents per share, unchanged from a year earlier.
Pacific Basin rose 3.2 percent to HK$4.57 at the close in Hong Kong trading, before the earnings were released. The stock has gained 12 percent in the past year, outperforming the 6.7 percent advance in the benchmark Hang Seng Index.
Pacific Basin has bought eight ships since September. The carrier has a total fleet of 239 vessels including new ship orders, it said in the statement. The company uses small types of vessels, mainly handysize and handymax, to move commodities including metals, logs and grains.
The Baltic Dry Index, the benchmark for rates for hauling commodities, rose 0.5 percent to 745 points in London yesterday. It slumped to a 25-year low last year.
Most European ports are lagging in installing the shore-side electrical infrastructure needed for ships to switch from highly polluting marine fuel to cleaner electricity while docked, a new study showed on Tuesday.
Trump outlines a tougher stance on Russia, conditioning peace talks on halting attacks and threatening sanctions on countries buying Russian oil. By Anastasiia Malenko, Steve Holland and Dan Peleschuk KYIV/WASHINGTON,...
(Bloomberg) — GE Vernova Inc. will pay $10.5 million to the town of Nantucket, Massachusetts, after one of its offshore wind turbine blades broke into pieces and washed ashore last...
July 14, 2025
Total Views: 1899
Get The Industry’s Go-To News
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
— just like 109,001 professionals
Secure Your Spot
on the gCaptain Crew
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
— trusted by our 109,001 members
Your Gateway to the Maritime World!
Essential news coupled with the finest maritime content sourced from across the globe.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.