Pacific Basin eyes acquisitions at ‘record low prices’
Despite an $18.5m loss for 2015 – “the weakest year since 1985” for dry bulk rates, Pacific Basin, Hong Kong’s largest shipowner by number of vessels, is in the market for acquisitions.
The company, which released its annual results yesterday, noted upcoming buying opportunities. Saying continued low rates, ballast water treatment regulations and routine drydockings will be a “burden that will be unacceptable for some” and is “likely to drive some struggling shipowners to sell assets at record low prices”, presenting the Hong Kong owner with the chance to grow its fleet on the cheap.
Speaking with Splash today, Mats Berglund, ceo of Pacific Basin, said: “We will assess carefully attractive opportunities that likely will materialise in the weak market but the priority is making sure we manage through this weak market.”