Dry CargoGreater China

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.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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