Greater China

Pac Basin posts first ever loss, promises to expand

Hong Kong: Despite posting its first ever loss at its interims in Hong Kong a defiant Pacific Basin promised to expand its fleet today, grabbing distressed assets.

Pacific Basin annonced a net loss of $196m for the first six months of 2012 after a $190m writedown for its roro fleet. It made a profit of $3m for the same period last year.

Pacific Basin is trying to offload its six roros but there is little appetite for them at the moment.

Despite the loss, the company’s new ceo, Mats Berglund, said that thanks to its solid balance sheet and $657m cash in hand, Hong Kong’s largest bulk player will add more bulkers to its fleet in the downturn.  [01/08/12]

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