Pacific Basin negotiates lower charter rates by offering new shares

Pacific Basin negotiates lower charter rates by offering new shares

Pacific Basin is handing out new shares to ten owners in return for getting lower charter rates on ships it has taken in. Around 80m new shares at HK$1.218 have been issued in a bid to cut the Hong Kong owner’s charter payments by $12.56m over the next two years.

“The directors consider that the issue enhances the company’s cash balances and its ability to maintain its balance sheet strength in the protracted weak dry bulk market,” Pacific Basin said.

Pacific Basin is one of the world’s largest owners and operators of handysize and supramax bulkers and currently operates more than 200 dry bulk ships of which 89 are owned and about 130 are chartered.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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