Pacific Basin puts the brakes on acquisitions

Pacific Basin puts the brakes on acquisitions

Pacific Basin, Hong Kong’s largest shipowner by fleet number, is putting the brakes on fleet expansion plans.

In a release to the local stock exchange, the dry bulk owner said that due to the “unprecedented market uncertainty” the company is stopping seeking out secondhand acquisitions unless it finds “particularly compelling” opportunities.

The current Pacific Basin owned fleet numbers 117 ships, while in the first quarter it had an average of 205 ships on the water including those chartered in.

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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1 Comment

  1. Avatar
    Dagfinn Lunde
    April 8, 2020 at 6:29 pm

    Yes, increasing speed to pollute more or…..!?