PSA Marine likely to take over Pacific Basin towage business

Hong Kong: Hong Kong owner Pacific Basin has chosen PSA Marine as the preferred bidder to sell part of its towage subsidiary. Pacific Basin said in a release to the Hong Kong Stock Exchange that it had entered into “an exclusive discussion” with PSA Marine, a subsidiary of port operator PSA International, over the sale of its towage business.

Pacific Basin is trying as much as possible to focus on its dry bulk fleet, the largest in Hong Kong.

PSA Marine has a total of 84 vessels in its fleet, including 50 tugboats, while Pacific Basin has 52 vessels in its towage division.  [11/03/14]

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