Roro red ink hurts Pacific Basin

Hong Kong: Pacific Basin dropped the most in 2012 on the local bourse after admitting its roro fleet is likely to lose $190m thus ensuring a first half loss.

The company dropped 6.3% to HK$3.25 at the close of trading in Hong Kong yesterday.

Pacific Basin has made clear it wants to exit the roro business and focus on dry bulk and towage. It has six roros at present.

The writedown “was larger and earlier than we expected,” Citigroup analyst Rigan Wong said in a note to clients today. “This reflects the sudden deterioration of the RoRo market.”  [20/06/12]

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