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Pacific Basin Announces 2013 Annual Results
A pivotal year of investment for growth and value creation to position for cyclical recovery Pacific Basin Shipping Limited (“Pacific Basin” or the “Company”; SEHK: 2343), one of the world’s leading dry bulk shipping companies, today announced the results of the Company and its subsidiaries (collectively the “Group”) for the year ended 31 December 2013
Outlook
■Cyclical upturn has started – dry bulk market is expected to be stronger and volatile in 2014
■We remain selectively open to appropriately priced ship acquisitions to further position ourselves for a stronger market
■Towage outlook has become more challenging as offshore towage contracts wind down, but underlying harbour towage demand drivers remain positive
Mr. Mats Berglund, CEO of Pacific Basin, said: “Dry bulk shipping in the first half of 2013 experienced its weakest market conditions since 1986, while an improved second half demonstrated encouraging early signs of a cyclical upturn with increased rate volatility. In this overall weak and challenging market, our dry bulk business outperformed the freight market indices and we fulfilled our goal of significantly expanding our dry bulk fleet with ships of excellent design acquired at historically low prices. It was a pivotal year of investment for growth and value creation to position ourselves for the cyclical recovery.PB Towage had a mixed year with our harbour towage activity continuing to grow steadily, but our offshore towage performance impacted in the second half by the costs of winding down completed projects and starting up new operations.”
Source: Pacific Basin Shipping Limited
Outlook
■Cyclical upturn has started – dry bulk market is expected to be stronger and volatile in 2014
■We remain selectively open to appropriately priced ship acquisitions to further position ourselves for a stronger market
■Towage outlook has become more challenging as offshore towage contracts wind down, but underlying harbour towage demand drivers remain positive
Mr. Mats Berglund, CEO of Pacific Basin, said: “Dry bulk shipping in the first half of 2013 experienced its weakest market conditions since 1986, while an improved second half demonstrated encouraging early signs of a cyclical upturn with increased rate volatility. In this overall weak and challenging market, our dry bulk business outperformed the freight market indices and we fulfilled our goal of significantly expanding our dry bulk fleet with ships of excellent design acquired at historically low prices. It was a pivotal year of investment for growth and value creation to position ourselves for the cyclical recovery.PB Towage had a mixed year with our harbour towage activity continuing to grow steadily, but our offshore towage performance impacted in the second half by the costs of winding down completed projects and starting up new operations.”
Source: Pacific Basin Shipping Limited
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