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Pacific Basin forced to cancel sale of towage division

Pacific Basin's attempt at divesting its towage business has failed, and the company is now forced to perform a major impairment and faces a combined deficit for the first half of 2014.

Hong Kong-based Pacific Basin Limited has abandoned the sale of its tugboat business PB Towage, says the company on Wednesday.

The terminated divestment plans also mean that Pacific Basin is forced to perform a USD 58.5 million impairment on ships and related investments. Pacific Basin will thus finish the first half of 2014 with a combined deficit, according to the statement and the attached profit warning from the company.

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