ShippingWatch

Pacific Basin suffers massive loss in first half of 2014

One of the world's largest dry bulk carriers is forced to perform major impairments on its towing business, which the carrier has tried in vain to divest.

Photo: Pacific Basin

Hong Kong-based Pacific Basin, one of the largest dry bulk carriers in the world, suffered a combined deficit of USD 90.7 million in the first half of the year. A majority of the loss stems from a USD 63.9 million impairment on the company's towing business, which Pacific Basin has tried in vain to divest.

The weak dry bulk market also weighed down the result for expansive carrier Pacific Basic, which achieved an operating profit (EBITDA) of USD 38.9 million before impairments.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Several factors explain the plummeting dry bulk rates

Dry bulk rates have taken an unusual dive at the beginning of 2022. Most recently, the Baltic Dry Index dipped by 4 percent Friday. Several factors have triggered a ”panic in the market,” an analyst explains to ShippingWatch.

Further reading

Related articles

Latest news

See all jobs