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.

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