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Pacific Basin swaps shares for lower charter rates

Dry bulk carrier Pacific Basin has issued new shares to a series of shipowners in return for lower charter rates over the next two years. The new charter deals could strengthen the company's balance in the dire dry bulk market, notes Fearnleys.

Photo: Pacific Basin

Hong Kong-based dry bulk player Pacific Basin has bagged lower charter rates for a total of ten contracts.

Pacific Basin will in this regard issue new shares for close to 80 million Hong Kong dollars in return for a combined charter reduction of USD 12.5 million over the next two years, informs the carrier in a notice on Monday.

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