Pacific Basin will move tugs to the Middle East

Following the failed attempt to divest its towage business, Pacific Basin plans to move ships from Australia to the market in the Middle East.

Photo: Hyundai Merchant Marine

Dry bulk carrier Pacific Basin plans to move part of its towage activities to the Middle East from Australia, where the company in recent years has learned valuable lessons, and this was also part of the reason the carrier has been working to divest its PB Towage business.

The company will also consider divesting some smaller and older tugboats from its fleet, which currently stands at 49 vessels, said Pacific Basin CEO Mats Berglund at a teleconference Thursday, following the publication of an interim report that showed a combined deficit of USD 90 million in the first half of the year. A majority of this loss, USD 63 million, was caused by an impairment on the company's Australian towage business.

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