Pacific Basin divests tugboats

Hong Kong-based Pacific Basin has divested its towage business PB Towage in Australia. The transaction triggers a USD 60 million gain for the dry bulk carrier.

Photo: Pacific Basin

Pacific Basin has been trying to divest the carrier's loss-inducing towage business PB Towage Australia for more than a year, and now the company has managed to do so. The dry bulk carrier informs in a statement that the company has sold the entire towage business and 16 tugboats to Smit Lamnalco, which also acquires another tugboat and a pram owned by PB companies.

The transaction is expected to trigger a USD 60 million gain for Pacific Basin and will likely be completed in January 2015, says Pacific Basin CEO Mats Berglund:

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