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.

BY KATRINE GRØNVALD RAUN

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.

Already a subscriber?Log in here

Read the whole article

Get access for 7 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

Access all locked articles
Receive our daily newsletters
Access our app

Get full access for you and your coworkers

Start a free company trial today

Pacific Basin warns of major loss on customer
For subscribers
Pacific Basin surpasses tough dry bulk market
For subscribers
Pacific Basin will move tugs to the Middle East
For subscribers

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

”We are able to deliver the technologies very quickly, ahead of fuel availability, and at a competitive price. So we are definitely not a bottleneck,” says Toni Stojcevski, general manager, Project Sales & Development at Wärtsilä, | Foto: Sune Høegh, Mediaspektrum

Suppliers

Wärtsilä to introduce ammonia engine: "We are definitely not a bottleneck"

The Finnish company, like several other engine manufacturers, is on the verge of launching its first ammonia engine and is currently negotiating with several shipping companies.

For subscribers

Rising fuel prices in France in 2018 led to demonstrations and the "Yellow Vests" movement. | Foto: Jacob Ehrbahn

Regulation

Will the world come to need 12 million barrels of oil a day?

For subscribers

”Our focus is on working with our clients to help them to a greener, more sustainable mari:me future through the energy transi:on to net zero once the fuels, ships and technology are available at scale,” says Michael Parker, chair of the Poseidon Principles. | Foto: Global Maritime Forum

Regulation

Poseidon Principles align with IMO climate targets

For subscribers

Carriers

Royal Arctic Line's chief executive steps down

For subscribers

John Fredriksen was born in Norway but holds a Cypriot passport. | Foto: Ints Kalnins/Reuters/Ritzau Scanpix

Tanker

Broker sees benefits in Fredriksen's possible purchase of rival's tankers

For subscribers

Maersk and Hapag-Lloyd are the first of the major shipping companies to give their take on how the new CO2 quotas will affect their prices. | Foto: Jacob Gronholt-Pedersen/Reuters/Ritzau Scanpix

Container

Carriers go their separate ways on climate quotas

For subscribers

Russia takes more risks by increasing shipping on Arctic route
Russia does not have enough ice-class ships, and oil spills from tankers in the area will be difficult to handle, according to shipbroker Poten and Partners.
For subscribers
Everfuel and French fund to invest EUR 200m in hydrogen through joint venture
The new joint venture will focus on developing electrolysis capacity in the Nordics to deliver hydrogen as a green fuel to the European market.
For subscribers
Gram Car Carriers lands multi-year contract worth USD 114m
The vehicle carrier’s new contract is for the Viking Queen, which can accommodate approximately 7,000 cars.
For subscribers
Mississippi River waters dip toward record low in threat to US crop exports
Transportation of grain and soybeans on the Mississippi River is once again complicated by extraordinarily low water levels.
Seven Seas: Customers' green ambitions and actions don't align
Seven Seas’ customers want to reduce plastic onboard ships but do not order the alternative product. The ship supplier’s CEO sees only one logical explanation.
For subscribers
Venture fund in Singapore wants increased business focus from start-ups
Nicklas Fursund is one of the partners in Motion Ventures, which has several well-known investors on board. He believes that entrepreneurs think too little about business.
For subscribers

Carriers go their separate ways on climate quotas

Maersk and Hapag-Lloyd have different estimates of how much customers will have to pay for the EU’s new CO₂ allowances. ”It will be a big mess,” writes Sea-Intelligence.

For subscribers

Suppliers

Wärtsilä to introduce ammonia engine: "We are definitely not a bottleneck"

The Finnish company, like several other engine manufacturers, is on the verge of launching its first ammonia engine and is currently negotiating with several shipping companies.

For subscribers

The price will determine whether the sale of DB Schenker will go through, sources tell DPA. | Foto: Marvin Ibo G'ng'r/AP/Ritzau Scanpix

Logistics

Media: Sale of DB Schenker enters next phase

After a long period of scrutiny, Deutsche Bahn is ready to pursue a sale of the major freight forwarder DB Schenker, report German media.

For subscribers

Casper Ellerbæk has a professional background at competitor Kuehne + Nagel. | Photo: Dhl / Pr

Logistics

It's time for DHL's new global head of ocean freight to prove he can be number one

PROFILE: People familiar with the new chief executive of DHL Global Forwarding are not surprised by the appointment after a career that has gone in a straight line up.

For subscribers

Regulation