ShippingWatch

Pacific Basin CEO sees cautious improvement

Hong Kong-listed Pacific Basin has concluded its non-core business divestment strategy to focus exclusively on dry bulk - a segment that is going through an unprecedented weak and fragile period.

Photo: Pacific Basin

Seen from an investor's perspective, it probably makes sense that Pacific Basin has divested almost all of its non-core business units, and that the remainder of the company can focus its efforts on one corporate segment.

Apart from a single RoRo ship on bare boat charter and scheduled to be sold to Italian Grimaldi already this month, the Hong Kong-headquartered carrier with a fleet of around 200 vessels now exclusively works in the bulk industry. The tug boat division has also substantially been divested. The streamlining of Pacific Basin, headed by Swedish CEO Mats Berglund, is first and foremost meant to refocus the company to its core and reshape a profitable business following several quarters of deficits and impairments primarily on its non dry bulk businesses. The hope and expectation from Berglund is that a clear-cut company is more attractive to investors, which can help the listed company raise money, he explains in an interview with ShippingWatch.

Read the whole article

Get 14 days free access.

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

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Container reliability hit new low at the end of 2021

Schedule reliability in the container industry set a new negative record in December 2021 with one route in particular hit hard with an on-time arrival rate of only 10 percent, show figures from Sea-Intelligence. Problems in supply chains are still ”a huge burden,” says Hapag-Lloyd.

DNB Markets says oil price could hit USD 100 a barrel

An optimistic scenario could see the oil price go above USD 100 per barrel, DNB Markets forecasts in its latest oil market report. It won’t take much for it to happen, oil analyst Helge André Martinsen says to ShippingWatch.

Cadeler secures two new deals

Shipping line Cadeler, which operates wind installation ships, lands two new deals, one with Vestas, the other with an unnamed customer.

Further reading

Related articles

Latest news

See all jobs