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.

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