Pacific Basin Shipping

Hong Kong-based shipowner and operator Pacific Basin Shipping controlled 2006 built handysize bulk carrier 33K DWT MV Bass Strait sailed alongside the USS Paul Hamilton, while two other US ships reported upwards of 20 drones operating near the ships. US Navy documents have linked a Pacific Basin Shipping controlled 2006 built handysize bulk carrier 33K DWT MV Bass Strait to an incident in which drones are suspected of gathering data on American warships. According to records received by a military news publication. In the War Zone through the Freedom of Information Act, Pacific Basin Shipping controlled MV Bass Strait was transiting waters off California near several US Navy vessels in the early morning hours on 15 July 2019. According to the news, Pacific Basin Shipping controlled 2006 built handysize bulk carrier 33K DWT MV Bass Strait was probably operating drones to accomplish surveillance on US Naval Forces while transiting to the planned port of call at Long Beach, California. According to the news, these drones have continued operating after the Pacific Basin Shipping controlled 2006 built handysize bulk carrier 33K DWT MV Bass Strait left the site. USS Bunker Hill reportedly attempted to reach the MV Bass Strait and obtained no reaction. USS Bunker Hill documented 11 drones, while the USS Ralph Johnson estimated another 10 drones. The records appear to indicate the incident lasted four and a half hours. The July 2019 drone incident is among a string of drone swarm incidents expressed in records obtained by The War Zone. However, it is the only one related to a commercial vessel. 14-June-2022

 

Hong Kong-based shipowner and operator Pacific Basin Shipping CEO Mats Berglund requested dry bulk market players to keep new-building bulk carrier ordering low. In Q3 2020, Pacific Basin Shipping has reported corrections in charter rates across the dry bulk fleet. Furthermore, Pacific Basin Shipping CEO Mats Berglund stated that secondhand bulk carriers are much more attractive to invest in. Currently, dry bulk carrier new-building ordering is at around 1.2% of the existing carrier fleet and the annual dry bulk carrier scrapping rate is at around 1.7%. Consequently, this is going to decrease the net dry bulk carrier supply and improve the charter rates. Pacific Basin Shipping owns and operates in handysize and supramax segments. Pacific Basin Shipping estimates that handysize and supramax order-book is going to decrease to 1.6% of the live fleet in 2021. Pacific Basin Shipping foresees that new-building handysize and supramax bulk carriers will remain low while demand will remain steady for 2021. According to Pacific Basin Shipping, the handysize and supramax market has rebounded on the back of increasing bulk cargoes during Q3 2020. In Q3 2020, Pacific Basin Shipping reported an average TCE (Time-Charter Equivalent) of $8,000 per day per handysize bulk carrier. In Q3 2020, Pacific Basin Shipping reported an average TCE (Time-Charter Equivalent) of $11,200 per day per supramax bulk carrier. Pacific Basin proclaimed a notable improvement in minor bulk cargoes in recent months. According to Pacific Basin Shipping, in Q1 and Q2 2020, South American grain exports were unusually strong. In Q3 2020, high levels of exports from the United States were observed. According to Pacific Basin Shipping, in Q1 and Q2 2020, demand for coal has been the weakest due to weaker power consumption. In Q3 2020, growing coal imports to India have increased the demand for coal. 13-October-2020

 

Hong Kong-listed shipowner and operator Pacific Basin Shipping will be concentrated on expanding the company’s owned fleet of handysize and supramax bulk carriers. CEO Mats Berglund-led shipowner and operator Pacific Basin Shipping noticed a fall in net profit in 2019 but stated the company will continue to focus on its plan of buying new vessels where Pacific Basin Shipping can reduce its chartered-in fleet. Pacific Basin Shipping mainly owns and operates handysize and supramax bulk carriers. In 2019, Hong Kong-listed shipowner and operator Pacific Basin Shipping reported a net profit of $25 million. Hong Kong-based shipowner and operator Pacific Basin Shipping profited from our TCE (Time Charter Equivalent) earnings outperformance, enlarged owned fleet, and competitive cost structure. On the other hand, Pacific Basin Shipping
has been adversely affected by more fragile dry bulk market conditions and more off-hire than normal, and a record number of dry-dockings. Hong Kong-listed shipowner and operator Pacific Basin Shipping’s average handysize and supramax net daily TCE (Time Charter Equivalent) earnings were down by 4% year on year, but still managed to outperform the Baltic indices. Pacific Basin Shipping’s handysize bulk carriers earned an average TCE (Time Charter Equivalent) of $9,630 during 2019, outperforming the Baltic Handysize Index by 41%. Meanwhile, Pacific Basin Shipping’s supramax bulk carriers beat the Baltic Supramax Index by 24% with average TCE (Time Charter Equivalent) earnings of $11,720 per day. Hong Kong-listed shipowner and operator Pacific Basin Shipping has decreased the number of ships it has on long-term charter from 61 at the end of 2012 to around 18 on average for 2020. Pacific Basin Shipping replaced long-term chartered bulk carriers with owned bulk carriers. Pacific Basin Shipping will resume pursuing fleet growth and renewal strategy. Hong Kong-listed shipowner and operator Pacific Basin Shipping focus on secondhand Japanese-built bulk carriers for their fine quality and value. Pacific Basin Shipping will not order newbuildings due to their high price, low return, and uncertainty over how new environmental rules will affect future ship designs and technology. In 2019, Hong Kong-listed shipowner and operator Pacific Basin Shipping acquired six (6) supramax and two (2) handysize bulk carriers. On the other hand, Pacific Basin Shipping sold two (2) older handysize bulk carriers. By the end of Q2 2020, Pacific Basin Shipping anticipates owning 117 bulk carriers. Pacific Basin Shipping expressed the coronavirus has compounded and extended the seasonal Chinese New Year plunge in shipping demand and has disrupted logistics. However, Pacific Basin Shipping foresees that this situation will be covered soon. Hong Kong-listed shipowner and operator Pacific Basin Shipping has covered 42% and 60% of its handysize and supramax bulk carrier days for 2020. Pacific Basin Shipping predicts that demand for dry cargo shipping should be sustained this year by the normalization of cargo supply fundamentals. Pacific Basin Shipping forecasts that many larger bulk carriers will be taken out of charter for scrubber retrofits, and the majority of smaller bulk carriers will increasingly sail at decreased optimal operating speeds. 28-February-2020

 

Hong Kong-listed shipowner and operator Pacific Basin Shipping expresses an asset-light model in other words pure chartering strategy fails to deliver in the charter-intensive segment. Pacific Basin Shipping is one of the largest handysize shipowners. Currently, some Danish and other ship operators concentrate on pure chartering and let others stress about owning the vessels. According to CEO Mats Berglund-led shipowner and operator Pacific Basin Shipping, an asset-light model is a risky business model. Pacific Basin Shipping assumes asset-light chartering fails to add value for the charterers or yields the utilization levels achieved by self-owned fleets that are complemented by third-party vessels and cargoes. Unlike the capesize market where a limited range of cargoes entails long ballast voyages and often pure shuttle trades for single charterers, the handysize market is a chartering-intense business. Hong Kong-listed shipowner and operator Pacific Basin Shipping is staying out of the larger vessel markets. Pacific Basin Shipping does not prefer the model of trading long-term time chartered bulk carriers, because of the risk. Whereas if you purchase the bulk carrier, you can get the timing wrong and still have time to make your money back during the life cycle of the bulk carrier. CEO Mats Berglund-led shipowner and operator Pacific Basin Shipping operates approximately 140 handysize bulk carriers, of which 83 are owned or under a long-term bareboat charter, 15 are on long-term time charter and the rest are taken in for single voyages. In the supramax bulk carrier segment, Pacific Basin Shipping’s proportion of owned bulk carriers is lower but increasing, with 34 owned out of about 90 operated. Pacific Basin Shipping plans to sell more of its smaller and older handysize bulk carriers and replace them with bulk carriers of more than 35K DWT. This includes supramax bulk carriers, where Pacific Basin Shipping predicts a stronger and more volatile chartering market that will benefit from larger bulk carriers. Pacific Basin Shipping is a strong believer in a large and uniform fleet of owned bulk carriers. However, Pacific Basin Shipping takes bulk carriers on Single-Voyage Time Charters (TCT – Time Charter Trip) to optimize the company’s owned bulk carriers. Over 90% of Pacific Basin Shipping bulk carriers’ days at sea are fully laden. Hong Kong-listed shipowner and operator Pacific Basin Shipping has only bulk carriers with cranes. On the other hand, Pacific Basin Shipping does not time charter the company’s bulk carriers out to other operators. According to Hong Kong-based shipowner and operator Pacific Basin Shipping, the asset-light operators are trading for the margin only. The asset-light operators have no control over the quality they deliver to clients. According to Hong Kong-based shipowner and operator Pacific Basin Shipping, today’s vessel designs and propulsion systems will be obsolete within 10 to 15 years. 15-November-2019

 

Hong Kong-listed shipowner and operator Pacific Basin Shipping will raise $175 million via selling convertible bonds. Mats Henrik Berglund led Pacific Basin Shipping will use the money for fleet expansion, renewal, and general corporate purposes. Pacific Basin Shipping’s bonds would mature in December 2025 with a bondholder’s put option in December 2023. Pacific Basin Shipping’s bonds’ initial conversion price is set at $0.31 per share, representing a 31.9% premium on the closing share price of 31 October 2019. According to CEO Pacific Basin Shipping’s CEO Mats Henrik Berglund, a $175 million bond plan is attractive and beneficial to shareholders. $175 million bond plan is on attractive terms that would enhance the Pacific Basin Shipping’s balance sheet and liquidity position to support the organic expansion and renewal of the fleet. Out of a $175 million bond plan, $49.5 million would be used to fund the earlier acquisition of four handysize bulk carriers. In September 2019, Pacific Basin Shipping acquired two (2) supramax and two (2) handysize bulk carriers for about $74 million. In September 2019, Pacific Basin Shipping was planning to fund the acquisition of four (4) second-hand bulk carriers with cash and selling new shares worth about $25 million. HSBC, BNP Paribas, and DNB Banks are acting as the joint lead managers for a $175 million bond issue which is subject to Pacific Basin Shipping’s shareholders’ approval. 2-November-2019

 

Hong Kong-listed shipowner and operator Pacific Basin Shipping declared September witnessed freight rates reach multi-year highs across all segments. CEO Mats Berglund-led shipowner and operator Pacific Basin Shipping will report a strong Q4 performance as Pacific Basin Shipping’s fleet took advantage of the recent uptick in dry bulk freight rates. CEO Mats Berglund-led shipowner and operator Pacific Basin Shipping’s handysize and supramax bulkers earned average daily TCE (Time Charter Equivalent) earnings of $9,480 and $11,580 per day net in Q3. Pacific Basin Shipping expressed that the much-improved freight rates in September will predominantly affect Pacific Basin Shipping’s Q4 earnings due to the time lag between spot market fixtures and voyage execution. Hong Kong-listed shipowner and operator Pacific Basin Shipping has secured 67% of the company’s available handysize bulk carrier days in Q4 at around $11,450 per day and 74% of its available supramax bulk carrier days for the same period at around $13,660 per day. Pacific Basin Shipping expressed that following the boost in market freight rates in August freight rates have moderated as Chinese import activity wound down for the recent holidays. Pacific Basin Shipping anticipates witnessing the continuance of normally tight freight market conditions in Q4, with freight rates benefitting from what is normally the peak demand season as well as global fleet inefficiencies as many larger vessels are off-hire for several weeks for dry-docking in the run-up to IMO (International Maritime Organization) 2020 regulations. Pacific Basin Shipping is optimistic about the minor bulk market despite the resumed tensions regarding the US-China trade war. 16-October-2019

 

Hong Kong-based shipowner and operator Pacific Basin Shipping is buying two (2) supramax and two (2) handysize bulk carriers from for about $74 million which will be 33% funded by equity and the rest will be paid in cash. According to Pacific Basin Shipping, the dry bulk market is recovering and Pacific Basin Shipping sees upsides in second-hand bulk carrier values and Pacific Basin Shipping’s board considers that these purchase prices are attractive. Three (3) of the bulk carriers already have been on long-term charter of Pacific Basin Shipping. Most likely, handysize bulk carriers 35K DWT MV Saldanha Bay and MV Seal Island, which Pacific Basin Shipping has had on long-term charter for at least a year. Pacific Basin Shipping will eliminate long-term time charter costs and replace bulk carriers with significantly lower owned cash costs. In order to fund the equity portion of the four (4) bulk carriers, Pacific Basin Shipping will issue just over 106 million new shares, worth about $24 million in total. Pacific Basin Shipping’s shares are being issued at a price of HK$1.80 each, which represents a premium of 5.94% to the average closing price for the last 10 trading days before the bulk carrier acquisition contracts were signed. Acquisition of the four (4) bulk carriers is conditional on gaining approval from the Hong Kong Stock Exchange for the listing of the new shares. Pacific Basin Shipping is led by Mats Berglund. Pacific Basin Shipping has acquired a total of eight (8) secondhand bulk carriers over the past 18 months. With the latest acquisition, Pacific Basin Shipping increased its fleet up to 115 ships. 17-September-2019

 

Hong Kong-listed shipowner and operator Pacific Basin Shipping expressed beginning of 2019 was weaker than the last two years. CEO Mats Berglund-led shipowner and operator Pacific Basin Shipping has seen a 73% decline in Q1 profit on the back of weaker dry bulk freight market circumstances. Hong Kong-based handysize and supramax specialist Pacific Basin reported a net profit of $8.5 million in the first six months of 2019. According to Pacific Basin Shipping, the US-China trade war and African Swine Fever affected soybean imports to China, flooding in the Mississippi River impeded grain exports from the United States, and damage to mining infrastructure disrupted Brazilian iron ore exports while harsh weather disrupted Australian iron ore exports. Hong Kong-listed shipowner and operator Pacific Basin Shipping reported the company’s average handysize and supramax daily TCE (Time Charter Equivalent) earnings of $9,170 and $10,860 per day net were down 6% and 7% year on year. However, Pacific Basin Shipping’s average handysize and supramax daily TCE (Time Charter Equivalent) earnings out-performance over the BHSI (Baltic Handysize Index) and BSI (Baltic Supramax Index) indices increased to 59% and 39% respectively. According to Pacific Basin Shipping, IMO (International Maritime Organization) 2020 regulations impact the global fleet. Hong Kong-listed shipowner and operator Pacific Basin Shipping anticipates more robust freight market conditions in the remainder of 2019. 1-August-2019

 

Hong Kong-listed shipowner and operator Pacific Basin Shipping acquired three (3) more second-hand bulk carriers as the company’s fleet expansion campaign continues. CEO Mats Berglund-led shipowner and operator Pacific Basin Shipping acquired three (3) modern second-hand supramax bulk carriers which are planned to deliver over the next three months. Three (3) modern second-hand supramax bulk carrier acquisitions will boost the Pacific Basin Shipping’s owned fleet to 115 bulk carriers. In the Q1, Pacific Basin Shipping took delivery of two (2) of four (4) bulk carriers the company arranged to acquire last May. Furthermore, a modern supramax Pacific Basin Shipping purchased for cash at the end of 2018. Pacific Basin Shipping concluded the sale of a vintage small handysize bulk carrier. Including chartered ships, Hong Kong-listed shipowner and operator Pacific Basin Shipping operated an average of 220 bulk carriers overall during Q1. Currently, Pacific Basin Shipping has $342 million in cash and eight (8) debt-free bulk carriers. Currently, the gap between handysize and supramax bulk carriers’ newbuilding and secondhand prices remains noteworthy and is discouraging new ship ordering. Pacific Basin Shipping expressed 2019 has started weaker than the last two years with a more pronounced Chinese New Year plunge compounded by the US-China trade war, Chinese regulations on coal imports and iron ore infrastructure troubles in Brazil. In April, Pacific Basin Shipping has secured cover for 36% of its handysize revenue days at around $9,360 per day. Pacific Basin Shipping believes that the longer term fundamentals for handysize segments are positive. 9-April-2019

 

Hong Kong-listed Pacific Basin Shipping’s CEO Mats Berglund explained that Pacific Basin will continue to buy more dry bulk carriers. Pacific Basin Shipping has an appetite for fleet growth despite China-America trade wars that assist to take the air out of the dry bulk balloon at the beginning of 2019. Hong Kong-listed Pacific Basin Shipping’s CEO Mats Berglund is sticking to clear sale and purchase targets of his company with bulk fundamentals and Chinese stimulus set to defeat short-term noise. Pacific Basin Shipping has assets of $342 million in cash and 8 (eight) debt-free handy dry bulk carriers. In 2019, Pacific Basin Shipping operates 112 dry bulk carriers compared to 34 dry bulk carriers in 2012. Pacific Basin Shipping’s CEO Mats Berglund is optimistic for the medium and long term future of the dry bulk market despite the drop off in rates at the beginning of 2019. Mats Berglund believes in that the dry bulk market fundamental situation will win over the near-term nervousness. Pacific Basin Shipping will continue to buy secondhand dry bulk carriers. Pacific Basin Shipping’s CEO Mats Berglund still sees a lot of value in secondhand dry bulk carriers. According to Mats Berglund, the gap between five-year-old and newbuilding prices in both the handysize and supramax dry bulk carriers has remained wide for the past 5 years. Pacific Basin Shipping’s CEO Mats Berglund believes that soon new technology and engine designs will be coming to shipbuilding. Pacific Basin Shipping is still looking for secondhand handysize and supramax dry bulk carriers. Pacific Basin Shipping is aiming to invest more secondhand supramax dry bulk carriers than secondhand handysize dry bulk carriers. In 2018, Pacific Basin Shipping reported a profit of $72.3 million. At the beginning of 201, dry bulk handysize and supramax freight rates fell below the levels seen in the comparable periods of 2017 and 2018. According to Pacific Basin Shipping’s CEO Mats Berglund, it is really hard to predict future freight levels in 2019 and it is too early to say if 2019 will end up being weaker than 2018 overall. Mainly, trade wars and China tariffs on United States soybeans will deeply impact freight rates. Pacific Basin Shipping expects more volatility in 2019. 8-March-2019

 

Hong Kong-listed shipowner and operator Pacific Basin Shipping paid dividends to its investors in 2018. Pacific Basin Shipping owns and operates a fleet of handysize and supramax bulk carriers. Advancements in the dry bulk market have led to Pacific Basin Shipping reporting profit for 2018 that is 20 times greater than its previous annual result. CEO Mats Berglund-led shipowner and operator Pacific Basin Shipping reported net profit of $72 million in 2018. Hong Kong-based shipowner and operator Pacific Basin Shipping expressed the result was supported by better market conditions. Minor bulk ship demand increased by 5.3% during 2018, despite a weaker US-China trade. Pacific Basin Shipping expressed the dry bulk industry would resume its growth in 2019, but not without challenges. Pacific Basin Shipping anticipate to see increased volatility in 2019 affected by uncertainty about the trade wars, but also by environmental rules contributing to tighter supply. Currently, Hong Kong-listed shipowner and operator Pacific Basin Shipping owns 111 bulk carriers and generally operates over 200 bulk carriers, including chartered bulk carriers. 26-February-2019

 

Hong Kong-listed shipowner and operator Pacific Basin Shipping has lowered the company’s bond debt by 98% after bondholders exercised a put option. CEO Mats Berglund-led shipowner and operator Pacific Basin Shipping has redeemed bonds worth $122 million. Hong Kong-based shipowner and operator Pacific Basin Shipping has launched the company’s option to redeem all the remaining bonds by 2 August and cancel them upon settlement. Pacific Basin Shipping has been active in tweaking the company’s financial deals so far this year. In May, Pacific Basin Shipping secured a new $115m revolving credit facility. 2-July-2019

 

Pacific Basin Shipping operated 2001 built handy bulk carrier 29K DWT MV Baltic Sea’s one (1) crewman has died and another two (2) were taken to hospital in Mauritius. On 15 June 2018, crewmen were evacuated off Port Mathurin in Mauritius, and the cause of death is still under investigation. Hong Kong-flagged MV Baltic Sea is in the fleet of the Pacific Basin Shipping. After the captain of the MV Baltic Sea distress call, the MV Baltic Sea deviated to the nearest port of Port Mathurin in Mauritius and activating medevac. 16-June-2018

 

HSBC Global Research raised the target price for Pacific Basin Shipping to HKD 1.80, from HKD 1.70. Previously due to positive supply-demand projection in 2019 HSBC Global Research evaluated the target price of HKD 1.70. HSBC Global Research believes the balance between bulk carrier supply and charterer demand will remain favorable for shipowners in 2019. Hong Kong-listed shipowner and operator Pacific Basin Shipping reported last week that the dry bulk sector was past the worst part of the cycle in shipping history. Pacific Basin Shipping expects a gradual market improvement in the dry bulk shipping sector. In Q3 2017, Time Charter Equivalent (TCE) for the Pacific Basin Shipping’s handysize dry bulk carriers was $8,130 and supramax dry bulk carriers was $9,350. HSBC Global Research is now forecasting a loss of $9 million for Pacific Basin Shipping at the end of 2017. 17-October-2017

 

Hong Kong-listed shipowner and operator Pacific Basin Shipping’s fleet number increased to 100 dry bulk carriers after the latest acquisition of 2010 built handy bulk carrier 31K M/V Ocean Harmony for about $9.4 million from the United Ocean Shipping. Even though the sudden jump in BDI (Baltic Dry Index), the dry bulk market has not been sustained a balance between supply and demand. In Q1 2017, Chinese economic and industrial activity has been slowly increasing. 16-April-2017