Pacific Carriers

At the beginning of 2020, Singapore-based Pacific Carriers Ltd (PCL) had asked Japanese shipowners to either take back their bulk carriers or reduce rates. Many Japanese shipowners are commencing to take redelivery of bulk carriers from Pacific Carriers Ltd (PCL) rather than cut charter rates. In previous months, Pacific Carriers Ltd (PCL) attempted rate cuts on about 40 bulk carriers as Pacific Carriers Ltd (PCL) coped with a slowdown in the dry bulk market due to coronavirus recession. Japanese shipowners cut charter rates between 2016 and 2018 for Pacific Carriers Ltd’s (PCL) chartered bulk carriers to get Pacific Carriers Ltd (PCL) out of a challenging position. However, currently, some Japanese shipowners are reluctant to take fresh rate cuts, with some Japanese shipowners are still owed money from the 2016 to 2018 agreements with Pacific Carriers Ltd. Some Japanese shipowners are opting to take redelivery of their bulk carriers and listing the bulk carriers in S&P (Sale and Purchase) market to accumulate cash by selling the bulk carriers. Japanese shipowners have been asked to cut charter rates or take ships back from Gearbulk and Pacific International Lines. 16-August-2020

 

Singapore-based Pacific Carriers Ltd (PCL) controlled five (5) bulk carriers have been circulated in S&P (Sale and Purchase) market by Japanese shipowners. Five (5) bulk carriers are aged between 8-10 years old and named MV Ikan Pandan (58K DWT), MV Ikan Bawal (58K DWT), MV Double Paradise (95K DWT), MV Alam Mulia (61K DWT), MV Ikan Salmon (61K DWT). Previously, Pacific Carriers Ltd (PCL) was attempting a charter rate cut from Japanese shipowners. Pacific Carriers Ltd (PCL) asked a discount on its charter payments to its Japanese due to financial challenges. Pacific Carriers Ltd (PCL) operates 48 bulk carriers which are mostly owned by Japanese shipowners. Japanese shipowners may want to seize on recovered dry bulk secondhand tonnage. It is unknown if Pacific Carriers Ltd (PCL) is advancing with its negotiations with Japanese shipowners to decrease its charter hire. Many Japanese shipowners have received applications to decrease charter rates from operators. 22-July-2020

 

Singapore-based Pacific Carriers Ltd (PCL) sold 2004 built panamax bulk carrier 75K DWT MV Ikan Bilis for around $7.7 million. Pacific Carriers Ltd’s (PCL) panamax price tag reflects the prevailing pressure on ship values. In 2002, Pacific Carriers Ltd (PCL) ordered MV Ikan Bilis for around $21 million and operated the panamax bulk carrier during boom years. In March 2018, Pacific Carriers Ltd (PCL) sold 2005 built panamax bulk carrier 87K DWT MV Penting to Navios Partners for around $13 million. In April 2016, Pacific Carriers Ltd (PCL) sold 2005 built panamax bulk carrier 87K DWT MV Alam Pesona to Navitas Compania Maritima for around $7 million. 27-February-2019