• 2018 May 15 10:11

    Pacific Basin purchases four modern ships 50% funded by new shares issued to ship sellers

    Pacific Basin Shipping Limited (“Pacific Basin” or the “Company”, 2343.HK), one of the world’s leading dry bulk shipping companies, today announced its conditional agreement to acquire four dry bulk vessels for a total consideration of US$88.5 million to be 50% funded by equity.
    The consideration will take the form of:
    1) 170,760,137 new Pacific Basin shares (the “new shares”) to be issued to the ships’ sellers amounting
    to US$44.29 million in aggregate; and
    2) US$44.21 million to be funded from the Group’s cash.
    The acquisition of the ships and the share issue are all conditional upon the Hong Kong Stock Exchange’s approval of the listing of the new shares, which we expect to be granted within several days.
    The acquisitions relate to:

    The new shares are to be issued under the Company’s General Mandate, and will in aggregate represent approximately 3.68% of Pacific Basin’s enlarged issued share capital after the allotment and issue of all these new shares.
    The issue price of HK$2.036 per new share issued to the ships’ sellers is equal to the average closing price for the last five trading days immediately prior to the date of the ship acquisition contracts. Unrelated to these transactions, Pacific Basin also acquired a 2009 Japanese-built 32,000 dwt Handysize log/bulk carrier at the end of April in an all-cash deal with expected delivery in June 2018. Following the delivery of this ship and the four vessels in the above-mentioned transactions, our owned fleet will grow to 111 ships.

    Mr. Mats Berglund, CEO of Pacific Basin commented: “Consistent with our previously stated goal of looking at good quality secondhand ships at still historically low prices, these ship purchases represent another attractive opportunity to grow and renew our fleet with modern, efficient vessels built by large, reputable shipbuilders Imabari and Tsuneishi. The Handysize ships are logs-fitted, and all the ships are of the best design for our trades and will enhance our fleet for the long term. They will also increase further the proportion of our owned versus chartered-in vessels at what we consider an attractive time.
    The 2015-built Handysize ship we are buying is currently under our long-term time charter, so our purchase of this vessel would replace our charter cost with significantly lower operating costs and thus benefit our operating cash flow."

    "The share issue enables immediate 50% equity-based funding of the acquisitions of the four ships and will enhance our operating cash flow, EBITDA and balance sheet strength. The transactions will also lower our P&L breakeven levels and are expected to be accretive to our earnings per share. We appreciate our relationships with the sellers and their belief in the longer term prospects for Pacific Basin and its shareholder value. We are delighted to have secured these excellent ships,” Mr. Mats Berglund said.

    About Pacific Basin
    Pacific Basin Shipping Limited is one of the world’s leading owners and operators of modern Handysize and Supramax dry bulk vessels. As at 14 May 2018, the Company operates around 230 dry bulk ships of which 106 are owned and the rest chartered. Pacific Basin is listed and headquartered in Hong Kong, and provides a quality service to over 500 customers, with approximately 3,400 seafarers and 330 shore-based staff in 12 offices in key locations around the world.

    Ship type

    DWT

    Year of Build

    Expected delivery

    Consideration

    one secondhand Supramax

    58,000

    2010

    Q1 2019

    US$15.5 million

    one resale newbuilding Supramax

    64,000

    2018

    mid-2018

    US$28.0 million

    one secondhand Handysize

    37,000

    2015

    Q4 2018

    US$20.5 million

    one resale newbuilding Handysize

    37,000

    2018

    Q4 2018

    US$24.5 million




2018 October 18

18:03 VSDV opens new crossdock location in the port of Amsterdam
17:33 The first vessel in Klaveness Combination Carriers next generation of combination carriers named at New Yangzi Shipyard in China
17:17 Cargo transportation via Northern Sea Route can reach 17 million tonnes in 2018
17:03 Savannah container trade up 12 percent in September 2018
16:55 PGRK: sales strategy of Pavlovskoye deposit project is focused on foreign markets
16:33 SITC Logistics Group signs strategic cooperation agreement with Chengdu Port Investment Group and Guangzhou Port Logistics Group
16:03 NYK and Horiba to develop a new sulfur-in-oil analyzer for ships
15:34 Thames freight volume rises by 40% as Thames Vision strategy starts to bear fruit
15:33 Port of Rotterdam Authority and research institute TNO present results of the study at IMO meeting
15:31 Dublin Port volumes grow by 4.7% in first nine months. By year end, 36% growth in just six years
15:03 Chinese Lingang group invests 85 million euros in Zeebrugge inner port
14:47 Practical aspects of LNG bunkering to be discussed at the dedicated conference in Moscow on October 24
14:33 Nouryon, Tata Steel, and Port of Amsterdam partner to develop the largest green hydrogen cluster in Europe
14:24 Bunker prices may change irregular next week amid rising volatility on global fuel market, expert says
14:11 Tallink and Rauma marine constructions sign letter of intent for the construction of new shuttle ferry
14:02 VesselMan and DNV GL team up to offer optimized solution for dry-docking management
13:30 Project Forward paves the way for meeting IMO’s reduction on CO2 emissions
13:14 Equinor’s share saving plan allocates shares
13:02 Damen Shipyards Group and Abu Dhabi Ports sign contract for two Damen ASD Tugs 2411
12:52 Volumes transported by TransContainer’s flatcars and containers grew by 5.1% Y-o-Y to 1.38 million TEUs
12:43 Diana Shipping announces direct continuation of time charter contract for M/V Astarte with Glencore
12:40 Damen Shiprepair Oranjewerf adds three new certifications
12:30 Vympel Shipyard launches third coast guard boat of Project 1496М1, Lamantin, for FSB Border Guard Service
12:11 Equinor focuses NCS portfolio through sale of non-core discovery
11:51 Securitas Technology BV installing cameras in the Port of Rotterdam
11:28 HII starts fabrication of amphibious assault ship Bougainville (LHA 8)
10:55 Seafarers’ mental health is focus of new training programme offered free to mariners worldwide
10:51 RF Navy’s Pacific Fleet detachment to conduct exercise East China Sea
10:13 Ulstein secures contract for design of Jones Act compliant SOV vessel
09:58 Brent Crude futures price up 0.07% to $79.99, Light Sweet Crude – up 0.1% to $67.61
09:39 Myanmar officials trained in forming maritime transport policy
09:14 Baltic Dry Index is down to 1,554 points

2018 October 17

18:03 PGNiG and Venture Global LNG announce LNG Sales and Purchase Agreements for 2 million tonnes per year
17:46 The Freeport of Riga Authority continues to develop cooperation with China
17:22 Port Manatee enjoys record fiscal year with diverse growth
17:00 North Sea Port and Titan LNG successfully supply sea-going vessel with LNG fuel
16:55 33 LNG carriers and 8 gas condensate carriers with export cargo left port Sabetta in April-June 2018
16:24 Baku International Sea Trade Port launches two new tugboats
16:02 Hapag-Lloyd announces General Rate Increase for East Asia to Mexico, Central America, West Coast of South America, Caribbean & Panama trade
15:46 New BIMCO & IBIA Bunkering Guide available
15:23 NOVATEK and Fluxys plan to build an LNG terminal in Rostock
15:02 NYK develops original software that diagnoses combustion chamber problems
14:40 RF Government allocates RUB 8.4 billion for the Far East development
14:21 Scorpio Bulkers announces time charter-out agreements
14:03 CMA CGM implements Empty Repositioning Surcharge for exports from all Turkish ports
13:32 Ørsted contracts Van Oord for cable installation Borssele I & II
13:21 Throughput of Ukraine’s seaports in 9M’18 fell by 1.7% Y-o-Y to 95.9 million tonnes
13:04 CMA CGM to introduce new BAF on Asia-Africa trade
12:30 GTT and Dongsung Finetec sign a Memorandum of Understanding
12:02 Maritime and Port Authority of Singapore and partners sign MoU for 3D printing facility and applications in maritime sector
11:53 Identifying barriers to cutting emissions through just-in-time operations
11:27 Norddeutsche Reederei H. Schuldt joins V.Group
10:50 Brent Crude futures price down 0.09% to $81.34, Light Sweet Crude – up 0.06% to $71.88
10:42 CMA CGM to introduce new BAF on Europe-Africa trade
10:37 Damen Shipyards Galati hands over 74-metre fishery research vessel to Angolan government
10:27 Maritime Arctic Competence Center opens in Saint-Petersburg
09:42 KN invests in environmental protection measures
09:20 Baltic Dry Index is down to 1,578 points

2018 October 16

18:33 Maersk Line announces new FAK rates from Mediterranean to West and Central Asia
18:03 ABS holds two seminars at the 58th Genoa International Boat Show