• 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 August 18

08:03 Port of Oakland to build Seaport Logistics Complex
08:00 CMA CGM announces PSS from Europe, Scandinavia, Black Sea and West Med to Indian Ocean islands
07:57 CMA CGM announces FAK rates from Asia to North Europe
07:41 A.P. Møller - Mærsk A/S posts results for Q2 2018

2018 August 17

20:03 A system of floating containment booms installed near two jetties of Petersburg Oil Terminal
18:26 Krasnoye Sormovo Shipyard launches Pola Feodosia, forth of RSD59 dry cargo vessel series
17:54 Primorsk Oil Terminal’s throughput in Jan-Jul falls 12% to 31.38 million tonnes
17:51 Nevsky Shipyard continues testing of unique replenishment system
17:08 Marine Robotics: Laws, Applications, Technologies roundtable registration underway in Moscow and Vladivostok
17:03 Port of Vysotsk volume in Jan-Jul down to 10.45 million tonnes
16:27 Port of Ust-Luga throughput in Jan-Jul down 4% to 56.27 million tonnes (details)
16:04 Western Bulk publishes First half 2018 results
15:53 Port of St. Petersburg seven-month volumes grow 13% to 34.39 million tonnes (details)
15:34 Stena Blue Sky delivers the first LNG cargo at energy giant ENN's new terminal in China
15:03 ANL announces FAK rates from North Europe and Mediterranean to Australia
14:33 A.P. Møller - Mærsk A/S delivers revenue growth in the second quarter of 2018
14:03 Third railway track put into operation in Port Bronka
13:58 Nevsky Shipyard wins contract for Arc4 passenger/freight vessel duo to be deployed on Sakhalin-Kurils route
13:51 Samsung Heavy Industries wins two eco-friendly LNG carriers
13:21 TORM posts H1 2018 interim results
13:04 A.P. Møller - Mærsk A/S to pursue a separate listing of Maersk Drilling
12:30 Hapag-Lloyd invests in growing East African market
12:07 Port of Oakland gives $70,000 to develop eco-jobs workforce
11:07 Hapag-Lloyd announces rates for Far East Westbound East Asia (including Japan) to North Europe and Mediterranean
10:45 Crude oil futures price edges down to $71.38 in London, in New York to $65.44
10:07 Latest Sanmar tugboat under trials
10:02 Gazprom Neft 1H 2018 net profit soars 1.5-fold
09:41 Baltic Dry Index adds 2 pts to 1727 points
09:37 Diana Shipping announces time charter contract for m/v Coronis
09:32 Port of St. Petersburg bunker prices close the week on a down note
09:06 Gulftainer invests AED11 mln in road extension
08:27 CMA CGM implements new FAK rates from North Europe and Mediterranean to Australia

2018 August 16

18:45 Kalashnikov Concern’s Vympel Shipyard lays keel for freezer trawler of Project T30
18:06 Port of Dover awarded contract to Solent Marine Ltd to design and fit-out Dover's new marina
17:32 Maersk Line announces rates from Far East Asia to West Africa
17:06 Hapag-Lloyd increases reefer fleet by 11,100 containers
16:56 DFDS orders additional freight ferry (ro-ro) newbuilding from the Chinese Jinling Shipyard
16:52 Sovcomflot’s shuttle tanker Governor Farkhutdinov ships 600th crude oil cargo for Sakhalin-2
16:03 CMA CGM announces GRR from Asia to Mozambique
15:47 Taganrog Sea Commercial Port's H1 2018 employee benefits and rewards programme totals RUB 2.2 million
15:31 Melbourne port operator ICTSI may be investigated by State and Federal authorities
15:09 Bunker prices at Far Eastern ports remain flat
14:33 CMA CGM announces GRR from Asia to Indian Ocean
14:27 MABUX: Bunker prices may change irregular next week
14:13 Maersk Line announces rates from Far East to North Europe
13:42 First ever S-T-S loading of 70000dwt Panamax coal carrier performed at Shakhtersk harbour transshipment location in Sakhalin
13:32 More investment contracts at the Port of Gdansk
13:02 Wärtsilä equipped Canadian ferry will have minimal environmental impact
12:16 Damen Shipyards Galati celebrates 125 years
12:09 Okskaya Sudoverf Shipyard launches 6th serial barge of Project ROB20
12:03 Boskalis presents half-year results and terminates loss-making low-end transport activities
11:59 Port of Oakland container volume up 3.6 percent in July 2018
11:45 Rolls-Royce launches new battery system for ships
10:58 DP World revenue up 14.4% in H1 2018
10:57 VARD secures contract for one autonomous and electric-driven container vessel for YARA
09:39 EU NAVFOR mission operation commander visits Spanish MPRA in Djibouti
09:21 Baltic Dry Index gains to 1725 points

2018 August 15

18:33 Equinor extends partnership with The Arctic Race of Norway
17:56 Port Kavkaz seven-month volumes soar 30% Y/Y to 25.21 million tonnes
17:36 Russian Gov't to allocate RUB 500 million in subsidies to support small-tonnage fishing ships construction, Rosrybolovstvo says