Dry bulk shipowner Pacific Basin has closed a $40m seven-year term loan facility with Danish Ship Finance.
The global sulphur cap is starting to look like an opportunity for the shipping market to finally push through some reasonable freight rate increases, judging from the undercurrents at the Ince & Co business briefing on IMO regulation that kicks in on 1 January 2020.
With an improving supply-demand outlook, Pacific Basin Shipping sees better conditions ahead in the dry bulk market despite looming trade tensions.
Pacific Basin Shipping has bought four vessels for a total of $88.5m in another share and cash deal.
The issue of manpower shortage in the Hong Kong maritime industry was highlighted by director of marine Maisie Cheng at the Hong Kong Marine Department and Hong Kong Shipowners Association Joint Luncheon and Awards Ceremony.
The upcoming stricter emissions control regulations will be to the advantage of bigger and more strongly capitalized companies such as Pacific Basin Shipping (PacBasin) ceo Mats Berglund said at a media briefing for its first quarter trading update.
Minor bulks specialist Pacific Basin Shipping (PacBasin), a vocal advocate of greater control in newbuilding orders, has seen some recovery in freight rates in the first quarter as a result of slower growth in global dry bulk capacity but also warned of some volatility along with the positive market outlook ahead.
A demand driven market recovery caused the dry bulk market to improve significantly in 2017, although from a historically low level the year before, minor bulks specialist Pacific Basin Shipping said while releasing its full year results, in which it finally returned to a $3.6m profit on revenue of $1.5bn.