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Ro-ro ops drag Pac Basin to a $159m full-year loss

Ro-ro ops drag Pac Basin to a $159m full-year loss
Hong Kong: Pacific Basin Shipping continued to feel the effects of its ro-ro business divestment and the weak dry bulk market posting a $158.5m net loss for 2012 on revenue of $1.44bn. Full-year net profit in 2011 was $32m.

Results were impacted by a $190.4m impairment and $8.2m exchange loss related to the ro-ro business, very weak dry bulk market spot rates and a strong $37.7m contribution from PB Towage PacBasin said. It added that a strong balance sheet with with total cash and deposits of $753m and net borrowings of $178m puts it in a good position.

While revenue increased 10% due to a 21% increase in handysize and handymax revenue days, direct costs increased 13% due to increases in bunkers and port disbursements attributable to the additional days.

Meanwhile segmental net profit fell due to a 23% decrease in daily charter rates of handysize vessels, offset in part by 11% lower blended daily vessel costs, and a strong $37.7m contribution from PB Towage.

"Positive underlying results and a healthy cash flow were partly attributable to the significant outperformance of our dry bulk business during the weakest dry bulk market since 1987," chairman David Turnbull said in a stock market announcement.

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