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PacBasin looking to exit Australian towage businessPacBasin looking to exit Australian towage business

Hong Kong drybulk specialist Pacific Basin Shipping is continuing with its streamlining process, with a proposed sale of its Australian towage business.

Vincent Wee, Hong Kong and South East Asia Correspondent

October 15, 2013

1 Min Read
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The company confirmed the move in a stock market announcement following an earlier Wall Street Journal report that it is exploring exit options for its PB Towage business.

The wire report, quoting unnamed sources, said PacBasin had hired Citigroup to find a buyer for its Australian units, PB Towage and PB Sea Tow, in a sale which could raise over AUD500m ($476.7m).

"The board confirms that it has approved sounding out the market to establish if there is interest in a third party acquiring the PB Towage business as part of its responsibility to shareholders to maximise the value of the Company." PacBasin said, adding that "the process is at a very preliminary stage and there is no certainty that the Company will proceed with any transactions".

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About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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