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Pacific Basin on recovery track, returns to profit in H1

Pacific Basin managed to outperform the continuing weak dry bulk market in the first half of 2013, turning around to a small net profit of $300,000 from net loss of $195.9m in the previous corresponding period.

Vincent Wee, Hong Kong and South East Asia Correspondent

August 2, 2013

1 Min Read
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Pacific Basin took a huge $190m impairment for the disposal of its ro-ro fleet last year.

Revenue rose 11% to $766.8m from $691m previously mainly due to increases in handysize and handymax revenue days and underlying profit jumped more than four times to $13.6m from $3.2m previously as increased dry bulk segment net profits and reduced loss from the discontinued ro-ro operations boosted gains.

Segment net profit was up by nearly half to $25.8m mainly due to a stronger handymax contribution compared to the first half of 2012.

Read more about:

dry bulk shipping

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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