Pacific Basin Looking to Enhance Its Profile in China

Image Courtesy: Pacific Basin

Hong Kong-listed dry bulk carrier Pacific Basin Shipping has been included an eligible stock for Southbound Trading under Shenzhen-Hong Kong Stock Connect (SZ-HK Stock Connect).

“We are very pleased to be included in the SZ-HK Stock Connect scheme. The southbound trading mechanism will help to enhance Pacific Basin’s profile in the mainland Chinese capital markets, and potentially enlarge our shareholder base in China where our business of transporting raw materials is likely to have a particular resonance,” Mats Berglund, CEO of Pacific Basin, said.

Additionally, the group has been included in the Hang Seng Stock Connect Hong Kong Index Series, consisting of the Hang Seng Stock Connect Hong Kong Index (HSHKI), the Hang Seng Stock Connect Hong Kong MidCap & SmallCap Index (HSHKMS), and the Hang Seng Stock Connect Hong Kong SmallCap Index (HSHKS). The index revision is effective from September 4, 2017.

During the first half of 2017, Pacific Basin managed to cut its underlying loss to USD 6.7 million from last year’s USD 61.6 million loss, amid improved dry bulk market freight rates in the first half of 2017.

Despite the rates recovery, the company informed that it will not be exercising its options for newbuilding tonnage as long as the current market conditions remain.

The dry bulker owner has options to purchase 11 Handysize, 3 Supramax and 1 Post-Panamax vessels at predetermined times and prices during the period of their leases. However, the company earlier said that it is keeping a close eye on the second-hand assets, which currently have very attractive prices, to bolster its fleet.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >