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Pacific Basin Shipping returns to net profit of USD 30.8 million

Logistic News - Published on Tue, 31 Jul 2018

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Pacific Basin Shipping, announced unaudited interim net profit of USD 30.8 million, compared with a net loss of USD 12 million last year. The company declared an interim dividend of HKD 2.5 cents. The basic earnings per share was HKD 5.5 cents. Revenue grew by 13.19 percent to USD 795.6 million. Pacific Basin acquired five modern vessels and operated an average of 225 vessels by the end of June.

Commenting on the Sino-US trade war, chief executive, Mr Mats Berglund, said the dispute affected goods which could have an impact on cargo flows in minor the bulk segment including steel products and US agricultural products, primarily soybean, which is only a small fraction of the Pacific Basin business.

He said that the uncertainty weakens sentiment, which could undermine trade, affecting global growth and dry bulk demand.

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Posted By : Nanda Koijam on Tue, 31 Jul 2018
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