In its Interim Report of 1 August, Pacific Basin confirmed that a reassessment of the prospects for its RoRo business had resulted in a downgraded outlook for the short and long-term earnings of its RoRo fleet, and that the Company no longer regards RoRo shipping to be a core activity of the Pacific Basin group and consequently would look to exit the sector in an economically rational manner that realises the maximum possible value for its shareholders over the medium term. The Board of Pacific Basin believes the deal to sell all of its six Vessels under the Agreement and to secure full employment for the Vessels under the bareboat charterparties fully addresses the Company’s change in RoRo strategy at what the Directors consider to be acceptable sales terms in the context of current market conditions. The exit from the RoRo sector will allow the Company to direct more of its attention and resources to its core dry bulk and towage businesses. About Pacific Basin Pacific Basin Shipping Limited (www.pacificbasin.com) is one of the world’s leading owners and operators of modern Handysize and Handymax dry bulk vessels. The Company is listed and headquartered in Hong Kong, and currently operates in three main maritime sectors under the banners of Pacific Basin Dry Bulk, PB Towage and PB RoRo. The Company’s fleet (including newbuildings on order) comprises over 230 vessels directly servicing blue chip industrial customers. With approximately 2,000 seafarers and 300 shore-based staff in 19 offices in key locations around the world, Pacific Basin provides a comprehensive quality service to a wide range of customers. Pacific Basin Shipping Limited press release. |