Pacific Basin Shipping returns to profit

Pacific Basin Shipping (2343), today announced unaudited interim net profit of US$30.8 million (HK$241.74 million), compared with a net loss of US$12 million last year.

The company declared an interim dividend of HK$2.5 cents.

The basic earnings per share was HK$5.5 cents.

Revenue grew by 13.19 percent to US$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, 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.

The uncertainty weakens sentiment, which could undermine trade, affecting global growth and dry bulk demand, he added.
Source: The Standard