Pac Basin sale off

Hong Kong owner Pacific Basin is now expecting to post a loss in the first six months after it failed to complete a sale of its harbour tug business PB Towage.

The company entered into talks with Singapore’s PSA Marine to sell the operation in March, after marketing both its harbour and offshore operations.

The negotiations came to nothing, however, due to the “increasingly competitive landscape in the Australasian harbour and offshore towage and infrastructure support markets.”

This has led to the company reassessing its prospects for PB Towage, writing down $58.5m in the value of its fleet and other investments, while making a further unspecified provision of $2.5m.

The bulker owner said it would post a net loss to 30 June, against a small profit of $0.3m last year.

“We are currently engaged in tenders for potential new business and are committed to continuing to support these initiatives and to grow our businesses,” it added.