Mats Berglund News

Hong Kong-headquartered dry bulk shipping company Pacific Basin announced Wednesday that Martin Fruergaard will take over as CEO, replacing longtime chief executive Mats Berglund, who has decided to retie. Fruergaard, the current CEO of Danish gas shipping company Ultragas, will relocate to Hong Kong and join Pacific Basin in early July. He brings to the role significant maritime leadership experience, having previously occupied senior positions in Maersk Bulk Carriers, Maersk Tankers and Maersk Drilling.Berglund was CEO of Pacific Basin for nine years…

A who’s who list of maritime industry executives have signed on to voice their support for a zero-carbon future in shipping.The not-for-profit foundation the Global Maritime Forum brought together a group of 34 CEOs and industry leaders from across the global maritime sector to sign a call for action and lead the industry in a transition toward decarbonization.To achieve this, these leaders believe the maritime industry needs to accelerate both technological and business model innovation…

The Hong Kong-based maritime transport company Pacific Basin Shipping, has 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 international dry bulk shipping company declared an interim dividend of HK$2.5 cents.Pacific Basin's Handysize and Supramax daily TCE earnings outperformed the market indices by 19% and 11% respectively. It has secured a US$325 million revolving credit facility that significantly extends its repayment profile and lowers our finance costs."We acquired five modern vessels including four funded 50% by equity, which will grow our owned fleet to 111 ships Including chartered ships…

Pacific Basin Shipping Limited has announced its conditional agreement to acquire five dry bulk vessels for a total consideration of US$104.6 million. The consideration will take the form of 216,903,274 new Pacific Basin shares to be issued to the ships’ sellers amounting to US$46.1 million in aggregate, cash of US$38.0 million in aggregate, conditionally raised through a placing of new Pacific Basin shares to institutional investors, with HSBC as placing agent and US$20.5 million to be funded from the Group’s cash. The acquisition of the ships and the share placing are all conditional upon the Hong Kong Stock Exchange’s approval of the listing of the vessel consideration shares and the placing shares respectively, which we expect to be granted within several days.

The worst is over for the dry bulk shipping sector, after years when too many ships chased too little cargo, yet the extent of the lost business means a full recovery is still some way off, leading ship owners said on Wednesday. Dry bulk shipping, which transports commodities including coal, iron ore and grain, has been among the worst performing shipping segments in recent years, partly due to worries over the health of top industrial goods importer China. Some companies have…

Hong Kong bulker  Pacific Basin has proposed a one-for-one rights issue in a bid to raise approximately $150.6m for strengthening its long term equity capital. The shipping company plans to sell around 1.9 billion rights shares at a price of HKD0.60 per share, representing a 58.3% discount to last Friday’s closing price of HKD1.44 per share. The net proceeds of the proposed Rights Issue will add long term equity capital which will be used to:(1) strengthen the Company’s balance sheet and liquidity position at a time when a number of companies in the industry are experiencing financial distress; and (2) allow the Group to reserve cash for potentially attractive acquisitions of second hand Handysize and Supramax vessels at historically depressed prices.

The second Annual Danish Maritime Forum, scheduled for October 7-8, 2015, in Copenhagen, brings together a wealth of global maritime leaders to address present and long-term challenges for industry. Discussions at this year’s Danish Maritime Forum are influenced by volatility in global markets and uncertainties about future growth and will focus on how the maritime industry can address these challenges in both the short and long term. Other topical issues will include the New Chinese Silk Road, the global energy outlook and the future of ocean governance.

Pacific Basin Shipping cut its half-year underlying losses by 32 per cent to US$14.6 million from a year ago, thanks to stringent cost-cutting efforts that helped it mitigate an anaemic dry-commodities shipping market. Hong Kong-listed Pacific Basin, the world's largest carrier of minor bulk cargo such as cement, bauxite and sugar, eked out US$5.8 million in net profit in the first half. The company booked an unrealised derivative income of USD16.7 million mainly from an increase in average oil prices when compared to the end of 2014, which affected its bunker fuel swap contracts. Revenue fell 30% year on year to USD634.6 million. Mats Berglund…

Pacific Basin Shipping Limited has sold to Smit Lamnalco its entire shareholding in PB Towage Australia (PBTA), including all its harbor towage operations and 16 harbor tugs and two additional assests (one harbor tug and one barge) currently owned by other PB companies. The transaction is expected to complete in January 2015 and will constitute the sale of Pacific Basin's entire harbor towage assets and activities. Mats Berglund, CEO of Pacific Basin, said, "Pacific Basin has been engaged in the harbor towage business since 2007. PB Towage Australia has done a great job for its customers, establishing itself as a leading provider of harbor towage services with a good reputation as a safe and quality-conscious operator.

Overseas Shipholding Group, Inc. appointed veteran shipping executive Mats Berglund as Senior Vice President to lead OSG's Crude Transportation Strategic Business Unit. In this newly created role, he will be responsible for OSG's VLCC, Aframax and Panamax tanker operations. Berglund will relocate to the United States and be based out of OSG's corporate headquarters in New York City, New York. Morten Arntzen, President and CEO of OSG said, "Mats' broad shipping experience, leadership, financial acumen, innovation and ability to develop strong customer, business and governmental relationships is exceptional." Mr. Mats Berglund commented, "I am very excited to join OSG, an industry leader with world class operations and financial strength. Since 2002, Mr.

Inc. a subsidiary of Morgan Stanley Capital Group Inc. The operation, a fleet of four International Flag Aframax tankers and two U.S. Flag workboats, provides crude oil lightering services to refiners, oil companies and trading companies primarily in the U.S. Gulf. contracts. tankers. entering into definitive documentation. significant Aframax cargo and logistical system in the Atlantic basin. In addition, it provides opportunities to serve U.S. customers with lightering service using OSG's Panamax tankers. since beginning operations in November 2002. Houston. and Head of OSG's Crude Tanker unit.

Inc. will build four, 114,000 dwt 44-meterbeam Aframax tankers at the New Times Shipbuilding Co., Ltd. based in Jinjiang, China. International (AI) pool. bulk carriers ordered after April 1, 2006. by each classification society. million for each of the high specification tankers. vessels, aggregating 12,652,837 dwt and 864,800 cbm. worldwide with a combined fleet of 42 Aframax tankers. older Aframax tankers. vessel operating expenses. market today for less efficient vessels that are not CSR-compliant. than double the commercial life of the vessels.