Founded in Hong Kong in 1987, Pacific Basin is a specialist Handysize and Supramax bulk carrier owner and operator, and we are proud of our world-leading expertise, track record and reputation.
The first decade
1987
- Pacific Basin founded in Hong Kong as a specialist Handysize bulk carrier owner/operator
1994
- Pacific Basin Bulk Shipping listed on NASDAQ
1996
- Pacific Basin and its more than 30 ships were purchased and privatised by a third party
Foundations of an industrial freight business
1998
- Founding management team relaunched Pacific Basin Shipping Ltd
1999
- Private equity investment enabled fleet growth through acquisitions and newbuildings
2000
- Acquired technical management operations of Jardine Ship Management
2001
- Established International Handybulk Carriers Handysize pool (later consolidated into Pacific Basin's owned fleet)
Accessing capital for growth
2004
- Company reorganised into today's corporate structure in preparation for IPO
- Listed on Hong Kong Stock Exchange on 14 July raising US$72 million
- Prior to IPO, Pacific Basin dry bulk fleet comprised 19 owned, 7 chartered and 16 managed ships
- Regional offices established in London and Melbourne
2005
- New regional offices in Dalian, Tokyo and Vancouver
2006
- Share placement raised US$157 million
- New regional offices in Beijing and Dubai
Diversification as dry bulk heats up
2007
- New regional offices in Auckland and Santiago
- Pacific Basin became a constituent of MSCI World Index
- US$390 million raised through convertible bond issue
- Pacific Basin commenced diversification into cargo terminal operation and harbour towage (2007), offshore towage and Roll-on Roll-off (RoRo) ships (2008) which were later sold as part of the company's 2012 initiative to refocus on its cornerstone dry bulk activity.
2008
- Fleet emission reduction targets established surpassing existing regulatory requirements
- US$275 million raised in share placement
Refining our operational platforms
2009
- Share placement raised US$98 million
2010
- Acquired 10 dry bulk newbuildings, expanding our owned, operated and newbuild fleet to 180 vessels
- Convertible bond issue raised US$230 million (stock code: 4319)
2011
Refocusing on dry bulk
2012
- Commenced exit from RoRo, towage and other non-core businesses to focus on cornerstone dry bulk activity
- Convertible bond issue raised US$124 million (stock code: 4573)
2013
- Secured Japanese Export Credit Financing of US$51 million
2014
- Awarded BIMCO Shipping Company of the Year
- US$350 million raised through Japan Export Credit financing for 18 bulk carriers
2015
- US$125 million raised through convertible bond issue (stock code: 5525)
Strengthening our position
2016
- US$143 million raised through rights issue
- Share issue arrangement with 10 shipowners saves us US$12.6 million in charter-hire cash outflows over 2 years
2017
- New regional office in Rio de Janeiro, Brazil
- Acquired five dry bulk vessels funded mainly by shares issued to the ships' sellers and cash raised through new share placement
- Awarded Lloyd's List Global Awards' Shipping Company of the Year
2018
- Acquired 7 modern vessels including 4 funded 50% by issuing shares
- Closed US$365 million revolving credit and term loan facilities
- Resumed dividend payments
- Dry Bulk Operator of the Year – Lloyd’s List Global Awards
Navigating pandemic challenges
2019
- Revolving credit facility of US$115m
- Acquired four modern ships approximately 33% funded by new shares issued to ship sellers
- US$175 million raised through convertible bond issue (stock code: 40097)
2020
- Joined Getting to Zero Coalition to explore a roll-out of deep-sea zero-emission ships by 2030
- Our seafarers are our heroes at sea, enduring the Covid-19 crew change crisis
- We engaged with and urged governments and authorities for solutions to enable safe rotation and repatriation of seafarers
2021
- Signed the Neptune Declaration on Seafarer Wellbeing and Crew Change which defines actions to facilitate crew changes and keep global supply chains functioning
- Opened new crewing office in Iloilo City in the Philippines
- Signed the Call to Action for Shipping Decarbonisation
- Launched PB Carbon Neutral Voyage Programme
- Grew our owned fleet adding 11 modern second-hand ships and selling five of our smallest and oldest Handysize vessels
2022
- Signed MoU with Nihon Shipyard Co., Ltd and Mitsui & Co. to investigate and develop design for zero-emission-capable vessels and potentially invest in related bunkering infrastructure, and later selected methanol as the preferred fuel for commercially viable zero-emission vessels
- New regional offices in Dubai
- Won "Shipping Company of the Year" at the Seatrade Maritime Awards and "Bulk Ship Operator of the Year" at the International Bulk Journal Awards
- Completion of incentivised conversion offer of our US$175 million convertible bond, resulting in the conversion of approximately 60% of the aggregate principal amount with total outstanding principal amount of the convertible bonds reduced to US$70.1 million
Well positioned for the future
2023
- Won "Bulk Ship Operator of the Year" award at the 2023 International Bulk Journal Awards, and became the only company to win the award consecutively
- Closed a US$150 million Sustainability-Linked 3-year Senior Unsecured Committed Revolving Credit Facility
2024
- Concluded our first ever share buyback programme
- Contracted for four dual-fuel Ultramax newbuilding low-emission vessels (LEVs) able to operate on green methanol as well as sustainable biodiesel and conventional fuel oil
- Won Silver award in ESG leader category at ESG Shipping Awards International
