Our history

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

Well Positioned for the Future

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 have 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

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

Cookies and Privacy Policy

We use cookies to enhance user experience, as well as to provide reporting information. You can provide your consent by clicking “Accept and close”. You are free at any time to block or delete cookies through your browser.

Accept and close Read More