The Hong Kong-listed Pacific Basin Shipping has revealed its vessel 'Port Pegasus' was discharging cargo in Onahama when the tsunami struck and endured the ordeal with no crew injuries and no notable damage to the ship.
A company statement indicated that the Japanese disasters have not significantly impacted the market for minor bulks to date, although it expects reconstruction work to commence in the second half of 2011, generating additional demand for construction materials including timber and steel, leading to greater imports of logs, iron ore, metallurgical coal, scrap steel and finished steel.
Pacific Basin still has 23 owned and chartered ships due for delivery in 2012/2013. The company anticipates that the current downward pressure on values will generate opportunities for additional vessel acquisitions in the remainder of 2011.
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