Continue to work within our financial gearing targets, maintain the financing of the Group, and strive for best-inclass corporate stewardship, transparency and reporting, including full adoption of the latest ESG reporting guidelines issued by The Stock Exchange of Hong Kong Limited.
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Despite significant fleet investment in 2012/13, we still benefitted from conservative gearing and access to funding. This gives comfort to customers and shareholders alike which contributes to the strong corporate profile that makes Pacific Basin a preferred partner for many stakeholders.
In June we raised US$143 million (net) through a rights issue of new shares which strengthened our balance sheet and liquidity position, negated the impact of the October convertible bonds repayment and gave us additional flexibility for vessel purchases. Our success in completing the rights issue in a very weak market reflects investor confidence in our sector-leading business model and corporate profile.
At year end, our gearing ratio was 34% and we were in compliance with our bank covenants.
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Continue to work within our financial gearing targets, maintain the financial health of the Group, and strive for best-in-class reporting, transparency and corporate stewardship.
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