Pacific Basin Reflags Half Its Fleet to Singapore

Hong Kong-listed Pacific Basin Shipping has announced plans to transfer around half of its bulk carrier fleet to Singapore and reflag those vessels under its Singapore subsidiary. The move is aimed at reducing exposure to the new US port fees imposed under the USTR Section 301 trade measures.

The decision follows an internal review of the April 2025 Annex I provisions, which introduce extra charges for vessels that are Chinese-owned or operated when calling at US ports.

“Only vessels owned or chartered via the Singapore structure will operate on US voyages while Section 301 remains in force,” the company stated in its most recent trading update, noting that its parent company, Pacific Basin Shipping Limited, which is incorporated in Bermuda, will remain unaffected.

The company confirmed that strategic leadership and technical management for the Singapore-based fleet will now be centered in Singapore. However, commercial and operational activities will continue to be handled through Pacific Basin’s 11 international chartering and operations offices, including its Singapore branch. The firm also noted that it has restructured its board composition to help minimize potential risks associated with Section 301 regulations.

Pacific Basin added that, as a publicly listed company with 99% of shares in free float, it is unable to verify the ultimate beneficial ownership of most shareholders—an important factor when determining whether the Annex I provisions apply.

The company currently operates a core fleet of 120 handysize and supramax bulk carriers, with a total of approximately 260 ships under its control, including those on short-term charter.