PACIFIC BASIN ACQUIRES 100% OF MERIDIAN MARINE MANAGEMENT

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Pacific Basin has secured a 100% interest in Meridian Marine Management, the Liverpool based ship management and marine services company, that was established in 2003. Pacific Basin will acquire the 50% interest of its partner, Bibby from October 1st 2008.

PB Maritime Services, which encompasses the Group’s ship management operations in Liverpool, Singapore, Germany, Cyprus, Russia, Hong Kong, the Philippines and Japan states that the joint venture has successfully fulfilled and exceeded expectations over the past five years and that the decision to formally conclude the entity in its current form has been entirely amicable.

Full ownership and control of Meridian was an important element in Pacific Basin’s plans to expand in the roll-on/roll-off sector, where Meridian is an acknowledged leader in the management of vessels in this sophisticated passenger and freight arena.

The senior management team at Meridian, headed by Alastair Evitt, MD and Nicholas White, Director Commercial and Projects, remain with the Company as do those responsible for the managed fleet. Only those staff members assigned to the management of the in-house Bibby Fleet will relocate back to Bibby.

Pacific Basin, though Meridian , is committed to developing its marine management activities in Europe through this strategic Liverpool base and is keen to build on Meridian’s reputation as a centre of ship management expertise and experience focusing on specialist sectors of the industry.

Alastair Evitt, Managing Director of Meridian, said: “I am delighted at the opportunities that being 100% within the Pacific Basin Group represent, particularly in respect of our ability to offer clients a more global solution while retaining the specialist sector approach for which we have come to be known and respected.” He added that while Meridian, like all management companies, is affected by the current crewing shortages, “direct ownership by Pacific Basin opens the door to more sustainable and extensive in-house global crewing solutions, something that will be welcomed by existing clients and of comfort to those who will bring their vessels to us for management.”