PDZ buys boxship for $7m

Malaysian liner operator PDZ Holdings has forked out almost $7m for a Japanese-owned boxship.

Yamamaru Kisen Kaiun Kaisha has let its 560-teu Grand ocean (built 1998) go to the Kuala Lumpur-quoted owner.

PDZ will have to pay down a 20% deposit on the total price of $6.85m with the acquisition being funded by both company cash and bank borrowings.

The Wantanabe Zosen-built feedermax will join PDZ’s fleet between 31 March and 20 April, Tuesday’s bourse announcement read.

Last month the Malaysian intra-Asia liner operator announced it had barely returned to profit in the first six months of its financial year on lower costs and the termination of loss-making services.

PDZ said net earnings to 31 December were MYR 614,000 ($180,000), against a loss of MYR 7.08m in the same period of 2008.

Revenues slid to MYR 68.46m from MYR 125.22m the year before, however.

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