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The combination of Chinese demand for homes, New Zealand’s pine forests and a Russian tax have been a boon amid an industry slump for Pacific Basin Shipping Ltd. (2343), Hong Kong’s largest dry-bulk carrier. Its biggest local rival has noticed.
New Zealand sold 8.6 million cubic meters of logs to China last year, more than tripling its market share to 23 percent in four years, according to the China Timber & Wood Products Distribution Association. In response, Pacific Basin has increased the number of ships that are log-fitted by 56 percent in the past five years.
New Zealand sold 8.6 million cubic meters of logs to China last year, more than tripling its market share to 23 percent in four years, according to the China Timber & Wood Products Distribution Association. In response, Pacific Basin has increased the number of ships that are log-fitted by 56 percent in the past five years.
