March 11 - Hong Kong headquartered Pacific Basin Shipping Limited has entered into discussions with PSA Marine to divest its harbour towage, offshore towage and infrastructure support business, PB Sea-Tow.

The Pacific Basin board of directors has said that it will continue to sound out the market to establish if there is a third party interested in PB Sea-Tow.

Having entered the market in 2007, PB Sea-Tow now operates a fleet of vessels in the Oceania, Southeast Asia and Middle East regions. The division saw net profit plunge to USD10.5 m this year from USD37.7 m in 2012.