UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1 )*
PACIFIC BASIN BULK SHIPPING LIMITED
Name of Issuer
COMMON SHARES, PAR VALUE U.S. $0.7327
(Title of Class of Securities)
694027
CUSIP Number
Check the following box if a fee is being paid with this statement [ ].
(A fee is not required only if the filing person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 9 pages
<PAGE>
CUSIP NO. 694027 13G PAGE 2 OF 9 PAGES
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ABERDEEN ASSET MANAGEMENT PLC (FORMERLY KNOWN AS ABERDEEN TRUST PLC)
I.R.S. IDENTIFICATION NUMBER: N/A
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
SCOTLAND, UNITED KINGDOM
5 SOLE VOTING POWER
NUMBER OF 0
SHARES
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
WITH
0
8 SHARED DISPOSITIVE POWER
0
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
[ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0%
12 TYPE OF REPORTING PERSON*
HC
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 694027 13G PAGE 3 OF 9 PAGES
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ABERDEEN ASSET MANAGEMENT ASIA LIMITED (FORMERLY KNOWN AS ABTRUST
FUND MANAGERS (SINGAPORE) LIMITED)
I.R.S. IDENTIFICATION NUMBER: N/A
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
INCORPORATED IN BERMUDA; RESIDENT IN REPUBLIC OF SINGAPORE
5 SOLE VOTING POWER
NUMBER OF 0
SHARES
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
WITH
0
8 SHARED DISPOSITIVE POWER
0
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
[ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0%
12 TYPE OF REPORTING PERSON*
IA (INVESTMENT ADVISER REGISTERED WITH THE MONETARY
AUTHORITY OF SINGAPORE (SEE ATTACHED EXHIBIT B))
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
PAGE 4 OF 9 PAGES
Item 1(a) Name of Issuer:
PACIFIC BASIN BULK SHIPPING LIMITED
Item 1(b) Address of Issuer's Principal Executive Offices:
ASIAN PACIFIC FINANCE TOWER
3 GARDEN ROAD
CENTRAL, HONG KONG
Item 2(a) Name of Person Filing:
1. ABERDEEN ASSET MANAGEMENT PLC (FORMERLY KNOWN AS ABERDEEN TRUST
PLC)
2. ABERDEEN ASSET MANAGEMENT ASIA LIMITED (FORMERLY KNOWN AS ABTRUST
FUND MANAGERS (SINGAPORE) LIMITED)
Item 2(b) Address of Principal Business Office or, if none, Residence:
1. 1O QUEEN'S TERRACE
ABERDEEN AB9 IQJ, SCOTLAND
UNITED KINGDOM
2. 88A CIRCULAR ROAD
REPUBLIC OF SINGAPORE
Item 2(c) Citizenship:
1. INCORPORATED IN SCOTLAND, UNITED KINGDOM
2. INCORPORATED IN BERMUDA
Item 2(d) Title of Class of Securities:
COMMON SHARES, PAR VALUE OF U.S. $0.7327
Item 2(e) CUSIP Number:
694027
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
13d-2(b), check whether the person filing is a:
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PAGE 5 OF 9 PAGES
(a) [ ] Broker or Dealer registered under Section 15 of the
Act
(b) [ ] Bank as defined in section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in section 3(a)(19) of
the Act
(d) [ ] Investment Company registered under section 8 of the
Investment Company Act
(e) [ X ] Investment Adviser registered under section 203 of
the Investment Advisers Act of 1940 (ABERDEEN ASSET MANAGEMENT
ASIA LIMITED (FORMERLY KNOWN AS ABTRUST FUND MANAGERS
(SINGAPORE) LIMITED - SEE ATTACHED EXHIBIT B.)
(f) [ ] Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income Security
Act of 1974 or Endowment Fund; see ss. 240.13d-1(b)(1)(ii)(F)
(g) [ X ] Parent Holding Company, in accordance with ss.
240.13d-1(b)(ii)(G) (ABERDEEN ASSET MANAGEMENT PLC (FORMERLY
KNOWN AS ABERDEEN TRUST PLC)
(h) [ ] Group, in accordance with ss. 240.13d-1(b)(1)(ii)(H)
Item 4. Ownership
(a) Amount Beneficially Owned:
0
(b) Percent of Class:
0%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
0
(ii) shared power to vote or to direct the vote
0
(iii) sole power to dispose or to direct the
disposition of
0
(iv) shared power to dispose or to direct the
disposition of
0
<PAGE>
PAGE 6 OF 9 PAGES
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following [X]
Item 6. Ownership of More than Five Percent on Behalf of Another
Person
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company
Item 8. Identification and Classification of Members of the Group
N/A
Item 9. Notice of Dissolution of Group
N/A
Item 10. I. Certification by Aberdeen Asset Management PLC
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in
the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or
influencing the control of the issuer of such securities and
were not acquired in connection with or as a participant in
any transaction having such purposes of effect. Further, after
reasonable inquiry and to be best of my knowledge and belief,
I certify that the information set forth in this statement is
true, complete and correct.
Date: February 13, 1998
SIGNATURE. ABERDEEN ASSET MANAGEMENT PLC
By: /S/ BEV HENDRY
-----------------------
Name: Bev Hendry
Title: Director
<PAGE>
PAGE 7 OF 9 PAGES
II. Certification by Aberdeen Asset Management Asia Limited
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in
the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or
influencing the control of the issuer of such securities and
were not acquired in connection with or as a participant in
any transaction having such purposes of effect. Further, after
reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is
true, complete and correct.
Date: February 13, 1998
SIGNATURE. ABERDEEN ASSET MANAGEMENT ASIA LIMITED
By: /S/ BEV HENDRY
-----------------------
Name: Bev Hendry
Title: Authorized Signatory
NOTE: Six copies of this statement, including all exhibits,
should be filed with the Commission.
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS
OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C.
1001).
<PAGE>
PAGE 8 OF 9 PAGES
EXHIBIT A - JOINT FILING AGREEMENT
JOINT FILING AGREEMENT
The undersigned hereby agree that the Statement on Schedule 13G, dated
February 13, 1998, with respect to the shares of common stock and warrants of
Pacific Basin Bulk Shipping Limited is, and any further amendments thereto
executed by each or any of us shall be, filed on behalf of each of us pursuant
to and in accordance with the provisions of Rule 13d-1(f) under the Securities
Exchange Act of 1934, as amended.
This Agreement may be executed in separate counterparts, each of which
shall be deemed an original, but all of which shall constitute one and the same
instrument.
Date: February 13, 1998 ABERDEEN ASSET MANAGEMENT PLC
By: /S/BEV HENDRY
-------------------------------------
Name: Bev Hendry
Title: Director
Date: February 13, 1998 ABERDEEN ASSET MANAGEMENT ASIA LIMITED
By: /S/BEV HENDRY
-------------------------------------
Name: Bev Hendry
Title: Authorized Signatory
<PAGE>
PAGE 9 OF 9 PAGES
EXHIBIT B - UNDERTAKINGS
To alleviate any concern that the Securities and Exchange Commission
(the "SEC") may have in regard to "substantial enforcement difficulties" against
foreign entities, the undersigned, Aberdeen Asset Management PLC and Aberdeen
Asset Management Asia Limited, hereby undertake to furnish or make available to
the SEC in the United States, at its request, the information which would
otherwise be required to be furnished in response to the disclosure requirements
of Schedule 13D with respect to Aberdeen Asset Management PLC and Aberdeen Asset
Management Asia Limited and any supporting material or documents necessary to
verify the accuracy of such information.
Dated: February 13, 1998
ABERDEEN ASSET MANAGEMENT PLC
By: /S/ BEV HENDRY
-----------------------------------
Name: Bev Hendry
Title: Director
ABERDEEN ASSET MANAGEMENT ASIA LIMITED
By: /S/ BEV HENDRY
-----------------------------------
Name: Bev Hendry
Title: Authorized Signatory
