Pacific Basin eyes bright spots in unusually weak first quarter for bulk

The dry bulk market was weaker in the first quarter of this year than the last, reports Pacific Basin. The second half of the quarter was, however, uplifting for smaller bulkers, says the shipping operator, which took delivery of three vessels in the first months of the year.

Pacific Basin's CEO, Mats Berglund. | Photo: Pacific Basin

2019 saw the weakest start to the dry bulk market in years, and especially the trade conflict between the US and China, a mining accident in Brazil and China's coal restrictions were the big villains, reports bulk operator Pacific Basin in a quarterly update.

The update from the Hong Kong-based shipping company marks the first time that a leading carrier presents figures for early 2019, which has already created many stories on, for instance, the Baltic Dry Index, which in this year alone is down close to 50 percent.

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