Pacific Basin's profit in significant setback

Dry bulk shipping company Pacific Basin saw its profit slide by more than 70 percent in the first half of the year compared to the same period the year before. But TCE rates ensure that the bottom line remains positive, writes the company in its interim report. Updated.

Photo: PR / Pacific Basin

A very weak start to the year means that dry bulk shipping company Pacific Basin in the first six months of the year saw its net earnings drop by more than 70 percent to USD 8.2 million from USD 30.8 million in the same period the year before.

However, the new IFRS 16 reporting standards mean that revenue grew to USD 101.1 million in the first half of 2019 from USD 99.3 million in the first six months of 2018.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Maersk Product Tankers expects 2022 to be "not an amazing year"

There’s no doubt that 2021 was a miserable year for the global tanker industry. But 2022 could end up strong, many parties say. Maersk Product Tankers is more doubtful. ”2022 won’t be an amazing year,” CEO Christian M. Ingerslev tells ShippingWatch.

OOCL doubles revenue despite significant drop in volumes

Container line OOCL, owned by China’s Cosco, doubled its revenue in 2021, with the top line for Q4 alone surging by 101.4 percent, the carrier says. This major increase happens despite a dive in container liftings during the quarter.

Researcher criticizes TotalEnergies' fuel report

TotalEnergies ignores shipping’s climate adaptions in the company’s prognosis for shipping’s future fuel consumption, researcher says in criticism. Among other things, TotalEnergies supports LNG.

Further reading

Related articles

Latest news

See all jobs