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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.

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