Pacific Basin reports significantly stronger start to the year than usual

2021 began significantly better than previous years, reports dry bulk operator Pacific Basin. This is due to factors such as coronavirus restrictions and stranded coal cargoes off China, which pull capacity from the market. A low orderbook makes optimism continue.

Photo: PR / Pacific Basin

The orderbook currently stands at the lowest level in decades. This fact gives rise to optimism at dry bulk carrier Pacific Basin, which also reports a strong start to 2021 in its annual report published Thursday.

"Global economic recovery is already benefiting the dry bulk freight market in 2021 which has got off to a significantly stronger start than usual at this time of year. The stronger market rates are driven by a broad-based demand recovery for dry bulk commodities with especially strong Chinese demand and global grain trades," writes Pacific Basin in its annual report.

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