Pacific Basin hit by slow 1Q bulk market

The first quarter was surprisingly bad for dry bulk, but one of the world's biggest operators, Pacific Basin, is pleased to have achieved above-average spot rates in the market. The 2nd half of 2014 looks good, says the carrier.

Hong Kong-based Pacific Basin - which operates 230 dry bulk vessels, of which 80 are owned - is one of the first major dry bulk operators to publish its interim report for the first quarter 2014. A quarter where especially the first two months were characterized by far fewer freight shipments than expected, following a weak South American market.

The company does not publish numbers for its revenue or result, but informs that it generated an average daily revenue of USD 10,390 on Handymax vessels, where the spot market - according to Pacific Basin - reached a net average USD 9,480 per day.  

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