Pacific Basin performs USD 132 million impairment

Dry bulk carrier Pacific Basin warns of a significant impairment on charter and bunker contracts in the carrier's annual report next month.

Dry bulk carrier Pacific Basin, listed on the Hong Kong Stock Exchange, will perform a USD 132 million impairment in the carrier's annual report 2014, expected published on February 26th, says Pacific Basin in a profit warning on Wednesday.

A majority of the impairment is related to charter contracts for the carrier's Handymax and Handysize vessels, a total USD 101 million. These contracts were signed in 2010 at rates exceeding the current market rates, says the carrier's management.

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