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Pacific Basin hit with huge deficit from weak market

The large dry bulk carrier Pacific Basin, listed in Hong Kong, suffered a deficit of USD 285 million in 2014 after a million dollar impairment and an extremely weak dry bulk market.

BY LOUISE VOGDRUP-SCHMIDT

Hong Kong-based Pacific Basin has been named one of dry bulk's biggest losers in 2014 following the declining dry bulk rates. This prediction is holding true, according to the annual report for the carrier, which was released Thursday morning.

Revenue increased slightly, to USD 1.71 billion in 2014, compared to USD 1.7 billion in 2013, but the carrier suffered a massive deficit of USD 285 million in 2014, following a small profit in 2013 of USD 1.5 million.

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