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.

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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Nina Østergaard Borris takes over as USTC's CEO

Danish billionaire Torben Østergaard-Nielsen passes the position as CEO of USTC to his daughter Nina Østergaard Borris. ”A joint decision by the ownership,” Østergaard-Nielsen tells newspaper.

Further reading

Related articles

Latest news

See all jobs