Extremely low rates hit Pacific Basin result

The Hong-Kong based carrier has delivered a net loss in a half-yearly period, which has proved dismal for many as a result of record low freight rates.

Photo: Pacific Basin

The bulk crisis has affected half-yearly results at Pacific Basin, in a period where carriers are feeling the squeeze of shrinking orders and overcapacity.

According to the financial report released Friday, the Hong-Kong based carrier delivered a net loss of USD 48.9 million, citing extraordinarily weak dry bulk conditions characterized by record-low rates.

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