A part of Watch Media

ShippingWatchMonday6 February 2023

  • Search
  • Log in
  • Carriers
  • Logistics
  • Regulation
  • Suppliers
  • Search
  • Log in
  • Latest
  • Search
  • Log in
  • Carriers
  • Logistics
  • Regulation
  • Suppliers
  • Offshore
  • Ports
18/10/2013at 15:15

Pacific Basin expects strong handysize market

Shipping company Pacific Basin anticipates a strong growth on the handysize market in Q4, according to the company’s trading update for Q3.
BY RITZAU FINANS

Hong Kong-based shipping company Pacific Basin anticipates a reinforcement of the dry cargo market for smaller handysize vessels in the fourth quarter based on a seasonal rise in demand and a dip in the delivery of new ships.

That is the overall message in a trading update for Q3 – a quarter that yielded an average daily turnover for Pacific Basin of USD 9550 for 14,410 revenue days in its handysize fleet.

According to the company, that is well above spot market rates, which averaged at USD 7500 per day on the handysize market.

Pacific Basin: We outperformed the bulk market by 32 percent 

“We expect a stronger seasonal demand combined with reduced deliveries of newbuildings at the end of the year to support a stronger handysize and handymax spot market in Q4, before the normal stream of new ship deliveries, the Chinese holiday period and road-related disturbances will cause a decline in rates in the beginning of the new year,” Pacific Basin writes.

The market for smaller vessels is normally less volatile than the one for larger vessels. Keeping that in mind, Pacific Basin expects handysize and handymax spot markets to continue to demonstrate a gradual improvement in the medium term, the update reveals.

Demand for dry cargo goods is expected to remain as healthy as it has been in the past year. In spite of the latest seasonal uplift for capesize rates, the company still believes that it will take the market some time to absorb the oversupply of vessels that has been seen on the market for larger ship types. Consequently, it will be a while before the market experiences a lasting improvement.

In the long run, however, the assessment of Pacific Basin is that the fundamentale positive demand conditions in the dry cargo market are intact.

Cargill: Dry bulk set to leave dark years behind 

Pacific Basin pursues three new ships 

 

 

Related articles:

  • Photo: K Line

    Cargill: Dry bulk set to leave dark years behind

    For subscribers

  • Pacific Basin pursues three new ships

    For subscribers

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

!
Newsletter terms

Front page now

Palle Laursen has spent almost his entire career at Maersk where he began as a maritime engineer in 1998. He now retires as chief of fleet. | Foto: Maersk
Container

Maersk's chief of fleet leaves after 25 years as reshuffling continues

Palle Laursen leaves Maersk after 25 years in the company. Another leader is also out the door, as Vincent Clerc continues to put his stamp on the shipping giant.
  • Vincent Clerc sets brand new executive team
  • New executive team to steer Maersk through recession: "A lot of highly experienced industry people"

For subscribers

Lars Jensen is a shipping analyst and founder of consultancy Vespucci Maritime. In the future, he will write two opinion pieces for ShippingWatch a month. | Photo: Magnus Møller
Container

Opinion: Maersk and MSC heading for direct confrontation over customers

For subscribers

Foto: Uncredited/AP/Ritzau Scanpix
Tanker

New Russia sanctions could eventually leave Europe in drastic need of diesel

For subscribers

"Vi har nogle gange haft ry for at have et kortere aftræk end vores konkurrenter. Du kan godt regne med, at det ry vil vi gerne holde fast i," siger Jens Lund, driftsdirektør i DSV. | Foto: DSV
Logistics

DSV denies savings plan but is attentive to costs

For subscribers

Foto: PR / Euronav
Tanker

Euronav CEO defends decision to retain large dividend

For subscribers

Foto: Mike Blake/REUTERS / X00030
Container

Freight rates out of China continue to plummet

Further reading

Foto: Staff/Reuters/Ritzau Scanpix
Logistics

DSV sees one advantage of downturn: It will be cheaper to buy competitors

Acquisitions are decisive for growth at logistics group DSV, and with prospects of declining freight volumes, the prices of acquisitions will fall. DSV will use this to its advantage, according to CEO Jens Bjørn Andersen.

For subscribers

Lars Jensen is a shipping analyst and founder of consultancy Vespucci Maritime. In the future, he will write two opinion pieces for ShippingWatch a month. | Photo: Magnus Møller
Container

Opinion: Maersk and MSC heading for direct confrontation over customers

Ahead of the 2M alliance’s final termination in 2025, Maersk and MSC will probably try to steal customers from each other, writes analyst Lars Jensen.

For subscribers

Palle Laursen has spent almost his entire career at Maersk where he began as a maritime engineer in 1998. He now retires as chief of fleet. | Foto: Maersk
Container

Maersk's chief of fleet leaves after 25 years as reshuffling continues

Palle Laursen leaves Maersk after 25 years in the company. Another leader is also out the door, as Vincent Clerc continues to put his stamp on the shipping giant.

For subscribers

Latest news

  • Freight rates out of China continue to plummet – 3 Feb
  • Ziton wins multi-year deal with German utility – 3 Feb
  • Euronav CEO defends decision to retain large dividend – 3 Feb
  • DSV denies savings plan but is attentive to costs – 3 Feb
  • DP World to construct large port terminal in India – 3 Feb
  • Maersk's chief of fleet leaves after 25 years as reshuffling continues – 3 Feb
  • Clarksons banks on offshore wind with new US office – 3 Feb
  • Opinion: Maersk and MSC heading for direct confrontation over customers – 3 Feb
  • Bulgaria to keep up export flows of Russian fuels to Ukraine – 3 Feb
  • New Russia sanctions could eventually leave Europe in drastic need of diesel – 3 Feb
See all

Jobs

  • Senior Financial Controller

  • Copenhagen Shipping Company is hiring a skilled cargo broker

  • Chartering Manager for Lauritzen Bulkers A/S

  • Foundation Package Manager - Offshore wind industry

  • Fleet Manager

  • Senior Lead, Human Sustainability at Sea

  • Ambitious employee for Shipping office wanted

Jobs

  • Senior Financial Controller

  • Copenhagen Shipping Company is hiring a skilled cargo broker

  • Chartering Manager for Lauritzen Bulkers A/S

  • Foundation Package Manager - Offshore wind industry

  • Fleet Manager

  • Senior Lead, Human Sustainability at Sea

  • Ambitious employee for Shipping office wanted

See all jobs

Colophon

ShippingWatch
Search

Sections

  • Carriers
  • Logistics
  • Regulation
  • Suppliers
  • Offshore
  • Ports
  • Sitemap
  • RSS feeds

Editor

Tomas Kristiansen

tk@shippingwatch.dk

Tel.: +45 3330 8360

Editor-in-chief

Anders Heering

Publisher

JP/Politiken Media Group Ltd

Advertising

annoncering@infowatch.dk

Tel.: +45 7077 7445

Advertising

Job Advertising

job@infowatch.dk

Tel.: +45 7077 7445

Jobs

Subscription

Try ShippingWatch or get an offer for a subscription meeting the exact needs of you or your company.

shippingwatch@infowatch.dk

Tel.: +45 7077 7445

Learn more about subscriptions here

Address

ShippingWatch

Rådhuspladsen 37

1785 Copenhagen K, Denmark

Tel.: +45 3330 8360

Guidelines

  • Privacy Policy

Copyright © ShippingWatch — All rights reserved

Microsoft is in the process of discontinuing Internet Explorer – and so are we.
For a better experience, we recommend using one of the following browsers.

Kind regards,
ShippingWatch

Google ChromeMozilla FirefoxMicrosoft Edge