Pacific Basin posts first half loss

PacificBasinShipping

In the first half of 2016, Pacific Basin Shipping reported a net loss of USD 60.4 million, against a net loss of USD 15.4 million seen a year earlier, despite its strong TCE earnings premium.

“While we were loss-making over this challenging period, our Handysize and Supramax earnings outperformed spot market rates by 56% and 29% respectively and we generated a positive operating cash flow,” Mats Berglund, CEO of Pacific Basin, said.

The company’s said that its recent rights issue enhances its ability to navigate the protracted challenging environment, but also the ability to attract cargo and to assess and potentially purchase secondhand vessels at low prices.

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