Pacific Basin Shipping Limited saw a significant hike in vessel earnings in the third quarter of the year.
Handysize and Supramax daily time-charter equivalent (TCE) earnings were USD 10,080 and USD 12,180 per day net respectively in the third quarter, representing an improvement of 24% and 30% year-on-year.
The company further added that year-to-date average Handysize and Supramax daily net TCE earnings increased 23% and 30% year-on-year to USD 9,870 and USD 11,780, outperforming the BHSI and BSI spot market indices by 22% and 9% respectively.
Vessel earnings increased due to an improvement of market fundamentals driven primarily by historically low growth in global dry bulk capacity. Newbuilding deliveries in the first nine months were one third lower year-on-year, and the global dry bulk fleet overall grew by around 2.3% net between January and September, similar to the same period last year.
During the third quarter, Pacific Basin purchased and took delivery of one secondhand Supramax vessel, increasing its owned fleet to 109 ships on the water. Including chartered ships, the company operated an average of 216 ships overall during the quarter. Three more ships purchased in May are scheduled to deliver over the next five months, bringing the fleet to 112 ships.