Pacific Basin Shipping’s supramax earnings lagged behind the prevailing market last quarter because it had difficulty repositioning its vessels and found it expensive to hire others.
The Hong Kong-listed bulker owner-operator underperformed the Baltic Supramax Index by $1,600 per day during the three months.
It said this was due to “the increased cost of chartering short-term core vessels required due to our high near-term cargo coverage in the Pacific, as we were unable to optimise our fleet due to limitations in the movement of vessels from the Atlantic into the Pacific”.
