Only two of 22 listed bulker owners earned above-market rates in 2021, but there’s a good reason

Pangaea Logistics’ three-year reign atop the earnings rankings of public dry bulk owners has come to an end, unseated by Pacific Basin Shipping.

Shed no tears for New York-listed Pangaea, though: it came a close second, and joined Hong Kong’s Pacific Basin as the only listed owners to achieve rates at a premium to the market, according to the annual VesselIndex report, published by Anders Liengaard and Soren Roschmann.