Pacific Basin Shipping profits softened in the first half of this year as margins on its operated fleet fell.
The Hong Kong-listed company reported a net profit before tax of $57.6m for the six months, down from $85.3m a year earlier.
Chief executive Martin Fruergaard noted that Pacific Basin’s fleet had outperformed the Baltic Exchange indices for handysizes and supramaxes, but said operating bulkers is expensive at the moment.
