Improvements in the dry bulk market have led to Pacific Basin Shipping posting profit for 2018 that is 20 times greater than its previous annual result.
The Hong Kong-listed bulker owner recorded net profit of $72.3m last year, compared to $3.6m in 2017.
Pacific Basin said the result was aided by better market conditions, the company’s continued outperformance of time charter equivalent (TCE) rates and its competitive cost structure.
