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Pacific Basin declares positive annual results

Hong Kong: Dry bulk shipping company Pacific Basin (PB) has declared a 40% increase in turnovers for the group with profits inching past the $110m mark. The second half of 2006 was particularly profitable for the group and accounted for two thirds of the total amount.

PB, which earned an average $15,420 per day for its 16,420 handysize revenue days during 2006, and expects a yield of about $17,000 per day upon execution of voyages during 2007.  

The company currently boasts a fleet of 77 vessels - of which it owns 35, charters 38, and manages the other four. These include 58 handysize and six handymax vessels afloat, and 12 handysize and one handymax newbuildings. [09/03/07]

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