Pacific Basin achieved first quarter TCE earnings of $8,820 per day on 11,040 handysize revenue days while handysize spot market rates averaged $6,530 per day net. The smaller size dry bulk specialist said better voyage planning to reduce the number of ballast voyages helped it produce the better results.
The market that has followed a similar pattern to last year with a weak start giving way to improved rates going into the second quarter, noted Pacific Basin in its first quarter update.
No details on the purchase were given but since September 2012, Pacific Basin has acquired nine secondhand dry bulk vessels and chartered-in 10 ships on long term charters and the company says it is "looking for more opportunities to buy and charter both new and secondhand ships".
Pacific Basin said it expects the dry bulk market to remain weak overall in 2013 "with moderate seasonal variations". Nevertheless it has a strategic objective to expand its dry bulk core fleet at attractive prices.
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