The Hong Kong-listed company reported 2011 net profit of $32m compared to $104.3m in 2010. Revenue came up to $1.34bn last year compared to $1.27bn in 2010.
“Our dry bulk earnings outperformed a significantly weaker market and PB Towage had a turnaround year upholding the case for our strategic diversification into the Australasian towage sector,” said Klaus Nyborg, ceo of Pacific Basin.
“We anticipate continued challenges ahead for dry bulk, but stand patiently ready to expand our dry bulk fleet as opportunities arise, and to invest further in towage as specific projects materialise,” he added.
Pacific Basin blamed the lower net profit on weaker handysize spot rates which drove a 19% decrease in its handysize daily earnings and a 23% decline in operating cash flow.
Dry bulk freight rates in general are expected to be weaker overall in 2012 as the market continues to struggle to absorb the influx of newbuilding deliveries at a time of global economic uncertainty.
Meanwhile, the company bids a farewell to outgoing Nyborg, who will leave on 15 March. His successor will be announced by the end of March.
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