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PST upbeat on containers

Singapore: Pacific Shipping Trust (PST) expects the container shipping business to continue to improve this year. PST, which owns 12 boxships placed on long term charters, noted the recovery of container freight rates had continued well into the second quarter of the year, idle capacity had dropped to just 2% of the global fleet and resale and newbuilding prices had risen. This in turn had spurred a recovery in charter rates. "This trend should continue for the rest of the year and hence, we remain cautiously optimistic for the outlook of the container market," PST said. The trust recently branched out into bulk shipping and will take delivery of a pair of capesize bulkers in September 2011, which it will charter for 10 years to Shagang. "For the dry bulk sector, although cyclical in nature, it is expected that the demand for Chinese imports of iron ore and coal should support shipping demand for capesize bulk carriers," the trust said. PST reported a second quarter profit of $6.6m on revenues of $15.1m. [22/07/10]

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