Pacific Basin turns around to $1.5m profit for 2013Pacific Basin turns around to $1.5m profit for 2013

Revenue rose to $1.7bn from $1.4bn previously as the smaller vessel dry bulk shipping specialist also embarked on a well-timed acquisition programme and ridded itself of the drag from the ill-fated roro business on its performance from the past.

Presenting its "respectable results" in a weak market, Pacific Basin said it had outperformed the handysize market by 22% through good control over vessel costs amid the weakest half-year dry bulk market since 1986.

"Dry bulk shipping in the first half of 2013 experienced its weakest market conditions since 1986, while the second half was characterised by encouraging early signs of a cyclical upturn with increased rate volatility. The weak and challenging market overall continued to test the financial health and performance of bulk carrier owners and operators globally," chairman David Turnbull said in an announcement.

"We have again generated respectable results as we have done throughout the down-cycle of the past several years thanks to our cargo and customer-focused business model and our team of talented staff," he added.

Looking ahead the company said it believed the cyclical upturn has started and the dry bulk market is expected to be stronger but also volatile in 2014. It also remains "selectively open to appropriately priced ship acquisitions to further position ourselves for a stronger market" while pointing out the slowdown in offshore towage contracts which make the outlook for the towage market more challenging.