Q3 2022 Pacific Basin Shipping Ltd Trading Statement Call Transcript

Feb 14, 2024

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Oct 13, 2022 / 09:30AM GMT
Operator

Welcome to today's Pacific Basin 2022 Third Quarter Trading Update Call. I'm now pleased to present Chief Executive Officer, Mr. Martin Fruergaard. (Operator Instructions) Mr. Fruergaard, please begin.

Martin Fruergaard - Pacific Basin Shipping Limited - CEO & Executive Director

Yes. Thank you very much. Welcome, ladies and gentlemen, and thank you for attending Pacific Basin's Third Quarter Trading Update Call. My name is Martin Fruergaard. I'm Chief Executive Officer, and I'm joined by our CFO, Peter Schulz.

Please turn to Slide 3. The minor bulk freight market in the third quarter of 2022 softened compared to the first half of the year as increasing inflation and interest rates slowed global growth and weakening construction activity and zero COVID policies drove a slowdown in the Chinese economy.

Index spot rates for Handysize and Supermax ships averaged $16,010 and $18,740 net per day, respectively, in the third quarter of 2022, both representing a decrease of 27% compared to the first half of 2022. Significantly lower than normal

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