Q1 2023 Pacific Basin Shipping Ltd Trading Statement Call Transcript

Feb 14, 2024

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Apr 17, 2023 / 10:00AM GMT
Operator

Welcome to today's Pacific Basin 2023 First Quarter Trading Update Conference Call. I'm pleased to present Chief Executive Officer, Mr. Martin Fruergaard. (Operator Instructions)

Mr. Fruergaard, please begin.

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

Thank you very much. Welcome, and thank you for attending Pacific Basin's First Quarter Trading Update Call. My name is Martin Fruergaard, I'm Chief Executive Officer of the company, and I'm joined today by our Head of Investor Relations and Corporate Communications, Peter Budd. I will provide a brief summary of the main factors that influenced our first quarter results and discuss our market outlook before opening up for questions. Please turn to Slide 3.

In the first quarter of 2023, rates bottomed as expected, with market spot rates for Handysize and Supramax ships averaging 8,330 and USD 9,660 net per day, respectively. Dry bulk market freight earnings in the first quarter are typically lower due to reduced activities -- activity during the Northern

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