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Full Year 2021 Pacific Basin Shipping Ltd Earnings Call Transcript
Welcome to today's Pacific Basin 2021 Annual Results Announcement Call. I am pleased to present Chief Executive Officer, Mr. Martin Fruergaad, for the first part of this call. (Operator Instructions) And afterwards, there will be a question-and-answer session. Mr. Fruergaad, please begin.
Thank you, and welcome, ladies and gentlemen, and thank you for attending Pacific Basin's 2021 Annual Results Earnings Call. My name is Martin Fruergaad, I'm CEO of Pacific Basin, and I'm joined on the line by our CFO, Peter Schulz, who is currently in London. Please turn to Slide 3.
In 2021, we saw the strongest dry bulk freight market since 2008 and generated our best result in our company's 34-year history. We made an underlying profit of USD 698 million and a net profit of USD 845 million, yielding an exceptionally strong return on equity of 58%.
Our results were positively impacted by USD 152 million reversal of the Handysize vessel impairment provision we took in 2020. The
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