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Q1 2022 Pacific Basin Shipping Ltd Trading Statement Call Transcript
Welcome to today's Pacific Basin 2022 First Quarter Trading Update Call. I'm pleased to present Chief Executive Officer, Mr. Martin Fruergaard. (Operator Instructions) Mr. Fruergaard, please begin.
Yes. Thank you. Welcome, ladies and gentlemen, 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 by our CFO, Peter Schulz.
Please turn to Slide 2. The minor bulk freight market in the first quarter of 2022 was significantly stronger than the same period last year, driven by strong supply and demand fundamentals. Index spot rates for Handysize and Supramax ships averaged $20,550 and $23,900 net per day, respectively, in the first quarter of 2022, representing a 47% and 51% increase, respectively, compared to the same period in 2021. It was overall a good quarter despite increasing economic and geopolitical uncertainties, but still with minor bulk demand up, driven
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