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BULK - Pacific Basin / Dry-Bulk Upswing Into Early 2011

35512 fcras 1/11 2010 07:23

Pacific Basin Expects Dry-Bulk Upswing Into Early 2011 on China Iron Ore

Monday, 01 November 2010

Pacific Basin Shipping Ltd., Hong Kong’s largest operator of dry-bulk vessels, forecast an upswing in demand from next month through early 2011 as Chinese steelmakers rebuild stocks of iron ore.

The resumption of Indian trade following monsoons and increased demand for U.S. grain shipments because of a Russian export ban will also drive volumes, the shipping line said in a Hong Kong stock exchange statement today.

The company will continue to look for new vessels after adding 17 ships through purchases or long-term charters since December as the dry-bulk market rebounds from last year’s global recession.

Spot rates for handysize ships, the biggest part of Pacific Basin’s bulk fleet, were 30 percent higher last quarter than a year earlier, according to the statement.

“The overall dry-bulk market improved sooner than we expected following a mid-year seasonal slow-down,” the shipping line said.

Chinese imports of iron ore rose 18 percent in September from the month before on demand from steelmakers.

The Baltic Dry Index, a measure of rates for carrying iron ore, coal and other commodities, has risen 64 percent from this year’s low of 1,700.

Pacific Basin rose 0.2 percent to close at HK$5.55 in Hong Kong.

The stock has fallen 1.4 percent this year compared with a 6.1 percent gain in the benchmark Hang Seng Index.

The company has covered 94 percent of 2010 handysize revenue days at $16,670 per day and 37 percent of 2011 days at $14,230, it said.

A handysize ship has a capacity of between 25,000 and 34,999 deadweight tons; handymax vessels are typically between 35,000 and 59,999 deadweight tons.

The shipping line has also covered 99 percent of its 2010 handymax days and 109 percent of its 2011 handymax days, it said.

The company had a fleet of 130 owned or chartered dry-bulk vessels as of Oct. 28, including 90 handysize ships, it said.

The company’s orderbook comprises nine handysize, four handymax and two post-panamax ships.

Source: Bloomberg

Pacific Basin Shipping Ltd:
Supramax Bulk Carrier ”Falcon Trader II” 2009 – 54.924 dwt. (Pacific Basin Shipping, Hong Kong)27.01.10 - arriving Port Kembla - Photo: © Peter Karberg, Port Kembla, Australia


1/11 2010 07:46 fcras 035514

Pacific Basin keen to add to fleet

Nov 01,2010 00:00 by schambers

Hong Kong: Pacific Basin is readying to order more newbuilds. The Hong Kong-listed entity has already bought nine bulkers this year, and still believes prices are attractive to buy more.

In its third quarter trading update, the company said last week: “Our current acquisition focus is on newbuildings in view of the negligible price differential between newbuildings and modern second-hand vessels, and due to the opportunity this affords us to renew our fleet with improved ship designs.”