Business Review

Safeguarding our health and service delivery in testing times
- Chairman’s Statement

Outperforming, reducing costs and enhancing service in a very weak market
- CEO Review

Dry bulk market indices fell to record lows in February and December 2015, framing one of the worst years overall for dry bulk shipping
- Market Review

Pacific Basin is one of the world’s leading owners and operators of modern Handysize and Supramax* dry bulk ships
- What We Do

Despite this challenging environment, we improved our EBITDA to a positive US$88 million, we halved our underlying loss to US$28 million, and we significantly reduced our net loss to US$18.5 million
- Business Highlights

Our results benefitted from a significant turnaround in our Supramax performance and Handysize and Supramax earnings that outperformed spot market rates by 54% and 39% respectively. We intensified our efforts to reduce costs, achieving substantially lower charter-in costs and a US$19 million reduction in our G&A expenses
- Our Performance in 2015

We reduced our owned Handysize and Supramax vessel operating costs to a competitive US$4,210 and US$4,060 per day respectively through scale benefits and good cost control, while not compromising safety and maintenance
- Analysis of Daily Vessel Costs

My Annual Report

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