Pacific Basin (2343 HK) Company Update
While Handysize vessels withstood the test of time as TCE earnings dipped only 3.0% (USD 280pd) to USD 9,080pd, Supramaxes faced the real punch as earnings dropped by 7.6% (USD 850pd) to USD 10,400pd in 1Q19 y/y. Cargoes for small carriers have been majorly impacted due to the distressed soybean trade led by the US-China trade dispute and indirect import restrictions on Australian coal at Chinese ports. Weakness in the first quarter will impact the 1H19 result but we expect a better 2H19 result as freight rates have picked upPacific Basin Shipping is an investment holding company. Co.'s principal subsidiaries are engaged in the ownership and international operation of Handysize and Handymax dry bulk ships. In addition, Co. and its subsidiaries are engaged in the management and investment of its cash and deposits through its treasury activities. Co. and its subsidiaries have two reporting segments: Pacific Basin Dry Bulk and PB Towage. Co. and its subsidiaries are engaged in the provision of dry bulk shipping services internationally, and towage services to the harbour and offshore sectors in Australia and New Zealand.
Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.
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