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Pacific Basin Transport Restricted (OTCPK:PCFBF) Q3 2024 Buying and selling Replace Convention Name October 17, 2024 6:00 AM ET
Firm Members
Martin Fruergaard – CEO
Convention Name Members
Parash Jain – HSBC
Operator
Welcome to right this moment’s Pacific Basin 2024 Third Quarter Commerce Buying and selling Replace Convention Name. I’m happy to current Chief Government Officer, Martin Fruergaard for the primary a part of the decision. All members might be in listen-only mode and afterwards there might be a question-and-answer session.
Mr. Fruergaard, please start.
Martin Fruergaard
Yeah, thanks. And welcome, women and gents, and thanks for attending Pacific Basin’s third quarter buying and selling replace name.
We assume you may have already reviewed the presentation so I’ll take a second to briefly spotlight a few of its key factors earlier than shifting on to the Q&A session.
Please flip to Slide 3. Throughout the third quarter of 2024 Handysize and Supramax freight charges have been once more above historic common for this time of the yr. Regardless of uncertainties related to world commerce and financial development, elevated rates of interest and battle in Ukraine and the Center East, elevated demand for grains, minor bulk and iron ore, has supported market freight charges which have proven restricted seasonal volatility attributable to fleet inefficiencies from disruption within the Suez and Panama canals.
Market spot charges for Handysize and Supramax vessels averaged $11,700 and $13,820 internet per day respectively, representing a rise of 53% and 45% respectively in comparison with the identical interval in 2023.
As of October 11, the Baltic Trade Ahead Freight Agreements point out Handysize charges for the fourth quarter of 2024 at $11,390 internet per day whereas Supramax charges are $13,040 internet per day. Looking forward to the primary quarter of 2025, Handysize charges are, in keeping with the Baltic Trade, projected to be $9,510 internet per day and Supramax charges might be $11,080 internet per day.
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