Pacific Basin sees profits slide

Hong Kong: Hong Kong-listed handy operator Pacific Basin Shipping saw 2009 net profit fall more than 73% to US$110.3m.  Revenues slid to US$950.5m in 2009, against almost US$1.7bn in 2008.

Senior management revealed the firm has secured contract cover for 64% of its combined handysize and handymax revenue days in 2010. More importantly, according to a research note from JP Morgan this morning, management is now neutral on 2010's industry outlook (from negative previously) and positive beyond 2011.

(Source: Sea Trade Asia)