Pacific Basin Shipping Limited (PCFBF) Q1 2025 Sales/ Trading Statement Call

2025-04-18 03:35:46 ET

Pacific Basin Shipping Limited (PCFBF)

Q1 2025 Sales/ Trading Statement Call

April 17, 2025, 06:00 AM ET

Company Participants

Martin Fruergaard - CEO

Conference Call Participants

Parash Jain - HSBC

Nathan Gee - Bank of America

Presentation

Operator

Welcome to today's Pacific Basin 2025 First Quarter Trading Update Conference Call. I'm pleased to present Chief Executive Officer, Mr. Martin Fruergaard. [Operator Instructions]

Mr. Fruergaard, please begin.

Martin Fruergaard

Thank you very much. Welcome, ladies and gentlemen, and thank you for attending Pacific Basin's first quarter trading update call. My name is Martin Fruergaard, CEO of Pacific Basin. I trust you have received our presentation, which I will now run through to highlight key points before moving on to the Q&A session. Please turn to Slide 3.

In the first quarter of 2025, Handysize and Supramax market freight rates follow their seasonal patterns and market activity reduced, leading up to the Lunar New Year at the end of January, after which freight rates rebounded as activity picked up in February. Market spot rates for Handysize and Supramax vessels averaged $8,000 and $7,900 net per day, respectively, representing a decrease of 24% and 36% compared to the same period in 2024.

The Baltic Exchange forward freight agreement average Handysize rate for the remainder of 2025 is $9,120 net per day, and the average Supramax FFA rate is $9,860 net per day. Please turn to Slide 4. In the first quarter of 2025, the global minor bulk loadings were approximately 2% higher compared to the same period last year.

This growth was driven by notable increases in the loading of bauxite, cement and clinker. Imports of bauxite from Guinea into China continued to be strong, and China steel production export increased in the first quarter. In the same period, global grain loadings decreased by 16% year-on-year, impacted by reduced Chinese demand, following an increase in domestic supply of corn and wheat amid rising trade frictions. Harvest delay in Brazil slowed its grain exports. But the country is projected to achieve a record crop in 2025, with significant increase in soybean production....

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