Pacific Basin Shipping Limited (PCFBF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to today's Pacific Basin 2025 First Quarter Trading Update conference call. I am pleased to present Chief Executive Officer, Mr. Martin Frugard. For the first part of this call, all participants will be in listen-only mode, and afterwards there will be a question and answer session. Mr. Frugard, please begin. 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 Forgoff, 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 three. In the first quarter of 2025, head-sized and supermax market freight rates followed their seasonal patterns, and market activity reduced leading up to the Lunar New Year at the end of January, after which trade rates rebounded as activity picked up in February. Market spot rates for Hedgesize and Supermax 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 head-to-size rate for the remainder of 2025 is 9,120 NIT per day, and the average supermax FFA rate is 9,860 NIT per day. Please turn to slide four. 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's 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 do...