# Dry bulk operator Pacific Basin’s profit sinks 73 percent - FreightWaves

> Pacific Basin, a Hong Kong-listed dry bulk operator with about 246 vessels, reported first-half net profit of US$8.2 million, down from US$30.8 million a year earlier. The company cited weaker dry bulk freight conditions and expects better results as IMO 2020 rules take effect.

- Date: 2019-07-31 · published 2019-07-31T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/58297-dry-bulk-operator-pacific-basin-s-profit-sinks-73-percent-freightwaves
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

The company's results reflect weak earlier-2019 freight markets, but its outlook for improvement tied to IMO 2020 supports the view that shipping costs for feed ingredients may firm later in the year.

## Read by commodity

- OCEANFRT: neutral

## Sources

- freightwaves.com: https://www.freightwaves.com/news/dry-bulk-operator-pacific-basins-profit-sinks-73-percent

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.