Our core dry bulk business again outperformed in a significantly poorer market PB Towage has delivered increasingly profitable results PB RoRo was hard hit by the weak RoRo market
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Outlook |
Results were impacted by
- a US$199 million write-off for our RoRo business
- very weak dry bulk market spot rates
- a strong US$38 million contribution from PB Towage
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Our balance sheet retains substantial buying power with total cash and deposits of US$753 million and net borrowings of US$178 million
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We currently have fully funded capital commitments of US$236 million relating to 16 dry bulk vessels
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Contract cover is in place for 55% of our contracted 29,760 Handysize revenue days in 2013 at US$9,340 per day net (54% of 28,240 days at US$11,480 as at 27 February 2012)
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We have acquired eight dry bulk vessels (including one newbuilding resale) since September 2012
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Our fleet currently numbers 239 vessels (including newbuildings) comprising 189 dry bulk ships, 44 towage vessels and 6 RoRos
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Dry bulk market weakness is expected to continue through 2013
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Healthier fundamentals should limit further downside in Handysize
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Dry bulk market conditions overall are likely to remain challenging and generate further vessel acquisition opportunities
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Towage outlook remains positive and we aim to grow our towage businesses in 2013
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Our RoRo charter market exposure has been eliminated and our RoRo business is discontinued
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