Q3 2021 Pacific Basin Shipping Ltd Trading Statement Call Transcript
Welcome to today's Pacific Basin 2021 Third Quarter Trading Update Call. I'm pleased to present Chief Executive Officer, Mr. Martin Fruergaard. (Operator Instructions)
Mr. Martin, please begin.
Thank you. Yes, welcome, ladies and gentlemen, and thank you for attending Pacific Basin's 2021 Third Quarter Trading Update Call. As you know, my name is Martin Fruergaard, I'm the CEO of the company. And I'm joined by our CFO, Peter Schulz. Please turn to Slide 2.
The dry bulk freight market continued its strong upward strength in the third quarter. Handysize and Supramax monthly average market freight rates reached 13-year highs in September, driven by robust global demand for commodities and reducing fleet growth, and that was aided by fleet inefficiencies. The upward trend was briefly interrupted by the seasonal reduction in Australian grain export in July and also the impact of Hurricane Ida on the U.S. grain export in September.
Market rates have continued
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