Pacific Basin Shipping Ltd Analyst Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: James Teo - Bloomberg Intelligence - Analyst : I would like to find out more about this seasonality that you mentioned. You mentioned that I think going into 2021, especially second half, I believe, there will be stronger seasonal trends. So what are some of the seasonality that we expect? Is it from particular cargoes like grains or something else? Could you elaborate a little bit more on that?

Question: James Teo - Bloomberg Intelligence - Analyst : To follow-up on the question earlier on forward cover management, you mentioned that you are open to medium and longer-term contracts now and maybe -- and that's heavily in the fourth quarter. So what kinds of, would I say, length of contracts would you be referring to by medium- and long-term? So could this -- and would you basic aiming to secure, say, 50% or more of 2022 cargoes then? Or could you give us any guidance on what you're looking at in terms of lengths and percentage that you would want to or target to aim? I know you said that the market is not quite ready yet, but assuming that you can by 4Q, what would be your targets like? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 21, 2021 / NTS, 2343.HK - Pacific Basin Shipping Ltd Analyst Day Surinder Brrar Yes. I think it's too early to mention the target because it's driven really by our customers and the market as well at that time. So we can't really share that because it's entirely dependent on many, many factors: customers and competition as well. We haven't mentioned that, but there will be competition, not just -- Pacific Basin will be keen for that. So we are not in a position to say anything at the moment.

Question: James Teo - Bloomberg Intelligence - Analyst : Question is on core TCE. And there was a mention just now that core TCE includes positive or negative margins from using short-term ships to carry contract cargoes. So I suppose this was the reason for the underperformance versus the market index in the first quarter. So could you maybe give us some color on how the margins are for this type of business in the second quarter so far?