not vested
Earnings sink 69pc at Pacific BasinEarnings at dry bulk cargo carrier Pacific Basin Shipping (2343) dived as dry bulk freight rates weakened.
The firm reported net income of US$32 million (HK$248.1 million) for last year,
down 69.3 percent from a year ago. Earnings per share fell sharply to 13 HK cents from 42 HK cents.
Revenue increased 5.8 percent to US$1.3 billion. Daily income from smaller vessels, or handysize ships, declined 19 percent to US$13,530 a day, while spot freight rates tumbled 36 percent to US$10,025 a day.
The plunge in earnings was also a result of a US$80 million non-cash impairment related to investment in cargo vessels.
"Dry bulk freight rates will be weaker this year, but the towage business is improving," said executive director and chief executive Klaus Nyborg. He was referring to vessels such as barges and tugs.
Nyborg also announced he will resign next week and will relocate to Denmark with his family.
There were no disagreements with the board, he said in a statement yesterday.
The board will announce a successor by the end of this month. The firm proposed a final dividend of 5 HK cents per share, down 69.7 percent from 2010. Full-year dividend payout was 10 HK cents per share last year. Shares closed flat at HK$4.04.
http://www.thestandard.com.hk/news_deta ... 20302&fc=8
It's all about "how much you made when you were right" & "how little you lost when you were wrong"