The number of earning days for the Bulk Division was 29% lower in the second quarter of 2010 than in the same period last year due to the sale of vessels.The dry bulk market stayed at a relatively strong level throughout most of the second quarter of 2010, with Panamax spot rates peaking at around USD/day 37,100 in mid-May. Rates continued to be driven by the Chinese demand for iron ore and coal as well as high port congestion.
|Bulk Division||Q2 09||Q3 09||Q4 09||Q1 10||Q2 10||Change Q2 09 - Q2 10||12 month avg.|
|Panamax (60-80,000 DWT)|
|Available earning days||1,496||1,255||1,204||1,119||1,060||-29%|
|TCE per earning day 1)||13,756||17,968||19,690||18,298||18,611||35%||18,642|
|Operating expenses per operating day 2)||5,106||4,477||4,066||5,187||4,603||-10%||4,583|
|1) TCE = Time Charter Equivalent Earnings = Gross freight income less bunker, commissions and port expenses.|
|2) Operating expenses are related to owned vessels.|