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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement , make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement . Shareholders and investors are reminded that this trading update for the quarter is based on the Group's internal records and management accounts , and has not been reviewed or audited by external auditors . Shareholders and investors are cautioned not to rely unduly on this trading activities update and are advised to exercise caution when dealing in the shares of the Company . B P Pacific Basin Shipping Limited ( incorporated in Bermuda with limited liability ) ( Stock Code : 2343 ) FIRST QUARTER 2021 TRADING UPDATE On the back of a strong recovery in the second half of last year , the dry bulk freight market has got off to a remarkably strong start in 2021. Handysize and Supramax market freight rates increased significantly since May 2020 to reach 10 - year highs in March 2021 , driven by the global economic recovery , improving demand for commodities and reducing global fleet growth aided by fleet inefficiencies . ATTRACTIVE MARKET CONDITIONS ARE DRIVING STRONG PACIFIC BASIN PERFORMANCE Our core business generated average Handysize and Supramax daily time - charter equivalent ( " TCE " ) earnings of US $ 10,950 and US $ 14,630 net per day in the first quarter , representing a substantial improvement on our average TCEs in 2020 and our strongest quarterly TCE performance in almost 10 years . Our cover so far secured for the second quarter is even higher at US $ 16,100 and US $ 18,000 net per day for Handysize and Supramax respectively , and cargo fixtures are being added to our book at market spot rates which are currently around similar levels . Considering our indicative core fleet breakeven levels of US $ 8,720 and US $ 10,120 ( including G & A overheads ) , our current core fleet of 91 Handysize and 41 Supramax owned and long - term chartered ships is now generating attractive returns . Handysize Core Business TCE Supramax Core Business TCE US $ / day net US $ / day net 19,000 19,000 $ 18,000 17,000 17,000 $ 16,100 15,000 15,000 13,000 77 % 13,000 $ 14,630 79 % of days of 11,000 11,000 days $ 10,950 9,000 9,000 7,000 7,000 5,000 5,000 1H20 2H20 1Q21 Actual 2Q21 Forward Cover * 1H20 2H20 ....... Indicative Core Fleet P & L Breakeven Level incl G & A for 2020 = US $ 8,720 2Q21 Forward Cover * ....... Indicative Core Fleet P & L Breakeven Level incl G & A for 2020 = US $ 10,120 1Q21 Actual * Indicative 2Q21 TCE only , voyages are still in progress Cover data as at 9 April 2021 So far , 24 % and 27 % of our contracted Handysize and Supramax days in the second half of 2021 are covered at around US $ 9,390 and US $ 9,270 net per day respectively . This second - half cover comprises mainly lower - paying backhaul voyages which , when later combined with higher - paying fronthaul voyages , should typically result in higher overall TCEs as demonstrated in the development of our cover rates for the second quarter . The relatively low proportion of cover ( mostly secured in earlier periods when market rates were significantly lower ) leaves us with significant exposure to what we believe will be a continued healthy spot market in the second half of the year . Note that our second - half 2021 Supramax cover excludes any scrubber benefit , currently about US $ 1,300 per day . 1