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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 ) THIRD QUARTER 2021 TRADING UPDATE The dry bulk freight market continued its strong upward trend in the third quarter of 2021. Handysize and Supramax monthly average market freight rates reached 13 - year highs in September , driven by the global economic recovery , robust demand for commodities and reducing fleet growth aided by fleet inefficiencies . FURTHER IMPROVING MARKET RATES ARE DRIVING OUR STRONG EARNINGS Our core business generated average Handysize and Supramax daily time - charter equivalent ( " TCE " ) earnings of US $ 24,350 and US $ 36,270 net per day in the third quarter , representing our strongest quarterly TCE performance since 2008. Our TCEs improved with each month over the quarter and in September were US $ 26,950 and US $ 39,310 net per day for Handysize and Supramax respectively . The progressively stronger fixtures in the third quarter will benefit our fourth quarter earnings . We have covered most of October at US $ 29,070 and US $ 40,200 net per day for Handysize and Supramax respectively and , with over 30 % of our core vessel days still uncovered in the fourth quarter overall , we have significant opportunity to add cargo fixtures to our book at what we expect will be strong market spot rates . * Handysize Core Business TCE Supramax Core Business TCE US $ / day net * US $ / day net * 45,000 45,000 40,000 40,000 39,310 40,200 * 3Q = 36,270 35,000 35,000 29,070 * 94 % of days 30,000 26,950 30,000 25,000 3Q = 24,350 ......... 95 % 25,000 20,000 of days 20,000 15,000 15,000 10,000 10,000 5,000 5,000 1Q21 2Q21 Jul Aug Sep Oct 1Q21 2Q21 Jul Aug Sep Oct ...... Indicative Core Fleet P & L Breakeven Level incl G & A for 1H21 = US $ 8,630 ...... Indicative Core Fleet P & L Breakeven Level incl G & A for 1H21 = US $ 10,170 Excludes 5 % commission October TCE is indicative only as voyages are still in progress Supramax cover excludes scrubber benefit , currently about US $ 800 per day Cover data as at 11 October 2021 Our costs remain well controlled and competitive compared to our peers , although we are experiencing moderately increased vessel opex and G & A costs due to Covid - 19 restrictions and the strong market , in line with the rest of the industry . Our operating activity also contributed positively , generating a strong margin of US $ 5,430 net per day over 4,680 operating days in the third quarter , representing a 97 % increase in our margin on similar operating days compared to the second quarter . This excellent performance is partly attributable to our decision to charter in tonnage - especially Supramax early in the recovery . Our operating activity margin in the 12 months to end September was US $ 2,280 net per day over 17,970 operating days . - 1