Dry bulk shipowner Pacific Basin Shipping has unveiled a set of strong third quarter trading results, leading to expectations of an even stronger fourth quarter due largely to firming demand and reduced newbuilding deliveries.

In its latest update, Pacific Basin achieved third quarter average daily earnings of $9,550 on 14,410 handysize revenue days, representing a rate increase of 27.3% compared to $7,500 per day in the same period of last year.

The Hong Kong-listed shipowner added that 72% of its 9,470 contracted handysize revenue days in the last quarter are covered at $9,500 per day, while 22% of its 30,400 contracted handysize revenue days in 2014 have been covered at $10,320 per day.

“We expect seasonally stronger demand combined with reduced newbuilding deliveries to support a stronger handysize spot market in the fourth quarter,” Pacific Basin said.

Since September 2012, Pacific Basin acquired 32 dry bulk ships and chartered 23 ships on long term basis.

The company currently operates 164 handysizes and 60 handymaxes, with 25 newbuildings, comprising of eight owned and 17 chartered, scheduled to join the fleet between 2014 to 2016.