Pangaea Logistics’ three-year reign atop the earnings rankings of public dry bulk owners has come to an end, unseated by Pacific Basin Shipping.

Shed no tears for New York-listed Pangaea, though: it came a close second, and joined Hong Kong’s Pacific Basin as the only listed owners to achieve rates at a premium to the market, according to the annual VesselIndex report, published by Anders Liengaard and Soren Roschmann.

Benchmarks exceeded

The Danish researchers have established a proprietary ratings system that rates owners based on the particular characteristics of their fleet, rather than making a vanilla comparison between reported time charter equivalent rates and indices such as the Baltic Dry Index.