Precious Shipping Public Co., Ltd. · SET:PSL
Precious Shipping Public — Q2 2025 Earnings Presentation
55 slides from Precious Shipping Public's earnings presentation, Aug 25, 2025
Slide 1: Precious Shipping Public Company Limited – PSL Analyst Meeting
Precious Shipping Public Company Limited PSL was awarded Carbon Neutral Certification by the Thailand PSL Analyst Meeting Greenhouse Gas Management Organization (TGO) from 2022-2024 25 August 2025
Slide 2: Look at China's performance in 7M 2025!
Look at China’s performance in 7M 2025! Latest available Data points on China in 7M 2025 Vs 7M 2024. Iron Ore Imports Coal Imports Steel Production Steel Consumption Steel Exports Bauxite & Alumina 7M’25 vs 7M’24 2.5% 13.0% 2.5% 4.1% 11.0% 33.7% 2024 vs 2023 4.9% 14.4% 1.7% 3.5% 21.8% 12.4% 7M'24 (i
Slide 3: China Steel: Export Surge Amid Domestic and Trade Headwinds
China Steel: Export Surge Amid Domestic and Trade Headwinds ▪ Robust overseas demand and strong steelmaking margins drove export growths. ▪ 7M 2025 exports rose 11% y-o-y to 67.98 MMT, this is a new export record. ▪ China’s steel exports hit a record 30.7 MMT in Q2 2025, up 11% y-o-y. ▪ Despite rest
Slide 4: Guinea's Bauxite Boom: Record Export Volumes in FH 2025
Guinea’s Bauxite Boom: Record Export Volumes in FH 2025 ▪ Guinea’s bauxite exports surged over 36% y-o-y in FH 2025 to ~95 MMT, despite softer volumes in June due to the start of Guinea’s rainy season, with ~82% shipped long haul to China. ▪ Guinea’s bauxite exports have grown at an average of 16% a
Slide 5: USTR Regulations as announced on 17 April 2025 Annex II
USTR Regulations as announced on 17 April 2025 Annex II The fees imposed in Annex II do not apply to the following Chinese-built vessels: ▪ US-owned or US-flagged vessels enrolled in the Voluntary Intermodal Sealift Agreement, the Maritime Security Program, the Tanker Security Program, or the Cable
Slide 6: Impact on Commercial Dry Bulk Shipping
Impact on Commercial Dry Bulk Shipping ▪ Annex II will make all imports and exports into and out of US very expensive provided such bulk cargoes move in larger than 80K DWT sized Chinese built ships. ▪ Our fleet has small ships, (largest 63.5K DWT) that are mainly built in China, so free from all US
Slide 7: Dry Bulk Trade and Tariff Impacts, if any
Dry Bulk Trade and Tariff Impacts, if any ▪ China is a massive exporter of containerized goods. But dry bulk? Not so much… ▪ In 2024, exports of dry bulk cargoes from China reached 168.4 MMT. That is just 3.1% of global exports. ▪ Chinese exports are primarily short haul in East Asia and South-East
Slide 8: US Tariffs Changes and Dry Bulk Implications
US Tariffs Changes and Dry Bulk Implications US Tariff – Updates • Outlook for major US dry bulk trading partners: mixed, with varying degrees of resolution. European Union • 21 August*: US–EU trade agreement reached. • 15% tariffs remain on most EU exports* (incl. most dry bulk categories). • 50% s
Slide 9: US Tariffs Changes and Dry Bulk Implications
US Tariffs Changes and Dry Bulk Implications India • No deal struck; rhetoric intensifies. • US imposes 50%* flat tariff (up from April’s proposed 26% and July’s 25%). • US dry bulk imports from India: 890,000t (Jan–May 2025). • India imports 13.7 MMT of US dry bulk (coal & petcoke) – retaliation ri
Slide 10: US Dependency on Imports from China
US Dependency on Imports from China Weighted 90%+ $14 Range Import Value ($B) $13.3 Dependency ($B) $28 90%+ 14 13.3 80%-89% $23.8 80-89% 28 23.8 70%-79% $95 $71.3 70-79% 95 71.3 60%-69% $50 $32.5 60-69% 50 32.5 50%-59% $22 $12.1 Import Value 50-59% 22 12.1 40%-49% $22 40-49% 22 9.9 $9.9 Weighted De
Slide 11: Growth in seaborne dry bulk trade – billion tonne-miles
Growth in seaborne dry bulk trade – billion tonne-miles Seaborne Dry bulk Trade All Units In Billion Tonne-Miles 2019 2020 2021 2022 2023 2024E 2025F 2026F Iron Ore 8,081 8,505 8,615 8,247 8,764 9,331 9,270 9,404 Coal (includes Lignite) 5,006 4,549 4,837 5,001 5,554 5,875 5,428 5,142 Grains (include
Slide 12: Growth in seaborne minor bulk trade – billion tonne-miles
Growth in seaborne minor bulk trade – billion tonne-miles Seaborne Minor Bulk Trade All Units In Billion Tonne-Miles 2019 2020 2021 2022 2023 2024E 2025F 2026F Steel Products 1,846 1,721 2,047 1,962 2,024 2,143 2,175 2,141 Forest Products 2,291 2,276 2,321 2,170 2,136 2,095 2,103 2,124 Other Minor B
Slide 13: Commodities share by different dry bulk sectors
Commodities share by different dry bulk sectors Commodities Capesize Panamax Supramax Handysize Iron Ore 76% 7% 5% 2% Coal 13% 54% 17% 6% Grains - 22% 15% 21% Minor Bulk 10% 13% 55% 52% Others - - 2% 3% 80% 75% 60% 56% 54% 55% 40% 22% 22% 24% 20% 16% 15% 9% 12% 8% 5% 7% 0 0 0 1% 2% 2% 0% Capesize Pa
Slide 14: Comparison of Commodity Share: PSL vs World Fleet in 2024
Comparison of Commodity Share: PSL vs World Fleet in 2024 Commodities PSL World PSL vs World Commodities PSL World PSL vs World Agricultural Goods 14.7% 14.3% 1.0x Wood 3.1% 1.1% 2.8x Construction Steels 14.7% 4.4% 3.3x 0.6% 2.2% 0.3x (exc. Cement) Fertilizers 6.9% 4.4% 1.6x Cement* 20%* Only on ded
Slide 15: Dry bulk fleet at the start of Aug 2025
Dry bulk fleet at the start of Aug 2025 Fleet Overview Ship Type DWT Range (MT) Ships Av Age (yrs) Total DWT (m MT) Av DWT (MT) % of DWT Handysize 10,000 – 44,999 5,106 13.96 139.50 27,320 13.31% Supra/Ultramax 45,000 – 69,999 4,170 12.43 240.38 57,645 22.94% Panamax 70,000 – 89,999 2,903 12.35 232.
Slide 16: Confirmed orders as of Aug 2025 – Dec 2028
Confirmed orders (in MDWT) as of 1 Aug 2025 – 31 Dec 2028 30 Total Confirmed Orders Until 2028 Year M DWT % of Fleet 2025 18.93 1.81% 25 2026 41.91 4.00% 2027 32.23 3.08% 20 2028 18.16 1.73% Total Orderbook 111.22 10.61% Geared 39.95 10.52% M DWT 15 Gearless 71.27 10.67% 13.48 11.56 11.4111.95 10.44
Slide 17: Putting orderbook figures in context – overall dry bulk fleet
Putting orderbook figures in context – overall dry bulk fleet Dry Bulk Fleet All Figures In M DWT Unless Otherwise Indicated (1 Aug 2025) Total Fleet at End of Jul 2025 1,047.84 Total Orderbook to End 2028 111.22 Orderbook % Fleet 10.61% % Fleet Over 20yrs of Age Today 10.60% % Fleet Over 25yrs of A
Slide 18: TC Earnings Across Segments – FH of Last 5 Years vs FH 2025
TC Earnings Across Segments – FH of Last 5 Years vs FH 2025 5 Year Overview (FH 2020-2024): Segment Avg Earnings ($) Peak ($) Trough ($) Capesize 16,996 44,817 1,992 Panamax 16,371 37,074 4,681 Supramax 15,656 33,366 4,208 Handysize 14,712 32,166 4,108 FH of 2025 Overview: 5-year FH FH 2025 Segment
Slide 19: DWT of dry bulk ships ordered in 7M 2025 vs prior years
DWT of dry bulk ships ordered in 7M 2025 vs 7M 2024, 2023 and 2022 % Change New Orders in % Change Year Avg. BDI vs 7M 2025 MDWT vs 7M 2025 7M 2022 2,250 -39% 21.59 -38.81% 7M 2023 1,140 +20% 29.16 -54.70% 7M 2024 1,850 -26% 38.67 -65.84% 7M 2025 1,373 - 13.21 - Source: Clarksons Index Timeseries an
Slide 20: Special Survey Impact on Geared Bulker Fleet in 2024-25
Special Survey Impact on Geared Bulker Fleet in 2024-25 SS is quietly tightening the geared bulk fleet supply: 1. Vessels aging 5, 10, 15, 20, 25, 30-years undergo mandatory surveys causing temporary vessel unavailability. 2. SS periods: 15–40 days depending on vessel age. This does not consider any
Slide 21: PSL's vessel speed before and after EEXI compliance
PSL’s vessel speed before and after EEXI compliance Vessels with EPL Application Speed before Speed after Speed before Speed after Vessels EPL EPL K Change Vessels EPL EPL K Change Application Application Application Application Nalinee Naree 13.7 13.67 -0.03 Lanna Naree 14.2 13.17 -1.03 Chamchuri N
Slide 22: Reduction in Fleet Supply due to EEXI and SS in 2025
Reduction in Fleet Supply due to EEXI and SS in 2025 In Geared Fleet (10,000-69,999 DWT) – PSL Segment Total World Fleet (DWT) 376,768,144 Pre-2011 Built Fleet (DWT) 161,556,261 Supply Reduction per 1 Knot 5.5% Supply Reduction per 1.5 Knot* 8.25% Effective Supply Loss from Speed (in mDWT) 13.33 3.5
Slide 23: Key industry takeaways
Key industry takeaways ▪ As of July, the IMF raised its global growth projections to 3.0% (from 2.8%) for 2025 and 3.1% (from 3.0%) for 2026, citing stronger than expected demand, lower tariffs, and fiscal stimulus in key economies. ▪ China’s GDP grew by 5.2% in Q2 2025, bringing the average to 5.3%
Slide 24: PSL's Strategy
PSL’s Strategy • Reduce fleet average age • Reduce GHG emissions Precious Shipping PCL 24
Slide 25: PSL fleet
PSL fleet As of 31 Dec 2021 31 Dec 2022 31 Dec 2023 31 Dec 2024 30 Jun 2025 Number of Vessels 36 38 38 40 40 Average Age 10.3 years 11.0 years 12.0 years 12.1 years 12.3 years (Simple Avg) Insured Value 767.4 747.6 765.4 675.5 747.1 (US$ million) Book Value 605.0 635.8 606.8 654.8 663.0 (US$ million
Slide 26: Current and rolling 4-year forward book until 2029
Current and rolling 4-year forward book until 2029 Contract Total USD 74.11 m USD 43.09 m USD 30.88 m USD 26.30 m USD 26.14 m value USD 200.52 m 17,500 100% 14,552 14,600 14,600 14,640 14,600 14,000 80% 14,102 14,373 14,371 13,276 12,726 10,500 60% 40% 7,000 40% 22% 3,500 15% 13% 12% 20% 5,824 3,246
Slide 27: Fleet renewal
Fleet renewal Sold Vessels Bought Vessels Rattana Wikanda Charana Rojarek Hansa Hatthaya Nitaya Napha Nisa Naree Uma Naree Naree Naree Naree Naree Naree Naree Naree Naree In PSL In PSL In PSL In PSL In PSL In PSL Sold in Sold in Sold in Sold in Fleet Fleet Fleet Fleet Fleet Status Fleet since Mar 20
Slide 28: Financials
Financials Precious Shipping PCL 28
Slide 29: Q2 2025 highlights
Q2 2025 highlights Q2 2025 Highlights • Net loss of Baht 43.31 million (USD 1.32 million), or Loss of Baht 0.03 per share • Loss was exacerbated by notional exchange losses of Baht 63.44 million (USD 1.93 million) mainly Quarterly Results due to changes in the US Dollar equivalent figure of our Thai
Slide 30: Q2 2025 highlights
Q2 2025 highlights Q2 2025 Highlights Investment in Uni-Asia Group Limited (“Uni-Asia”) • Purchased 0.73 million shares during Q2 2025 • Dividend received Baht 2.19 million (USD 0.07 million) in Q2 2025. • As of 30 June 2025, Precious Shipping (Singapore) Pte. Limited and Unity Ventures Pte. Limited
Slide 31: Vessel acquisitions and disposals
Vessel acquisitions and disposals Acquisition of vessels Disposal of vessel Newbuilding Secondhand Vessels Fleet size Sign Sign MOA Delivery Sign MOA Delivery Delivery MOA 1 Ultramax : (-1) Handysize : 39 Q1’2025 • Western • Rojarek Vessels Singapore Naree (+1) Ultramax : • Uma Naree 40 Q2’2025 (Wes
Slide 32: Key figures
Key figures Q2 2025 Q1 2025 Revenue ($ million) 36.6 31.8 Net Profit (Loss) ($ million) (1.3) (4.1) Earning (Loss) per Share (Baht) (0.03) (0.09) Return on Equity * (1.46%) (3.33%) Net Debt / Equity Ratio 0.50 0.39 Number of Ships 40 39 * Excluding exchange gain (loss) and non-recurring items. Preci
Slide 33: Earnings and liquidity
Earnings and liquidity TC Rate/Day in $ Historical EBITDA ($ million) 15,000 13,483 12,755 30 13,000 12,177 25 23 11,000 10,132 20 20 8,641 20 9,000 7,000 15 13 5,000 10 8 3,000 5 1,000 0 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Dividend Paid (Baht Million) Cash Balance ($ million
Slide 34: Statement of financial position ($ million)
Statement of financial position ($ million) 900 Liability Liability 800 Assets & Equity Assets & Equity Other Assets 50 Other Assets 55 700 600 496 467 500 Shareholder’s Shareholder’s Equity Equity 400 657 Vessels & 665 Equipments Vessel & 300 Equipments 26 Other Liabilities 20 Other Liabilities 200
Slide 35: Cash movement in Q2 2025 ($ million)
Cash movement in Q2 2025 ($ million) 90 80 70 17 60 32 50 49 -9 40 -10 30 30 -34 -1 -9 -5 20 10 0 Precious Shipping PCL 35
Slide 36: Long-term loans from bank
Long-term loans from bank Loan movement Description Amount ( Million USD) Long-term loans from banks as on 1 January 2025 209.4 Loan drawdown from Krung Thai Bank 13.6 Loan drawdown from IFC, CACIB, and EXIM TH 18.2 Loans repayment (18.5) Loans prepayment (0.5) Amortization of financial fees 0.3 Def
Slide 37: Operating expense analysis ($/Day)
Operating expense analysis ($/Day) ▪ These are the fixed costs required to run a ship and are evenly spread over 365 days. ▪ Our operating costs per day per ship for Q2 2025 and Q1 2025 were USD 5,135 and 5,425 respectively. Q2 2025 6,000 321 63 5,135 766 185 425 4,000 402 2,775 198 2,000 - Lube oil
Slide 38: Operating expenses industry comparison ($/day)
Operating expenses industry comparison ($/day) ▪ 2016 – 2021 OPEX Comparison with Industry data compiled by BDO ▪ 2022 – 2024 OPEX Comparison with Industry data compiled by Braemar ▪ OPEX excludes dry dock and special survey costs 6,000 5,238 5,152 5,114 5,020 4,892 4,903 4,969 4,892 4,985 5,000 4,5
Slide 39: Dry dock schedule in 2025
Dry dock schedule in 2025 • Twenty-two ships will undergo dry dock for an intermediate or special survey in 2025. • On average, vessels spend around three weeks in dry dock. • Ten ships will undergo dry dock for an intermediate or special survey in 2026. 12 10 8 6 11 10 4 6 2 3 2 0 Q1 2025 Q2 2025 Q
Slide 40: Supramax/Ultramax sector peer analysis for Q1 2025
Supramax/Ultramax sector peer analysis for Q1 2025 ▪ For Q1 2025: PSL’s Supramax/Ultramax average daily OPEX* + G&A came in at $5,138 per vessel per day 10,000 9,000 8,000 7,000 6,418 6,000 1,043 5,138 5,280 5,000 483 1,008 4,000 3,000 5,375 4,655 4,272 2,000 1,000 - PSL A B Opex GA Expenses # EBITD
Slide 41: Debt maturity profile ($ million)
Debt maturity profile ($ million) 60 50 16 40 6 20 4 30 12 20 38 40 35 35 6 10 19 9 6 0 2025 2026 2027 2028 2029 2030 2031 Loan repayment / Prepayment Balloon payment Debenture principal repayment Precious Shipping PCL 41
Slide 42: Net debt & net debt / equity ratio
Net debt & net debt / equity ratio 1.5 450 407 412 397 376 400 345 353 1.2 350 1.1 1.1 281 300 1.0 0.9 0.9 0.9 0.8 233 250 Ratio 0.7 185 200 172 163 0.6 146 0.5 150 0.4 0.4 0.3 100 0.3 0.3 50 0.0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FH 2025 Year Net Debt (Million USD) Net Debt/Eq
Slide 43: Average OPEX / TC rates
Average OPEX / TC rates Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FH 2025 Avg Age 19.0 20.0 19.6 20.6 17.1 15.4 14.2 11.4 11.4 10.5 9.8 5.8 6.3 7.3 8.3 9.3 10.3 11.0 12.0 12.1 12.3 45,000 44,050 44,283 40,000 36,187 35,000 25,330 30,000
Slide 44: Dividends
Dividends 2.1 2.00 1.8 1.56 1.50 1.50 1.50 1.5 Dividends Baht 1.20 1.2 1.00 0.9 0.78 0.750.78 0.75 0.80 0.65 0.60 0.6 0.50 0.38 0.40 0.30 0.30 0.30 0.22 0.25 0.25 0.3 0.15 0.20 0.20 0.20 0.10 0.10 0.10 0.05 0.0 2007* 2003 2004 2005 2006 2008 2009 2010 2011 2012 2013 2014 2021 2022 2023 2024 2025 Int
Slide 45: Financial highlights – Income statement
Financial highlights – Income statement Particulars FH 2025 FH 2024 Q2 2025 Q1 2025 Q2 2024 Total Revenues - USD Million 68.40 91.21 36.55 31.85 47.24 Net Profit (loss) - USD Million (5.46) 25.75 (1.32) (4.14) 14.36 Gain on sales of vessels 0.76 4.02 - 0.76 2.60 Gain on derivatives - USD Million - 0
Slide 46: Financial profile
Financial profile FH 2025 2024 2023 2022 2021 Liquidity (Cash & Cash Equivalents + Undrawn $155.5m $191.6m $206.5m $30.5m $73.9m Commitments) Cash & Cash Equivalents $29.6m $63.9m $67.6m $30.5m $73.9m Total Assets $749.8m $771.1m $711.4m $703.2m $704.1m Gross Debt $262.9m $248.7m $214.1m $194.1m $24
Slide 47: Shareholder's returns
Shareholder’s returns Precious Shipping PCL 47
Slide 48: Total return to shareholders: 1993 to August 2025
Total return to shareholders: 1993 to 21 August 2025 800 75 683 695 635 659 640 60 496 512 520 500 480 458 480 423.2 440 45 351.2 Baht 320 239.2 30 149.2 135 160 25 6 67 72 60 9 35 22 16 16 24 24 12 4 6 6 -45 8 15 0 -85 -10 -70 51 61 82.2 90 112 -85 -81 -75 -85 -76 -80 -160 0 Inflow/Outflow Net Cash
Slide 49: Holding Period Return since IPO – Peer comparison
Holding Period Return since IPO – Peer comparison In August 2023, Splash 247 published an article titled 'Why Investing in Dry Bulk Companies Is a Bad Idea.' To support their argument, they displayed the percentage drop in the value of a $10,000 investment at the time of the IPO (column A), the numb
Slide 50: Investor Relations
Investor Relations Precious Shipping PCL 50
Slide 51: Investor relations activities – FH 2025
Investor relations activities – FH 2025 The Company has joined many events for press/analyst briefings, which are attended personally by the Managing Director, the Executive Directors and/or IR team. Some of the major events in which the Company participated are enumerated herein as under: Analyst M
Slide 52: PSL's ESG footprint
PSL’s ESG footprint Precious Shipping PCL 52
Slide 53: PSL's ESG footprint – Environment
PSL’s ESG footprint ▪ PSL was recognized as a Climate Action Leader by AFMA on 27 March 2025 for leadership in climate action and sustainability. ▪ PSL won the Climate Action Leading Organization Award 2024 from the Thai government for leadership in greenhouse gas management. ▪ PSL has received Carb
Slide 54: PSL's ESG footprint – Social and Governance
PSL’s ESG footprint ▪ Since 1995, PSL has provided scholarships to Merchant Marine Training Centre students and supported other activities annually. ▪ To mark World Maritime Day in 2024, PSL employees made contributions to the community and marine conservation in Rayong by cleaning up Saeng Chan Bea
Slide 55: Thank You !
Thank You ! Precious Shipping Public Company Limited Website: www.preciousshipping.com | E-mail: psl@preciousshipping.com, ir@preciousshipping.com
Precious Shipping Public Company — Q2 2025 Earnings Presentation on 6ix