Pacific Basin Shipping Limited · HKEX:2343
Pacific Basin Shipping — FY2025 Earnings Presentation
36 slides from Pacific Basin Shipping's earnings presentation, Mar 3, 2026
Slide 1: A Customer-Focused Platform for Outperformance & Resilience
A CUSTOMER -FOCUSED PLATFORM FOR OUTPERFORMANCE & RESILIENCE ANNUAL RESULTS 2025 3 March 2026 @SINGAPORE
Slide 2: 2025 Financial Highlights
2025 FINANCIAL HIGHLIGHTS EBITDA Underlying Profit Net Profit US$263.1m US$59.2m US$58.2m Solid Financial Performance Net Cash Undrawn Committed Facilities Strong Balance Sheet US$134.0m US$485.5m Total Distribution in Value(1) Total Shareholder Return(2) Sound Shareholder Value US$90.5m 46% Notes:
Slide 3: Delivering Shareholder Return
DELIVERING SHAREHOLDER RETURN US$m Payout (%) 160.0 200% Final dividend per share(1) HK6.0 cents 140.0 179% 131.7 9.6 120.0 109.4 150% Share buyback(2) US$40m 10.8 100.9 100.0 90.5 80.0 82.3 40.0 100% Committed distribution 179% of 2025 net profit 84% 83% 40.0 to shareholders (excluding vessel dispo
Slide 4: Performance and Financial Review
PERFORMANCE AND FINANCIAL REVIEW
Slide 5: Market Freight Rates & Industry Headwinds
MARKET FREIGHT RATES & INDUSTRY HEADWINDS Handysize Market Spot Rates (BHSI) Supramax Market Spot Rates (BSI) Major macro challenges 38k dwt (tonnage adjusted^) 58k dwt in 2025 US$/day net* US$/day net* 16,000 18,000 ▪ United States-China trade conflict FFA Average* FFA Average* $13,730 $15,580 14,0
Slide 6: TCE Earnings Was Lower, But We Continued to Outperform with High Cover
TCE EARNINGS WAS LOWER, BUT WE CONTINUED TO OUTPERFORM WITH HIGH COVER Handysize Core Business TCE(1) Supramax Core Business TCE(1) Operating Activity Margin US$/day US$/day 2025 full year: US$820 per day; 27,850 days 14,860 14,450 (2) US$/day Day 15,000 14,000 15,000 14,050 (2) 13,410 13,540 12,310
Slide 7: Daily Core Vessel Cost - Handysize & Supramax
DAILY CORE VESSEL COST - HANDYSIZE & SUPRAMAX Handysize US$/Day 2024 2025 14,000 12,490 Indicative Owned Fleet Cash Breakeven before G&A# 12,330 12,000 US$ Finance Cost OPEX Cost Total US$/day 10,000 8,750 8,920 8,090 8,260 8,000 110 100 Handysize $100 $4,720 $4,820 6,000 3,380 3,440 4,000 Supramax
Slide 8: Resilient Performance Amid a Softer 2025 Freight Market
RESILIENT PERFORMANCE AMID A SOFTER 2025 FREIGHT MARKET US$million 2025 2024 Change* Revenue 2,081.0 2,581.6 -19% Owned vessel costs Voyage expenses (892.6) (1,099.6) +19% 2025 2024 OPEX (188.5) (197.0) Time-charter equivalent ("TCE") earnings 1,188.4 1,482.0 -20% Depreciation (152.1) (153.7) Financ
Slide 9: Financial Flexibility Enables Optionality in Our Strategy
FINANCIAL FLEXIBILITY ENABLES OPTIONALITY IN OUR STRATEGY US$million 31 Dec 2025 31 Dec 2024 PP&E 1,642.1 1,698.7 Net Book Value and Estimated Market Value of Owned Vessels Total assets 2,278.4 2,414.0 Number of Total Net Book Value Estimated Market Value* As at 31 December 2025 vessels (US$ Million
Slide 10: Strong Cash Generation Ability and Improvement in Liquidity
STRONG CASH GENERATION ABILITY AND IMPROVEMENT IN LIQUIDITY Operating cash inflow was US$229 million, inclusive of all long and 1 2 3 4 5 6 7 1▪ short-term charter hire payments US$m 1100 250 2▪ Realised US$66.8 million from sale of 5 Handysize and 3 Supramax vessels 1000 -116 Closed a new US$250 mi
Slide 11: Prudent but Proactive Capital Management Strategy
PRUDENT BUT PROACTIVE CAPITAL MANAGEMENT STRATEGY Strengthen Balance Sheet Management ▪ Maintain a robust balance sheet Net Available Average ▪ Optimise cost structure to ensure cost-efficiency Cash Facilities Interest Rate ▪ Utilise balance sheet for future growth opportunities US$134m US$622m 5.9%
Slide 12: Market Dynamics & Strategy
MARKET DYNAMICS & STRATEGY
Slide 13: Resilient Minor Bulk Demand
RESILIENT MINOR BULK DEMAND 2025 Jan – Dec Loadings 2017-2021 2022 2023 2024 2025 Minor Bulk* Grain Coal Iron Ore +1% YOY Mill tonnes -6% YOY Mill tonnes -6% YOY Mill tonnes -2% YOY Mill tonnes 250 60 170 160 55 160 230 150 50 150 210 140 45 140 190 130 40 130 170 35 120 120 150 30 110 110 Jan Jan J
Slide 14: Disciplined Approach to Fleet Growth and Renewal, with Growth Optionality
DISCIPLINED APPROACH TO FLEET GROWTH AND RENEWAL, WITH GROWTH OPTIONALITY Ultramax/Handysize Newbuild and 10-Year Old Secondhand Current Core Fleet US$m Vessel Values 40 As at 2027 Ultramax Newbuild (61-64.5K) 2025 31 Dec 2025 2026 and beyond Ultramax Secondhand 10YO (61K ECO)* 107 35 3 Supramax sol
Slide 15: Strategic Newbuilding Order of Four Handysize Vessels in Dec 2025
STRATEGIC NEWBUILDING ORDER OF FOUR HANDYSIZE VESSELS IN DEC 202 5 ▪ Acquired four Handysize newbuilding vessels for an aggregate consideration of US$119.2 million (US$29.8 million each) from Jiangmen Nanyang Ship Engineering co., Ltd. in China with delivery in 1H 2028 How these four 40,000 dwt Hand
Slide 16: Minor Bulk Tonne-Mile Forecast to Grow 2.1% in 2026
MINOR BULK TONNE -MILE FORECAST TO GROW 2.1% IN 2026 2025E Dry Bulk Trade Volumes YOY 2026F Dry Bulk Trade Volumes YOY ▪ PB focus cargo: Broad-based increased trade volume of about 3.5% in 2025 and Coal -4.0% 1,331 Coal -3.1% 1,290 2.5% in 2026 Iron Ore 1,635 2.5% Iron Ore 1,637 0.1% ▪ Forecast indi
Slide 17: Steady Fleet Growth
STEADY FLEET GROWTH Overall Dry Bulk Supply Development Handysize/Supramax Supply Development In 2025: % of Total Fleet (net) % of Total Fleet (net) 5.0% 6.0% ▪ Global dry bulk net fleet growth remained steady at 3% 3.5% 3.5% 4.1% 4.0% 5.0% 4.1% 4.0% 3.1% 3.0% 3.0% 4.0% 3.4% 3.4% ▪ Handysize and Sup
Slide 18: 2026 Market Outlook
2026 MARKET OUTLOOK Challenging market conditions and geopolitical uncertainty to persist Freight Forward Macro Environment Commodity Trade Fleet Dynamics Agreements ▪ Global growth is expected to ▪ Geared bulk carrier segments are ▪ Approximately 15% of ▪ FFA curves for the next two remain steady w
Slide 19: Strategic Focus for 2026
STRATEGIC FOCUS FOR 2026 Disciplined growth by acquisition of modern second-hand vessels, Growing our business placing newbuilding orders, taking newbuildings on long-term charter with purchase options, and looking for accretive M&A opportunities Refining our cost structure Improving cost structure
Slide 20: Excellent Platform for Delivering Sustainable Shareholder Value
EXCELLENT PLATFORM FOR DELIVERING SUSTAINABLE SHAREHOLDER VALUE ▪ Own and operate one of the world’s largest fleets of modern Handysize and Supramax vessels with 250 vessels, 14 offices globally and strong customer base of 600+ industrial customers Strong Scale & corporate governance specialisation
Slide 21: Disclaimer
This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Pacific Basin and certain plans and objectives of the management of Pacific Basin. DISCLAIMER Such forward looking statements involve known and unknown risks,
Slide 22: Appendix
APPENDIX
Slide 23: Pacific Basin Overview
APPENDIX: PACIFIC BASIN OVERVIEW ▪ We operate one of the world’s largest fleets of interchangeable modern Handysize and Supramax vessels, equipping us for efficient trading and reliable service any time and anywhere ▪ Our Core fleet consists of 106 Handysize and Supramax vessels, including chartered
Slide 24: Understanding Our Core Market
APPENDIX: 31% UNDERSTANDING OUR CORE MARKET Tankers for oil, gas & chemicals The dry bulk industry carries dry commodities and other non- containerised cargo. Larger vessels including Capesize and Shipping Sectors Panamax carry mainly iron ore, coal and grain. 44% 16% We specialise in the versatile,
Slide 25: Strategic Model
APPENDIX: STRATEGIC MODEL phy, s 600+ Why Minor Bulk o a gr argo e c us e c to nd s g om ied a m Attractive Characteristics of Minor Bulk er cust ersif er sg Div ▪ More diverse customer, cargo and geographical lob exposure enables high utilisation ally Benefits Of ▪ A segment where scale and operati
Slide 26: Pacific Basin Current Fleet
APPENDIX: PACIFIC BASIN CURRENT FLEET 107Vessels 13 LT 120 130ST 250 Total Total owned Chartered Chartered Vessels in Operation Total Average Capacity Age Long-term Short-term Owned Chartered Sub-total Chartered1 Total (million dwt) Costs Owned Owned fluctuate with Substantially fixed costs market H
Slide 27: Triangulated Trading Patterns to Enhance Our Vessels' Utilisation and TCE Earnings
APPENDIX: TRIANGULATED TRADING PATTERNS TO ENHANCE OUR VESSELS’ UTILISATION AND TCE EARNINGS 27 Pacific Basin 2025 Annual Results
Slide 28: Diversified Cargo Mix
APPENDIX: DIVERSIFIED CARGO MIX Diverse range of commodities reduces product risk Our Cargo Volumes 2025 VS 2024 Minerals 10% Agricultural Products & Related 30% 10% Salt 5% - Grains & Agricultural Products 16% - 11% Sand & Gypsum 4% -1pp Fertiliser 12% +2pp 30% Soda Ash 1% - 28% Sugar 2% - 17% Ener
Slide 29: Global Economic Outlook Improved Over Last Year
APPENDIX: GLOBAL ECONOMIC OUTLOOK IMPROVED OVER LAST YEAR IMF World Economic Outlook GDP Forecasts (Jan 2026 issue vs Oct 2025 issue) World China US EU 1.6% 3.3% 3.3% 2.4% 1.7% 1.6% 3.4% 6.0% 2.5% 5.0% 4.8% 4.5% 3.3% 2.4% 1.6% 4.2% 3.2% 4.2% 5.0% 4.0% 1.5% 1.5% 3.2% 3.3% 1.6% 2.3% GDP % Change GDP %
Slide 30: Global Fleet Development
APPENDIX: GLOBAL FLEET DEVELOPMENT 2025 Scrapping as % of Orderbook as 1 January 2025 % of Existing Fleet Average Age Over 20 Years Old Existing Fleet Handysize 8.9% 13.7 14.5% 0.6% (10,000–44,999 dwt) Supramax & Ultramax 11.8% 12.6 12.6% 0.6% (45,000–69,999 dwt) Panamax & Post -Panamax 15.2% 12.6 1
Slide 31: 2025 Annual Financial Results
APPENDIX: 2025 ANNUAL FINANCIAL RESULTS P&L US$million 2025 2024 EBITDA 263.1 333.4 Underlying profit 59.2 114.1 Net profit 58.2 131.7 Core Business Contribution US$million 2025 2024 Handysize 57.6 107.2 Supramax 59.6 71.2 Operating Activity 2025 2024 Total contribution (US$million) 22.9 17.4 Margin
Slide 32: Our Performance vs Market Indices
APPENDIX: OUR PERFORMANCE VS MARKET INDICES Core Business Handysize Performance vs Index (BHSI)* Supramax Performance vs Index (BSI)* US$/Day US$/Day 4,000 5,000 4,310 2,940 4,000 3,000 3,000 2,620 2,000 1,680 2,000 1,000 1,000 90 - - (1,000) (1,000) (1,030) (900) (1,090) (2,000) (2,000) 3Q 4Q 1Q 2Q
Slide 33: Vessel Days and Long-Term Chartered Commitments
APPENDIX: VESSEL DAYS AND LONG -TERM CHARTERED COMMITMENTS Vessel Days Future Long -term Chartered Vessel Costs The following table shows an analysis of our vessel days in 2025 and 2024: The following table shows the average daily charter costs for our long-term chartered vessels during their remain
Slide 34: Forward Cargo Cover
APPENDIX: FORWARD CARGO COVER Handysize Supramax US$/Day US$/Day ▪ We actively took cover for the first quarter of 2026 in (net) (net) 14,000 view of the downward trend in freight rates towards the 15,000 $14,450* $14,050* end of 2025, while maintaining a higher degree of spot 12,000 $11,890* $12,68
Slide 35: Scrubbers Benefit
APPENDIX: SCRUBBERS BENEFIT ▪ Scrubber investment was made prior to implementation of the IMO 2020 sulphur cap, which allows us to comply with the rules while using High-Sulphur Fuel Oil (“HSFO”) ▪ Savings achieved by using HSFO and benefitting from the spreads between HSFO and Low-Sulphur Fuel Oil
Slide 36: On Track to Net Zero by 2050
APPENDIX: ON TRACK TO NET ZERO BY 2050 Carbon Intensity (EEOI) Grams CO2 per tonne-mile 15 14.1 ▪ We target net zero emissions by 2050 We target an interim checkpoint EEOI of ▪ We target an interim checkpoint EEOI of about 6.7 by 2030, which is over 10 about 6.7 by 2030, which is over 50% less 50% l
Pacific Basin Shipping — FY2025 Earnings Presentation on 6ix