Precious Shipping Public Co., Ltd. · SET:PSL
Precious Shipping Public — Q3 2025 Earnings Presentation
56 slides from Precious Shipping Public's earnings presentation, Nov 4, 2025
Slide 1: Precious Shipping Public Company Limited
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 4 November 2025
Slide 2: Look at China’s performance in 9M 2025!
Look at China’s performance in 9M 2025! Latest available Data points on China in 9M 2025 Vs 9M 2024. Iron Ore Imports Coal Imports Steel Production Steel Consumption Steel Exports Bauxite & Alumina 9M’25 vs 9M’24 0.1% 11.1% 2.9% 3.8% 9.2% 32.0% 2024 vs 2023 4.9% 14.4% 1.7% 3.5% 21.8% 12.4% 9M'24 (in
Slide 3: China’s Steel Consumption by Sector
China’s Steel Consumption by Sector % Change 2019-2024 Avg 2025e 2026f 2025 vs 5-yrs Avg Real Estate 293.7 219 222 -25.4% Infrastructure 137.8 153 158 +11.0% Machinery 136.0 154 158 +13.2% Autos 63.2 70 72 +10.8% Net Exports 65.5 132 130 +101.5% Others 327.2 303 302 -7.4% Total 1,023.3 1,031 1,042 +
Slide 4: 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. 9M 2025 exports rose 9.2% y-o-y to 88 MMT, this is a new export record. China leads steel exports with a record 30.7 MMT in Q2 2025, up 11% y-o-y. Despite r
Slide 5: Steel & Geared Bulkers – Rising Demand
Steel & Geared Bulkers – Rising Demand Steel ranks among the top 3 cargoes for geared bulkers, alongside grains and fertilizers. In 8M 2025, steel accounted for ~11-14% of geared shipments across all vessel segments. Global seaborne steel volumes on geared ships hit 170 MMT in 2024, up 14.2% y
Slide 6: Guinea’s Bauxite Boom: Despite Weather and Political Headwinds
Guinea’s Bauxite Boom: Despite Weather and Political Headwinds China is the dominant importer of Guinean bauxite, importing ~118.42 MMT in 9M 2025, a ~40.3% y-o-y increase, Guinea accounting for 75% of China’s total imports. China’s bauxite imports hit a record 157.6 MMT, up 32% y-o-y. Guinea’
Slide 7: US-China Maritime Trade Truce: One-Year Suspension of Measures
US-China Maritime Trade Truce: One-Year Suspension of Measures US will pause the implementation of measures under its Section 301 investigation targeting China’s maritime, logistics and shipbuilding measures for one year. Similarly, China will suspend all the countermeasures against the US for o
Slide 8: 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 9M 2025, exports of dry bulk cargoes from China reached 150.8 MMT. That is just 3.6% of global dry bulk exports. Chinese exports are primarily in East Asia/South-East Asi
Slide 9: US Threats and Supporting States Doom IMO’s Net Zero Plan
US Threats and Supporting States Doom IMO’s Net Zero Plan The US rejected the IMO’s Net Zero Framework (NZF) and warned of retaliation against countries backing it at the MEPC meeting (14–17 Oct), where the NZF required two-thirds majority to pass, but voting has stalled after the US and Saudi Ara
Slide 10: USDA Forecasts: Global Grain Exports to Grow +3% in 2025/26
USDA Forecasts: Global Grain Exports to Grow +3% in 2025/26 USDA latest forecast for 2025/26 now predicts increasing global grain exports at 729.4 MMT (+21.4 MMT, +3% y-o-y). Coarse Grains Wheat Soybean Soymeal 2024/25e (MMT): 233.5 2024/25e (MMT): 209.6 2024/25e (MMT): 183.5 2024/25e (MMT): 81.4 20
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 2024 2025F 2026F Iron Ore 8,028 8,455 8,529 8,195 8,726 9,287 9,396 9,557 Coal (includes Lignite) 4,993 4,545 4,835 4,988 5,526 5,859 5,489 5,323 Grains (includes
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 2024 2025F 2026F Steel Products 1,846 1,721 2,047 1,962 2,024 2,143 2,152 2,128 Forest Products 2,291 2,276 2,321 2,170 2,136 2,128 2,131 2,163 Other Minor Bu
Slide 13: Global Minor Bulk Trade Highlights (Q1-Q3 2025)
Global Minor Bulk Trade Highlights (Q1-Q3 2025) Global minor bulk trade up 4.7% y-o-y, compared to an average of +4% since 2020. Tonne-mile demand rose 8.1% y-o-y (+12.4% in 2024, +14% in 2023), driven by high-volume long-haul trades (Chinese Steels & South African minor ores to China). Export D
Slide 14: Commodities Share by Volume Across Dry Bulk Sectors
Commodities Share by Volume Across Dry Bulk Sectors Commodities Capesize Panamax Supramax Handysize Iron Ore 77% 7% 4% 2% Coal 14% 56% 17% 6% Grains - 20% 17% 24% Minor Bulk 7% 15% 56% 53% Others - - 1% 3% 100% 77% 80% 60% 56% 56% 53% 40% 20% 24% 14% 15% 17% 17% 20% 7% 7% 0 0 0 4% 1% 2% 6% 3% 0% Cap
Slide 15: 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 16: Dry bulk fleet at the start of Oct 2025
Dry bulk fleet at the start of Oct 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 5,129 14.03 140.18 27,330 13.30% Supra/Ultramax 45,000 – 69,999 4,202 12.49 242.48 57,707 23.01% Panamax 70,000 – 89,999 2,932 12.37 234.
Slide 17: Confirmed orders (in MDWT) as of Oct 2025 – Dec 2028
Confirmed orders (in MDWT) as of 1 Oct 2025 – 31 Dec 2028 30 Total Confirmed Orders Until 2028 Year M DWT % of Fleet 2025 11.51 1.09% 25 2026 43.57 4.14% 2027 34.44 3.27% 20 2028 20.06 1.90% Total Orderbook 109.58 10.40% Geared 39.60 10.35% M DWT 14.79 15 Gearless 69.98 10.43% 11.8 12.28 11.26 11.28
Slide 18: 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 Oct 2025) Total Fleet at End of Sep 2025 1,053.64 Total Orderbook to End 2028 109.58 Orderbook % Fleet 10.40% % Fleet Over 20yrs of Age Today 10.84% % Fleet Over 25yrs of A
Slide 19: DWT of dry bulk ships ordered in 9M 2025 vs 9M 2024, 2023 and 2022
DWT of dry bulk ships ordered in 9M 2025 vs 9M 2024, 2023 and 2022 % Change New Orders in % Change Year Avg. BDI vs 9M 2025 MDWT vs 9M 2025 9M 2022 2,066 -26% 24.24 -42.8% 9M 2023 1,169 +31% 31.68 -58.6% 9M 2024 1,848 -17% 45.18 -68.5% 9M 2025 1,527 - 14.75 - Source: Clarksons Index Timeseries and C
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 Up to 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
Slide 23: Key industry takeaways
Key industry takeaways As of Oct, the IMF raised its global growth projections to 3.2% (from 3.0%) for 2025 and 3.1% for 2026, citing global growth being driven by agile supply chains, a weaker dollar, fiscal boosts in Europe and China, and an AI investment surge. China’s GDP grew by 4.8% y-o-y
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 Sep 2025 15 Oct 2025 Number of 36 38 38 40 40 42 Vessels Average Age 10.3 years 11.0 years 12.0 years 12.1 years 12.5 years 12.2 years (Simple Avg) Insured Value 767.4 833.4 747.6 765.4 675.5 747.1 (US$ million) Book Value 605.0 635.
Slide 26: Current and rolling 4-year forward book until 2029
Current and rolling 4-year forward book until 2029 Contract Total USD 85.75 m USD 68.07 m USD 41.43 m USD 27.33 m USD 27.16 m value USD 249.74 m 17,500 100% 15,420 15,330 15,372 15,330 14,716 14,000 15,330 14,972 14,933 14,933 80% 14,186 10,500 60% 41% 7,000 29% 40% 18% 3,500 6,045 12% 12% 20% 4,414
Slide 27: Fleet renewal
Fleet renewal Sold Vessels Bought Vessels Rattana Wikanda Charana Rojarek Hansa Hatthaya Nitaya Napha Nisa Uma Usanee Urairat Naree Naree Naree Naree Naree Naree Naree Naree Naree Naree Naree Naree In PSL In PSL In PSL In PSL In PSL In PSL In PSL In PSL Sold in Sold in Fleet Fleet Sold in Sold in Fl
Slide 28: Financials
Financials Precious Shipping PCL 28
Slide 29: Q3 2025 highlights
Q3 2025 highlights Q3 2025 Highlights • Net profit of Baht 252.39 million (USD 7.78 million), or gain of Baht 0.17 per share Quarterly Results • EBITDA of Baht 692.96 million (USD 21.36 million) Dividend • An interim dividend No.2 for 2025 of 10 Satang which was paid on 5 September 2025. • Acquisiti
Slide 30: Q3 2025 highlights
Q3 2025 highlights Q3 2025 Highlights Investment in Uni-Asia Group Limited (“Uni-Asia”) • No shares purchase during Q3 2025. • As of 30 September 2025, Precious Shipping (Singapore) Pte. Limited and Unity Ventures Pte. Limited owns 4,686,900 ordinary shares, representing 5.96% of the total issued an
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 Q3 2025 Q2 2025 Revenue ($ million) 44.6 36.6 Net Profit (Loss) ($ million) 7.8 (1.3) Earning (Loss) per Share (Baht) 0.17 (0.03) Return on Equity * 1.28% (1.46%) Net Debt / Equity Ratio 0.51 0.50 Number of Ships 40 40 * Excluding exchange gain (loss) and non-recurring items. Precious Sh
Slide 33: Earnings and liquidity
Earnings and liquidity TC Rate/Day in $ Historical EBITDA ($ million) 15,000 12,755 13,368 30 13,000 12,177 25 11,000 10,132 20 20 21 8,641 20 9,000 7,000 15 13 5,000 10 8 3,000 5 1,000 0 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Dividend Paid (Baht Million) Cash Balance ($ million
Slide 34: Statement of financial position ($ million)
Statement of financial position ($ million) 900 Liability Liability Assets & Equity Assets & Equity 800 Other Assets 50 Other Assets 73 700 600 469 496 500 Shareholder’s Shareholder’s Equity Equity 400 657 Vessels & 658 Equipments Vessel & 300 Equipments 23 Other Liabilities 26 Other Liabilities 200
Slide 35: Cash movement in Q3 2025 ($ million)
Cash movement in Q3 2025 ($ million) 90 80 70 35 60 27 -10 -1 49 50 -5 40 30 -22 -1 30 -4 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 67.0 Loans repayment (28.3) Loans prepayment (1.1) Amortization of financial fees 0.5 Deferred financial fees (1.0) Total long-term loans from banks as on 30
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 Q3 2025 and Q2 2025 were USD 5,284 and 5,135 respectively. Q3 2025 6,000 307 65 5,284 850 128 457 4,000 223 458 2,796 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 and 2026
Dry dock schedule in 2025 and 2026 • Twenty-three ships undergo dry dock for an intermediate or special survey in 2025. • On average, vessels spend around three weeks in dry dock. • Eleven ships will undergo dry dock for an intermediate or special survey in 2026. 12 10 8 6 11 11 4 6 2 4 2 0 Q1 2025
Slide 40: Supramax/Ultramax sector peer analysis for Q2 2025
Supramax/Ultramax sector peer analysis for Q2 2025 For Q2 2025: PSL’s Supramax/Ultramax average daily OPEX* + G&A came in at $5,294 per vessel per day 10,000 9,000 7,815 8,000 1,096 7,000 6,000 5,564 5,294 5,000 964 870 4,000 6,719 3,000 4,424 4,600 2,000 1,000 - PSL A B Opex GA Expenses # EBITDA/
Slide 41: Debt maturity profile ($ million)
Debt maturity profile ($ million) 60 50 6 15 20 40 4 30 12 44 44 20 39 39 6 24 10 14 11 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 0.9 239 0.8 250 Ratio 0.7 185 200 0.6 172 163 146 0.5 150 0.4 0.4 0.3 100 0.3 0.3 50 0.0 0 9M 2025 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 9M 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 12.5 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 0.75 0.78 0.75 0.80 0.65 0.60 0.6 0.50 0.38 0.40 0.30 0.30 0.30 0.25 0.25 0.3 0.22 0.15 0.20 0.20 0.20 0.10 0.10 0.10 0.05 0.0 2003 2004 2005 2006 2007* 2008 2009 2010 2011 2012 2013 2014 2021 2022 2023 2024 2025 In
Slide 45: Financial highlights – Income statement
Financial highlights – Income statement Particulars 9M 2025 9M 2024 Q3 2025 Q2 2025 Q3 2024 Total Revenues - USD Million 112.98 133.63 44.58 36.55 42.85 Net Profit (loss) - USD Million 2.32 33.98 7.78 (1.32) 8.23 Gain on sales of vessels 0.76 4.02 - - - Gain on derivatives - USD Million - 0.25 - - -
Slide 46: Financial profile
Financial profile 9M 2025 2024 2023 2022 2021 Liquidity (Cash & Cash Equivalents + Undrawn $136.2m $191.6m $206.5m $30.5m $73.9m Commitments) Cash & Cash Equivalents $49.4m $63.9m $67.6m $30.5m $73.9m Total Assets $780.4m $771.1m $711.4m $703.2m $704.1m Gross Debt $287.9m $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 November 2025
Total return to shareholders: 1993 to 3 November 2025 800 75 683 701 635 659 640 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 18 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 Cas
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 – 9M 2025
Investor relations activities – 9M 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 - Environment 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
Slide 54: PSL’s ESG footprint - Social
PSL’s ESG footprint - Social During the third quarter of 2025, the company received recognition from the Stock Exchange of Thailand and the Singapore Management University for its employee ESG education initiatives. Since 1995, PSL has provided scholarships to Merchant Marine Training Centre stu
Slide 55: PSL’s ESG footprint - Governance
PSL’s ESG footprint - Governance Achieved a sustainable ranking of AA in the ‘SET ESG Ratings 2024’ and was included in the Stock Exchange of Thailand’s Thailand Sustainability Investment (THSI) list for the fourth consecutive year. PSL won the ‘Best Investor Relations Award’ for companies with
Slide 56: 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 — Q3 2025 Earnings Presentation on 6ix