Pan Ocean Co., Ltd. · KRX:028670
Pan Ocean — Q4 2025 Earnings Presentation
23 slides from Pan Ocean's earnings presentation, Feb 11, 2026
Slide 1: IR Presentation Q4 2025
IR Presentation Q4 2025 11 February 2026 Pan Ocean
Slide 2: Disclaimer
Disclaimer This Presentation may contain certain forward-looking statements. Such forward-looking statements are affected by known and unknown risks, uncertainties and other factors, which may cause material differences in the actual results or performance of Pan Ocean from any future result or perf
Slide 3: Contents
Contents Ⅰ. IR Focus Ⅲ. Market Overview ▪ Q4 Highlight ▪ Dry Bulk Market ▪ Financial Result by Segment ▪ Dry Bulk Trading Volume ▪ Investment in Vessels ▪ Major Dry Bulk Import in China ▪ Long-term Contracts ▪ Dry Bulk Carrier ▪ Dry Bulk Orderbook & Demolition ▪ Wet Bulk Market Ⅱ. Business Overview
Slide 4: I. IR Focus
Ⅰ. IR Focus ▪ Q4 Highlight ▪ Financial Result by Segment ▪ Investment in Vessels ▪ Long-term Contracts
Slide 5: Q4 Highlight
IR FOCUS Q4 Highlight (based on consolidated financial statements) Cargo(mil. MT) Sales(bil. KRW) Operating Profit(bil. KRW) Grain Sales (bil. KRW) BDI 1,675.5 USD 1,209mil. 1,476.3 1,393.4 USD 1,021mil. USD 960mil. 1,293.6 1,269.5 USD 922mil. USD 917mil. 123.0 125.2 130.4 109.8 113.3 USD 87mil. USD
Slide 6: Financial Result by Segment
IR FOCUS Financial Result by Segment Dry Bulk Container Tanker LNG Sales Operating Profit (Unit : bil. KRW) Sales Operating Profit (Unit : bil. KRW) Sales Operating Profit (Unit : bil. KRW) Sales Operating Profit (Unit : bil. KRW) 884 800 774 760 752 118 113 110 113 106 76 78 76 74 70 90 84 76 68 61
Slide 7: Investment in Vessels and Long-term Contracts
IR FOCUS Investment in Vessels (as of the end of 2025) Type Size No. Delivery Remark Bulker (6) U’max (64K DWT) 6 2026. 1, 3, 6, 8 & 2027. 10 & 2028. 1 New MR (50K DWT) 6 2026. 1, 4, 5, 7 & 2027. 4, 8 New Tanker (8) VLCC (300K DWT) 2 2027. 7, 8 New Total 14 * Feb 11, 2026 : Board approval secured fo
Slide 8: II. Business Overview
Ⅱ. Business Overview ▪ Shareholders and Dividend ▪ Cargo ▪ Fleet
Slide 9: Shareholders and Dividend
Shareholders and Dividend Major Shareholders (as of the end of 2025) Dividend Policy ◼ The company will provide cash dividend to shareholders after allocating financial results in a reasonable and balanced way to secure investment resources maintaining the soundness of financial structure. ◼ The com
Slide 10: Cargo
Cargo Duration Annual Volume (unit : mil. ton) Dry Bulk Non-Dry Bulk 112.1 104.5 103.9 13.5% 102.7 96.1 15.7% 15.2% 17.5% 16.7% 86.5% 84.3% 84.8% 82.5% 83.3% 2024 4Q 2025 1Q 2025 2Q 2025 3Q 2025 4Q 2021 2022 2023 2024 2025 Cargo Trades (2025. 4Q) Loading & Discharging LNG 0.6% 2025 4Q 2025 3Q Minera
Slide 11: Fleet
Fleet Fleet (no. of vessel) (Unit : no. of vessels) Fleet (DWT) (as of the end of 2025) Owned (Long term) Chartered in (over 1Y) Total Tanker 5.1% Handy (10~40K) 6 27 (2) 33 Handy LNG 4.5% 5.3% Handymax (40~70K) 22 (10) 55 (14) 77 Panamax Container 0.7% Others 0.1% 14.5% Panamax (70~100K) 12 (2) 29
Slide 12: III. Market Overview
Ⅲ. Market Overview ▪ Dry Bulk Market ▪ Dry Bulk Trading Volume ▪ Major Dry Bulk Import in China ▪ Dry Bulk Carrier ▪ Dry Bulk Orderbook & Demolition ▪ Wet Bulk Market
Slide 13: Dry Bulk Market
Dry Bulk Market BDI Trend (2022~2026) Annual Average of BDI 2022 2023 2024 2025 2026 2026 2022 2023 2024 2025 (1/1~2/11) 4,000 BDI 1,934 1,378 1,755 1,681 1,824 Cape T/C Avg.* 16,177 16,389 22,593 24,800 25,523 2,000 P’max T/C Avg. 20,736 12,854 14,099 13,361 13,767 S’max T/C Avg. 22,152 11,240 15,7
Slide 14: Dry Bulk Trading Volume
Dry Bulk Trading Volume (Unit : mil.Ton) Others Grain Coal Iron Ore Rate (Source : Clarksons) 6,000 5,914 5,951 5,990 10% 4.6% 5.0% 4,000 5% 3.1% 1.3% 3.4% 3.6% 0.6% 0.7% 0.5% 2,000 0% -1.1% -2.5% 0 -5% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026(E) 2027(F) (Unit : mil. ton) 2017 2018 2019 202
Slide 15: Major Dry Bulk Import in China
Major Dry Bulk Import in China (Unit : mil. Ton) (Source: China Customs) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total YoY 2021 91.00 90.50 102.11 98.57 89.79 89.42 88.51 97.49 95.61 91.61 104.96 86.07 1,125.64 -3.8% 2022 99.78 81.30 87.28 86.06 92.52 88.97 91.24 96.21 99.71 94.98 98.85
Slide 16: Dry Bulk Carrier
Dry Bulk Carrier (Unit : mil. DWT) Cape P’max H’max Handy Rate (Source : Clarksons) 1,141.9 10% 1,103.5 1,066.3 1,000 750 5% 500 4.0% 3.8% 3.6% 3.0% 2.9% 3.5% 3.5% 250 3.2% 3.0% 3.0% 2.9% 0 0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026(E) 2027(F) (Unit : mil. Dwt) 2017 2018 2019 2020 2021 202
Slide 17: Dry Bulk Orderbook & Demolition
Dry Bulk Orderbook & Demolition Orderbook & Delivery schedule (Source : Clarksons) 2026 2027 2028 ~ Total No. of vessel mil. DWT No. of vessel mil. DWT No. of vessel mil. DWT No. of vessel mil. DWT Cape 56 11.6 64 13.6 111 25.4 231 50.6 P'max 186 15.4 164 13.7 144 12.1 494 41.2 H'max 197 12.4 177 11
Slide 18: Wet Bulk Market
Wet Bulk Market Trend (2023~2026) VLCC MR (Unit : USD) (Unit : USD) 2023 2024 2025 2026 2023 2024 2025 2026 150,000 100,000 80,000 100,000 60,000 40,000 50,000 20,000 0 0 Jan Apr Jul Oct Jan Apr Jul Oct * BDTI (BALTIC DIRTY TANKER INDEX) - TD3 (M.E.GULF - CHINA) * BCTI (BALTIC CLEAN TANKER INDEX) -
Slide 19: Appendix
Appendix. ▪ Financial Result ▪ Annual Result by Segment ▪ Grain Trading Business 19
Slide 20: Financial Result (KRW)
Financial Result (KRW) (Unit : bil. KRW) 2023 2024 2025 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total BDI average 1,011 1,313 1,194 2,033 1,378 1,824 1,848 1,871 1,465 1,755 1,118 1,467 1,978 2,159 1,681 Sales 996 1,225 1,112 1,028 4,361 976 1,233 1,277 1,676 5,161 1,393 1,294 1,270 1,476 5,
Slide 21: Financial Result (USD)
Financial Result (USD) (Unit : mil. USD) 2023 2024 2025 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total BDI average 1,011 1,313 1,194 1,194 1,378 1,824 1,848 1,871 1,465 1,755 1,118 1,467 1,978 2,159 1,681 Sales 782 933 847 777 3,339 734 902 941 1,209 3,786 960 922 917 1,021 3,821 Cost of sale
Slide 22: Annual Result by Segment (2021~2025)
Annual Result by Segment (2021~2025) (Unit : bil. KRW) Dry Bulk Container Tanker LNG Sales Operating Profit Sales Operating Profit Sales Operating Profit Sales Operating Profit 4,464 509 442 343 348 318 3,296 401 3,110 3,086 366 306 353 298 2,782 172 149 515 540 140 138 125 111 103 107 94 272 78 83
Slide 23: Grain Trading Business
Grain Trading Business Cargo ('000 MT) Sales (bil. KRW) 520.1 387.0 360.1 252.7 251.6 232.3 210.9 199.7 181.8 174.3 180.9 165.1 126.3 122.2 1,107 1,156 1,183 99.6 852 806 568 568 587 428 422 369 49.0 409 359 321 283 112 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2022 2023 2024 2025 ➢ Achieved n