Slide 1: IR Presentation Q2 2025
IR Presentation Q2 2025 31st July 2025 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 ▪ Q2 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 Ⅱ. Business Overview Appendix. ▪ Shareh
Slide 4: I. IR Focus
Ⅰ. IR Focus ▪ Q2 Highlight ▪ Financial Result by Segment ▪ Investment in Vessels ▪ Long-term Contracts
Slide 5: Q2 Highlight
IR FOCUS Q2 Highlight (based on consolidated financial statements) Cargo(mil. MT) Sales(bil. KRW) Operating Profit(bil. KRW) Grain Sales (bil. KRW) BDI ’24/5/8 2,203 1,675.5 USD 1,209mil. 1,393.4 USD 960mil. 1,276.8 1,293.6 1,233.4 USD 941mil. USD 922mil. USD 902mil. 135.2 128.1 USD 99mil. USD 94mil
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) 884 812 789 774 752 118 113 110 92 108 82 94 76 78 70 76 85 68 73 61
Slide 7: Investment in Vessels and Long-term Contracts
IR FOCUS Investment in Vessels (as of the end of 1H 2025) Type Size No. Delivery Remark LNG (1) LNGC (174K CBM) 1 2025. 12 New TC Out with Qatar Energy (Firm Period 12Y & Charterer’s Option 4+4) Bulker (6) U’max (64K DWT) 6 2026. 1, 2, 5, 7 & 2027. 10 & 2028. 1 New VLCC (300K DWT) 2 2027. 7, 8 New T
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 1H 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
Slide 10: Cargo
Cargo Duration Annual Volume (unit : mil. ton) Dry Bulk Non-Dry Bulk 112.1 104.5 103.9 13.5% 96.1 13.6% 13.6% 15.7% 15.2% 50.9 86.5% 86.4% 86.4% 84.3% 84.8% 2024 2Q 2024 3Q 2024 4Q 2025 1Q 2025 2Q 2021 2022 2023 2024 2025 1H Cargo Trades (2025. 2Q) Loading & Discharging Others 1.5% LNG 0.6% 2025 2Q
Slide 11: Fleet
Fleet Fleet (no. of vessel) (Unit : no. of vessels) Fleet (DWT) (as of the end of 1H 2025) Owned (Long term) Chartered in (over 1Y) Total Tanker 5.2% Handy (10~40K) 6 33 (2) 39 Handy Handy LNG 3.9% Panamax 6.0% Handymax (40~70K) 23 (10) 62 (14) 85 Panamax 18.0% 4.8% Container 0.7% Others 0.2% 13.7%
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
Slide 13: Dry Bulk Market
Dry Bulk Market BDI Trend (2021~2025) Annual Average of BDI 2021 2022 2023 2024 2025 2025 2021 2022 2023 2024 (1/1~7/30) 6,000 5,650 BDI 2,943 1,934 1,378 1,755 1,364 4,000 Cape T/C Avg. 33,333 16,177 16,389 22,593 16,697 3,346 P’max T/C Avg. 26,898 20,736 12,854 14,099 11,478 2,000 S’max T/C Avg. 2
Slide 14: Dry Bulk Trading Volume
Dry Bulk Trading Volume (Unit : mil.Ton) Others Grain Coal Iron Ore Rate (Source : Clarksons) 6,000 5,813 5,732 5,748 10% 4.6% 4.6% 4,000 5% 3.6% 3.1% 3.4% 2.0% 0.3% 0.5% 2,000 0% -1.4% -1.1% -2.5% 0 -5% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025(F) 2026(F) (Unit : mil. ton) 2016 2017 2018 20
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) 1,035.1 1,067.0 1,101.1 1,000 10% 750 500 5% 4.0% 3.8% 3.6% 2.9% 3.2% 3.1% 3.2% 3.0% 2.9% 3.0% 2.2% 250 0 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025(F) 2026(F) (Unit : mil. Dwt) 2016 2017 2018 2019 2020 202
Slide 17: Dry Bulk Orderbook & Demolition
Dry Bulk Orderbook & Demolition Orderbook & Delivery schedule (Source : Clarksons) 2025 2026 2027 ~ Total No. of vessel mil. DWT No. of vessel mil. DWT No. of vessel mil. DWT No. of vessel mil. DWT Cape 23 4.6 52 11.0 81 17.5 156 33.1 P'max 96 7.9 171 14.2 168 14.1 435 36.2 H'max 115 7.2 177 11.2 16
Slide 18: Appendix.
Appendix. ▪ Financial Result ▪ Annual Result by Segment ▪ Grain Trading Business ▪ Tanker Market Index 18
Slide 19: Financial Result (KRW)
Financial Result (KRW) (Unit : bil. KRW) 2023 2024 2025 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 1Q 2Q 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 Sales 996.4 1,224.7 1,111.6 1,028.2 4,361.0 975.5 1,233.4 1,276.8 1,675.5 5,161.2 1,393.4 1,293.6 Cost of sales 859.3
Slide 20: Financial Result (USD)
Financial Result (USD) (Unit : mil. USD) 2023 2024 2025 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 1Q 2Q 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 Sales 782 933 847 777 3,339 734 902 941 1,209 3,786 960 922 Cost of sales 674 816 768 697 2,956 641 784 826 1,109 3,35
Slide 21: Annual Result by Segment (2020~2024)
Annual Result by Segment (2020~2024) (Unit : bil. KRW) Dry Bulk Container Tanker LNG Sales Operating Profit Sales Operating Profit Sales Operating Profit Sales Operating Profit 2,943 1,934 4,464 1,775 509 1,378 343 348 3,296 401 172 1,066 3,110 366 306 2,782 353 247 103 94 1,514 515 540 83 143 140 1
Slide 22: Grain Trading Business
Grain Trading Business Cargo ('000 MT) Sales (bil. KRW) … 360.1 252.7 … 210.9 199.7 181.8 174.3 180.9 165.1 … 122.2 1,107 1,156 99.6 852 568 568 587 428 422 369 49.0 409 359 321 283 112 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2022 2023 2024 2025 ➢ In June 2025, we signed an MOU with Khai Anh, a le
Slide 23: Tanker Market Index
Tanker Market Index (Unit : USD) VLCC (Unit : USD) MR 2022 2023 2024 2025 2022 2023 2024 2025 120,000 60,000 70,000 40,000 20,000 20,000 -30,000 0 Jan Apr Jul Oct Jan Apr Jul Oct * BDTI (BALTIC DIRTY TANKER INDEX) - TD3 (M.E.GULF - CHINA) * BCTI (BALTIC CLEAN TANKER INDEX) - TC7 (SINGAPORE - AUSTRAL