Pacific Basin Shipping Limited · HKEX:2343
Pacific Basin Shipping — Q3 2025 Earnings Presentation
35 slides from Pacific Basin Shipping's earnings presentation, Oct 16, 2025
Slide 1: Q3 2025 Trading Update
3025 TRADING UPDATE 16 OCTOBER 2025 @SINGAPORE
Slide 2: Performance and Market Review
Slide 3: Handysize and Supramax Market Spot Rates
Handysize Market Spot Rates (BHSI) Supramax Market Spot Rates (BSI) 38k dwt (tonnage adjusted^) 58k dwt US$/day net* US$/day net* 18,000 18,000 16,000 16,000 $15,093 14,000 $14,064 14,000 FFA Average* 12,000 FFA Average* 12,000 $14,140 $13,090 10,000 10,000 8,000 8,000 6,000 6,000 3Q25 Average: $11,
Slide 4: Minor bulk, grain, coal and iron ore volumes
2017-2021 range 2022 2023 2024 2025 240 58 170 160 230 56 155 54 160 220 150 52 210 50 150 145 Million Tons Million Tons Million Tons Million Tons 48 140 200 46 140 135 190 44 130 180 42 130 125 170 40 38 120 120 160 36 115 150 34 110 110 Feb Apr Aug Sep Oct Nov Dec Jan Mar May Jun Jul Feb Feb Feb A
Slide 5: Core Business Operating Activity
Core Business Operating Activity Handysize Core Business TCE Supramax Core Business TCE US$/day Operating Activity Margin US$/day US$/day 18,000 18,000 1,500 # # 1,300 15,000 15,000 $14,060 # $13,410 $13,200 $11,680 $12,380 $12,230 12,000 $11,010 # 12,000 $9,790 1,000 820 9,000 9,000 750 87% 24% 600
Slide 6: Market Outlook
Slide 7: PB Focus: Dry Bulk Trade Volumes
▪ Minor Bulk: Broad-based increased trade 2025F Dry Bulk Trade Volumes (Mt, YOY) 2026F Dry Bulk Trade Volumes (Mt, YOY) volume (tonnes) of 2.7% in 2025 and 1.8% in 2026 1,268 , -3.3% Coal 1,311 , -4.8% Coal Iron Ore ▪ Bauxite / Alumina, manganese ore and scrap 1,604 , 0.4% Iron Ore 1,608 , 0.2% stee
Slide 8: Total Dry Bulk Supply Development
Total Dry Bulk Supply Development Handysize/Supramax Supply Development ▪ The minor bulk fleet is forecast to grow 4.5% 6.0% 4.0% 4.3% in 2025 and 3.9% in 2026 driven by 3.4% 5.0% 4.3% 3.5% 2.9% 3.1% 3.0% 3.0% 4.1% 3.9% higher deliveries, estimated to add 4.8% in 3.0% 4.0% 3.3% 3.4% 2025 and 4.4% in
Slide 9: Strategy
Slide 10: Current Core Fleet
Current Core Fleet (as at 30 September 2025) Ultramax/Handysize Newbuild and 10-Year Old Secondhand 13 121 # 108 Vessel Values 40 Ultramax Newbuild (61-64.5K) Ultramax Secondhand 10YO (61K ECO)* Vessels Long-term Total core 35 vessels Handysize Newbuild (38-42K) owned Chartered1 Handysize Secondhand
Slide 11: Within our control, beyond our control
▪ Our objective is to ensure our ships can continue to trade freely and competitively despite the USTR 301 and China’s special port fees on US vessel owners and operators which came to effect on 14 October 2025 ▪ The following proactive steps have been implemented by Pacific Basin to mitigate the ap
Slide 12: Capital Allocation Focus
Capital Allocation Focus Progress on the US$40 million share buyback programme announced in February 2025 ▪ Focusing on investments in strategic fleet renewal, returning capital to shareholders and positioning us to capitalise on sensible acquisition and growth opportunities Since 3Q25 February 2025
Slide 13: Macro Environment, Commodity Trade, Fleet Dynamics
Dry bulk market is expected to remain firm despite the volatility and uncertainty brought by special port tariffs Macro Environment Commodity Trade Fleet Dynamics ▪ Dry bulk markets are proving surprisingly ▪ Cargo volumes are forecasted to ▪ Handysize and Supramax fleet continues to resilient in th
Slide 14: Forward-looking statements
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. Such forward looking statements involve known and unknown risks, uncertainti
Slide 15: Appendix
Slide 16: China dry bulk seaborne imports
Growth in China Dry Bulk Quarterly Seaborne Imports YoY ▪ China dry bulk seaborne imports slowed sharply in 1Q25. 30% But losses narrowed as the year progressed. ▪ Iron ore, grains and coal imports into China decreased -4%, 20% -26% and -16% YoY respectively in 9m25 10% ▪ However, minor bulk imports
Slide 17: Fleet and orderbook by size segment
8.7% 14 14% 0.5% (10,000–40,000 dwt) (40,000–70,000 dwt) 11.0% 13 12% 0.3% (70,000–100,000 dwt) 13.6% 13 15% 0.4% (100,000+ dwt) 9.3% 12 6% 0.3% 10.7% 13 11% 0.3% Source: Clarksons Research, data as at October 2025 ^ Data as at 09 Oct 2025
Slide 18: Our Focus
Tankers for oil, gas & chemicals The dry bulk industry carries dry commodities and other non- containerised cargo. Larger vessels including Capesize and Panamax carry mainly iron ore, coal and grain. We specialise in the versatile, mid-size, geared Handysize and Supramax vessels that carry a wide ra
Slide 19: One of the world's largest Handysize and Supramax fleets
▪ 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 123 Handysize and Supramax vessels; including chartered vessels in our Operating Activit
Slide 20: Vessels in Operation
108 Vessels 13 LT 121 138 259 Total ST Total owned Chartered1 Chartered Vessels in Operation Total Average Capacity Age Long-term Short-term Owned Chartered1 Sub-total Chartered2 Total (million dwt) Costs Owned Owned fluctuate with Substantially fixed costs market Handysize 59 9 68 58 126 2.1 13 Sup
Slide 21: Interim Results 2025
Interim Results 2025 11 commercial offices 4 technical & crewing offices “Fronthaul” refers to shipping routes where there is high demand for vessels to transport commodities to areas where those commodities are needed. Conversely, “backhaul” refers to shipping routes where vessels transport commodi
Slide 22: Cargo mix 1H 2025
Interim Results 2025 Minerals 11% Agricultural Products & Related 29% Salt 6% +2pp Grains & Agricultural Products 17% - Sand & Gypsum 4% -1pp Fertiliser 10% -1pp Soda Ash 1% - 10% Sugar 2% - 30% Energy 16% Coal 14% +4pp 15% Petcoke 2% -3pp Wood Pellets 0% - Construction Materials 26% Cement & Cement
Slide 23: Carbon intensity targets
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 10 about 6.7 by 2030, ▪ We target an interim checkpoint EEOI of about 6.7 by 2030, which is over 50% which is over 50% less than our 2008 baseline less than our 200
Slide 24: Decarbonisation regulations
Speed reduction Supply inefficiency Accelerate scrapping of older, less efficient vessels ▪ Vessels are rated A–E based on actual fuel consumption and distance travelled ▪ 70% phased in 2025 ▪ Measures expected to take effect in summer 2027 ▪ Vessels rated D (for 3 years) – E (for single ▪ Fuel Stan
Slide 25: IMO Net-Zero Framework GFI targets
% Reduction from Reference GFI (gCO2eq/MJ) -7% 52K Dwt 20YO GFI = 95.5 100.0 GFI2008 Reference = 93.3 gCO2eq/MJ (well-to-wake) ▪ Two-tier requirements - Base target and 0% 4.0% 6.0% 90.0 Direct Compliance target set on annual 7% 8.0% attained GHG Fuel Intensity (GFI). 12.4% 14% 17.0% 80.0 GFI below
Slide 26: Resilient Performance Despite Softer Rates
Interim Results 2025 Results (US$million) 1H 2025 1H 2024 Resilient Performance Despite Softer Rates EBITDA 121.5 157.9 ▪ Generated EBITDA of US$121.5 million, underlying profit of Underlying profit 21.9 43.9 US$21.9 million and net profit of US$25.6 million Net profit 25.6 57.6 ▪ Core business cont
Slide 27: Dividends and share buybacks
Interim Results 2025 US$m Payout 140.0 160% ▪ Since 2021, we have generated total net profits (excl. 131.7 153% vessels disposal gains) of approx. US$1,773.8 million of 9.6 which we have distributed approx. US$1,197.4 million or 120.0 140% 122.1 68% through dividends and share buybacks 109.4 100.9 1
Slide 28: Handysize cash breakeven
Interim Results 2025 FY 2024 1H 2025 Indicative Owned Fleet Cash Breakeven before G&A US$/Day Finance Cost Opex Cost Finance Cost US$4,760/day 18,000 US$90 US$4,670 Depreciation 16,000 Opex Cost 14,000 12,000 12,330 12,300 ▪ Opex increased modestly due to additional manning cost on selected older ve
Slide 29: Supramax cash breakeven
Interim Results 2025 FY 2024 1H 2025 Indicative Owned Fleet Cash Breakeven before G&A US$/Day Finance Cost Opex Cost Finance Cost US$4,890/day 18,000 US$160 US$4,730 Depreciation 16,310 16,000 Opex Cost 14,120 14,000 12,000 ▪ Opex decreased mainly due to lower exchange rates for procurement and lowe
Slide 30: Interim Results 2025 P&L
Interim Results 2025 US$million 1H 2025 1H 2024 Revenue 1,018.7 1,281.5 Owned vessel costs 1H 2025 1H 2024 Voyage expenses (462.2) (564.3) Opex (92.6) (97.3) Depreciation (75.6) (76.8) Time-charter equivalent ("TCE") earnings 556.5 717.2 Finance (2.4) (3.3) Owned vessel costs (170.6) (177.4) Charter
Slide 31: Net cash movement
Interim Results 2025 US$ Million 1 2 3 4 5 6 Operating cash inflow was US$104.0 million, inclusive of all 1▪ 800 long and short-term charter hire payments 700 +42 +104 ▪ Realised US$41.7 million from the sale of 3 Handysize and 2 2 -41 Supramax vessels 600 548 -33 -21 550 -31 -1 -5 -12 ▪ Incurred ca
Slide 32: Balance sheet at 30 June 2025
Interim Results 2025 US$million 30 June 2025 31 Dec 2024 Number of Total Net Book Value Estimated Market Value1 As at 30 June 2025 vessels (US$ Million) (US$ Million) PP&E 1,664.4 1,698.7 Handysize 58 761.4 835.5 Supramax 49 843.1 966.5 Total assets 2,330.9 2,414.0 Capesize 1 18.6 17.0 108 1,623.1 1
Slide 33: Forward cargo cover
Handysize Supramax US$/Day US$/Day (net) (net) 14,000 16,000 ▪ We are strategically managing our forward cargo coverage $12,270 $12,380* $13,980 $14,060* alongside our spot market exposure, anticipating return 12,000 $11,390 14,000 $13,030 $13,200* $9,790* 12,000 ▪ We have covered 72% and 87% of our
Slide 34: Vessel days and charter costs
Interim Results 2025 Handysize Supramax Handysize Supramax Jan-Sep Jan-Sep Days 2024 2025 2024 2025 Year Vessel days Average cost (US$) Vessel days Average cost (US$) Core business revenue days 27,010 18,610 19,560 14,200 2H2025 1,580 12,840 740 14,650 – Owned revenue days 22,750 15,510 17,700 13,31
Slide 35: Scrubber investment and 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 (“LSFO”) are referred to scr
Pacific Basin Shipping — Q3 2025 Earnings Presentation on 6ix