Pacific Basin Shipping Limited · HKEX:2343
Pacific Basin Shipping — Q1 2026 Earnings Presentation
21 slides from Pacific Basin Shipping's earnings presentation, Apr 16, 2026
Slide 1: Well-Positioned to Navigate Continuous Disruptions: 1Q 2026 Trading Update
WELL -POSITIONED TO NAVIGATE CONTINUOUS DISRUPTIONS 1Q 2026 TRADING UPDATE 16 APRIL 2026
Slide 2: Macroeconomic Landscape and Company Highlights of 1Q 2026
MACROECONOMIC LANDSCAPE AND COMPANY HIGHLIGHTS OF 1Q 2026 Operational highlights US$ Handysize Supramax 1Q 2026 Average daily TCE earnings $12,130 (+11% YoY) $13,970 (+14% YoY) vs. BHSI 38k dwt vs. BSI 58k dwt Outperformance vs market index ton adj by by Geopolitical tensions Supply chain US$1,030/d
Slide 3: Operating Performance
OPERATING PERFORMANCE 3
Slide 4: Healthy Market Rates in the First Quarter of 2026
HEALTHY MARKET RATES IN THE FIRST QUARTER OF 2026 Handysize Market Spot Rates (BHSI) Supramax Market Spot Rates (BSI) 38k dwt (tonnage adjusted^) 58k dwt Market Freight Rates US$/day net* US$/day net* 16,000 18,000 1Q26 Average: $11,920 FFA Average* ▪ Freight rates went up in early 1Q 1Q26 Average:
Slide 5: Dry Bulk Demand Remained Resilient but Impacted by Iran War
DRY BULK DEMAND REMAINED RESILIENT BUT IMPACTED BY IRAN WAR 2026 Jan – Mar Loadings 2017-2022 2023 2024 2025 2026 Minor Bulk Grain Coal Iron Ore -3% YOY Mill tonnes +15% YOY Mill tonnes -5% YOY Mill tonnes +7% YOY Mill tonnes 250 60 170 160 55 160 230 150 50 150 210 140 45 140 190 130 40 130 170 35
Slide 6: Higher TCE Earnings and Outperformance Continued
HIGHER TCE EARNINGS AND OUTPERFORMANCE CONTINUED Handysize Core Business TCE(1) Supramax Core Business TCE(1) Operating Activity Margin US$/day US$/day US$/day Day 16,000 20,000 1,200 1,130 8,000 14,000(2) 17,080 (2) 12,310 12,130 12,530 (2) 15,040 (2) 1,000 11,680 12,000 10,940 11,080 10,430 (2) 15
Slide 7: Market Dynamics & Outlook
MARKET DYNAMICS & OUTLOOK 7
Slide 8: Steady Fleet Growth
STEADY FLEET GROWTH Overall Dry Bulk Supply Development Handysize/Supramax Supply Development In 2026: % of Total Fleet (net) % of Total Fleet (net) 5.0% 6.0% 3.6% 3.7% 5.0% 4.1% 4.3% 3.8% ▪ Global dry bulk net fleet growth is forecast to 4.0% 3.1% 3.0% 3.4% 3.4% 3.0% 4.0% increase to 3.6% 3.0% 3.0%
Slide 9: Strategic Newbuilding Orders in April 2026
STRATEGIC NEWBUILDING ORDERS IN APRIL 2026 Overview of PB Order Book 4+2 (Optional) 6 15 27 Ultramax vessels from Japan Handysize vessels from China Long-term chartered Additions to be delivered between 2028 and 1H 2029 to be delivered in 2028 with purchase options between to our core fleet 2026 and
Slide 10: Geopolitical Disruption and Iran War Tightened Supply
GEOPOLITICAL DISRUPTION AND IRAN WAR TIGHTENED SUPPLY Near-term market conditions Pacific Basin is well-positioned ▪ 2% of sub-Capesize fleet trapped in the Arabian Gulf ▪ Only one time-chartered vessel in the Arabian Gulf ▪ Global cargo volumes swing from +1.4% yoy before the outbreak of war to -6.
Slide 11: 2026 Market Outlook
2026 MARKET OUTLOOK Freight Forward Macro Environment Commodity Trade Fleet Dynamics Agreements ▪ IMF forecast in Apr 2026 was ▪ Strengthening RMB giving ▪ Approximately 15% of ▪ FFA stand at firmer levels revised down due to the Chinese importers increased Handysize and Supramax for the remainder o
Slide 12: Appendix
APPENDIX 12
Slide 13: Appendix: Pacific Basin Current Fleet
APPENDIX: PACIFIC BASIN CURRENT FLEET 108Vessels 13 LT 121 125ST 246 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 14: Proactive Yet Disciplined Approach to Fleet Growth and Renewal
PROACTIVE YET DISCIPLINED APPROACH TO FLEET GROWTH AND RENEWAL, SUPPLEMENTED BY GROWTH OPTIONALITY Ultramax/Handysize Newbuild and 10-Year Old Secondhand Current Core Fleet US$m Vessel Values 40 1Q As at 2026 2027 Ultramax Newbuild (61-64.5K) 2026 31 Mar 2026 (2Q-4Q) and beyond Ultramax Secondhand 1
Slide 15: Appendix: Middle East Disruptions May Impact the Demand Outlook
APPENDIX: MIDDLE EAST DISRUPTIONS MAY IMPACT THE DEMAND OUTLOOK 2025E Dry Bulk Trade Volumes YOY 2026F Dry Bulk Trade Volumes YOY Coal -4% Coal -2.0% 1,302 ▪ Minor bulk tonne-mile forecast to grow 2.6% in 1,328 Iron Ore Iron Ore 1,645 0.7% 2026 1,633 2% ▪ PB focus cargo: Trade volume increased by To
Slide 16: Appendix: Global Fleet Development
APPENDIX: GLOBAL FLEET DEVELOPMENT 2026 YTD Scrapping as % of Orderbook as 1 January 2026 % of Existing Fleet Average Age Over 20 Years Old Existing Fleet Handysize 8.4% 13.8 14.5% 0.2% (10,000–44,999 dwt) Supramax & Ultramax 11.7% 12.6 12.8% 0.1% (45,000–69,999 dwt) Panamax & Post -Panamax 14.8% 12
Slide 17: Appendix: Forward Cargo Cover
APPENDIX: FORWARD CARGO COVER Handysize Supramax US$/Day US$/Day (net) (net) $14,000* 14,000 18,000 $17,080* ▪ We have covered 70% and 90% of our Handysize and $12,530* Supramax vessel days for the second quarter of 2026 12,000 $15,040* $11,390 $10,950 15,000 at US$14,000 and US$17,080 per day respe
Slide 18: Appendix: Vessel Days and Long-Term Chartered Commitments
APPENDIX: VESSEL DAYS AND LONG -TERM CHARTERED COMMITMENTS Annual Results 2025 Vessel Days Future Long -term Chartered Vessel Costs The following table shows an analysis of our vessel days in Jan-Mar 2026 The following table shows the average daily charter costs for our long-term and 2025: chartered
Slide 19: Appendix: 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 20: Appendix: 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 for our fleet to comprise only low-emission vessels by 2050 10 about 6.7 by 2030, which is over 50% less 7.84 tha
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,
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