Slide 1: IR Presentation 1Q 2026
IR Presentation 1Q 2026 4 May , 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 ▪ Q1 Highlights ▪ Dry Bulk Market ▪ Financial Results by Segment ▪ Wet Bulk Market ▪ Proportion of Financial Results by Segment ▪ Investment in Vessels ▪ Long-term Contracts ▪ Impact of US-Iran War Ⅱ. Business Overview Appendix. ▪ Shareholders and Dividend ▪ F
Slide 4: Ⅰ. IR Focus
Ⅰ. IR Focus ▪ Q1 Highlights ▪ Financial Results by Segment ▪ Proportion of Financial Results by Segment ▪ Investment in Vessels ▪ Long-term Contracts ▪ Impact of US-Iran War
Slide 5: Q1 Highlight
IR FOCUS Q1 Highlight (based on consolidated financial statements) Cargo(mil. MT) Sales(bil. KRW) Operating Profit(bil. KRW) Grain Sales (bil. KRW) 1,476.3 1,508.9 USD 1,032mil. USD 1,021mil. 1,393.4 USD 960mil. 1,293.6 1,269.5 USD 922mil. USD 917mil. 140.9 125.2 130.4 USD 96mil. 123.0 USD 90mil. 11
Slide 6: Financial Result by Segment
IR FOCUS Financial Result by Segment (Unit : bil. KRW) Dry Bulk Container Tanker LNG Sales Operating Profit Sales Operating Profit Sales Operating Profit Sales Operating Profit 800.3 774.4 759.6 760.0 751.9 112.9 112.5 110.3 106.1 105.7 105.9 90.4 84.5 78.2 75.8 77.5 74.1 75.6 69.8 67.7 47.2 61.0 40
Slide 7: Proportion of Sales and Operating Profit by Segment
IR FOCUS Proportion of Sales by Segment Proportion of Operating Profit by Segment (Unit : bil. KRW,%) (Unit : bil. KRW,%) 1,476.3 1,508.9 1,393.4 140.9 1,293.6 130.4 1% 1,269.5 125.2 123.0 26% 30% 26% 113.3 19% 18% 33% 30% 6% 30% 32% 5% 6% 7% 7% 28% 5% 6% 5% 6% 5% 9% 8% 8% 8% 7% 16% 13% 20% 18% 16%
Slide 8: Investment in Vessels and Long-term Contracts
IR FOCUS Investment in Vessels (as of the end of 1Q 2026) Type Size No. Delivery Remark U’max (64K DWT) 4 2026. 5, 7 & 2027. 10 & 2028. 1 New Bulker (8) N’Max (210K DWT) 4 2029.10, 12 & 2030.3, 6 New MR (50K DWT) 5 2026. 4, 4, 7 & 2027. 4, 8 New Tanker (18) VLCC (300K DWT) 3 2027. 7, 8 & 2029.3 New
Slide 9: Impact of US-Iran War
IR FOCUS Impact of US-Iran War Segment Contract / Vessel Type Bunker Response by Contract Type Impact Long-term BAF (Bunker Adjustment Factor) Neutral Dry Bulk Pre-war Fixtures : Negative Spot Non BAF (Partially Hedged) Post-war Fixtures : Neutral & Positive (Bunker Price ↓) Container EBS (Emergency
Slide 10: Ⅱ. Business Overview
Ⅱ. Business Overview ▪ Shareholders and Dividend ▪ Fleet
Slide 11: Shareholders and Dividend
Shareholders and Dividend Major Shareholders (as of the end of 1Q 2026) 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 12: Fleet
Fleet Fleet (no. of vessel) (Unit : no. of vessels) Fleet (DWT) (as of the end of 1Q 2026) Owned (Long term) Chartered in (over 1Y) Total Tanker 5.0% Handy (10~40K) 6 32 (2) 38 Handy LNG 4.9% 6.0% Handymax (40~70K) 24 (10) 65 (13) 89 Panamax Container 0.8% 15.0% Panamax (70~100K) 12 (2) 32 (2) 44 Ca
Slide 13: Ⅲ. Market Overview
Ⅲ. Market Overview ▪ Dry Bulk Market ▪ Wet Bulk Market
Slide 14: Dry Bulk Market
Dry Bulk Market BDI Trend (2022~2026) Annual Average of BDI 2022 2023 2024 2025 2026 2026 2022 2023 2024 2025 (1/1~5/1) 4,000 BDI 1,934 1,378 1,755 1,681 2,081 Cape T/C Avg.* 16,177 16,389 22,593 24,800 28,598 2,000 P’max T/C Avg. 20,736 12,854 14,099 13,361 15,860 S’max T/C Avg. 22,152 11,240 15,71
Slide 15: Wet Bulk Market
Wet Bulk Market Trend (2023~2026) (Unit : USD) VLCC MR (East) MR (West) 2023 2024 2025 2026 2023 2024 2025 2026 2023 2024 2025 2026 700,000 60,000 140,000 600,000 120,000 500,000 40,000 100,000 400,000 80,000 300,000 60,000 20,000 200,000 40,000 100,000 20,000 0 0 0 Jan Apr Jul Oct Jan Apr Jul Oct J
Slide 16: Appendix.
Appendix. ▪ Financial Result ▪ Annual Result by Segment ▪ Grain Trading Business 16
Slide 17: Financial Result (KRW)
Financial Result (KRW) (Unit : bil. KRW) 2025 2026 2020 2021 2022 2023 2024 1Q Total 1Q BDI average 1,066 2,943 1,934 1,378 1,755 1,118 1,681 1,955 Sales 2,497.2 4,616.1 6,420.3 4,361.0 5,161.2 1,393.4 5,432.9 1,508.9 Cost of sales 2,193.2 3,950.4 5,520.4 3,861.2 4,578.5 1,252.6 4,819.6 1,340.0 Gros
Slide 18: Financial Result (USD)
Financial Result (USD) (Unit : mil. USD) 2025 2026 2020 2021 2022 2023 2024 1Q Total 1Q BDI average 1,066 2,943 1,934 1,378 1,755 1,118 1,681 1,955 Sales 2,115 4,035 4,973 3,339 3,786 960 3,821 1,032 Cost of sales 1,858 3,453 4,276 2,956 3,359 863 3,390 916 Gross Profit 257 582 697 383 428 97 431 11
Slide 19: Annual Result by Segment (2021~2025, KRW)
Annual Result by Segment (2021~2025, KRW) (Unit : bil. KRW) Dry Bulk Container Tanker LNG Sales Operating Profit Sales Operating Profit Sales Operating Profit Sales Operating Profit 4,464.3 509.4 441.8 342.7 347.8 318.2 3,295.9 400.8 3,110.4 3,086.3 365.8 305.9 353.3 297.9 2,782.5 171.8 148.9 514.6
Slide 20: Annual Result by Segment (2021~2025, USD)
Annual Result by Segment (2021~2025, USD) (Unit : mil. USD) Dry Bulk Container Tanker LNG Sales Operating Profit Sales Operating Profit Sales Operating Profit Sales Operating Profit 3,458 395 2,881 309 311 2,282 294 2,171 280 2,130 262 255 237 224 210 450 418 133 107 123 105 85 92 83 185 200 82 61 7
Slide 21: Grain Trading Business
Grain Trading Business Cargo ('000 MT) Sales (bil. KRW) 520.1 449.2 387.0 360.1 252.7 251.6 232.3 210.9 199.7 181.8 174.3 180.9 165.1 126.3 122.2 1,156 1,183 1,172 99.6 1,107 852 806 49.0 568 568 587 321 428 422 369 409 359 283 112 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2022 2023 2024 20