Pacific Basin Shipping Limited · HKEX:2343
Pacific Basin Shipping — 1H 2025 Earnings Presentation
38 slides from Pacific Basin Shipping's earnings presentation, Aug 7, 2025
Slide 1: 2025 Interim Results
2025 INTERIM RESULTS Pacific Basin 7 AUGUST 2025
Slide 2: Our Performance
Slide 3: Resilient Performance Despite Softer Rates
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 contributed US$50.7 milli
Slide 4: Delivering Shareholder Value
US$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$1,197.4 million or 120.0 140% 122.1 68% through dividends and share buybacks 109.4 100.9 120% 10.8 100.0 ▪ In 1
Slide 5: Handysize and Supramax Market Spot Rates
Handysize Market Spot Rates (BHSI) Supramax Market Spot Rates (BSI) 38k dwt (tonnage adjusted^) 58k dwt US$/day net* US$/day net* 18,000 18,000 16,000 16,000 +50% YTD +23% YTD 14,000 14,000 FFA Average* $13,300 $12,850 12,000 FFA Average* 12,000 $11,150 10,000 $10,860 10,000 8,000 8,000 6,000 6,000
Slide 6: Core Business TCE
Handysize Core Business TCE US$/day Reversal of Handysize freight tax provision of 18,000 US$8.6m resulted in TCE +US$1,280/day in 4Q24 1H25 $11,010 15,000 $13,740 $14,000 $12,570 +1,280 $11,940 # Average daily TCE earnings in 1H 2025 # 12,000 $11,050 $10,940 $11,080 $10,890 ▪ Handysize: US$11,010 p
Slide 7: Core Business Operating Activity
Core Business Operating Activity Handysize Outperformance vs Index (BHSI)* Supramax Outperformance vs Index (BSI)* Operating Activity Margin US$/day US$/day Scrubber contribution US$/day 2,000 Margin 6,000 Relative outperformance 6,000 Relative outperformance 4,310 4,000 3,620 1,500 2,620 1,300 4,00
Slide 8: Indicative Owned Fleet Cash Breakeven (Handysize)
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$4,670 Depreciation 16,000 Opex Cost 14,000 12,000 12,330 12,300 ▪ Opex increased modestly due to additional manning cost on selected older vessels 10,000 8,930 8,
Slide 9: Indicative Owned Fleet Cash Breakeven (Supramax)
FY 2024 1H 2025 Indicative Owned Fleet Cash Breakeven before G&A US$/Day Finance Cost Opex Cost Finance Cost US$4,890/day 18,000 US$160 US$4,730 Depreciation 16,310 16,000 Opex Cost 14,120 14,000 12,000 ▪ Opex decreased mainly due to lower exchange rates for procurement and lower costs of 10,000 9,6
Slide 10: Financial Review
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Slide 11: Income Statement Summary
US$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) Chartered vessel costs Chart
Slide 12: Operating Cash Inflow
US$ Million 1 2 3 4 5 6 1▪ Operating cash inflow was US$104.0 million, inclusive of all 800 long and short-term charter hire payments 700 +42 +104 ▪ Realised US$41.7 million from the sale of 3 Handysize and 2 2 -41 Supramax vessels 600 548 -33 -21 550 -31 -1 -5 -12 ▪ Incurred capital expenditure of
Slide 13: 30 June 2025 Balance Sheet
US$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 1,819.0 1 Estimated ma
Slide 14: Market Review & Outlook
Slide 15: Dry Bulk Loadings Trends
2017-2021 range 2017-2021 average 2022 2023 2024 2025 Mill tonnes Mill tonnes Mill tonnes Mill tonnes 130 150 53 Millions Millions Millions 200 Millions 120 140 180 48 110 130 160 43 140 100 120 38 120 90 110 100 33 80 100 Apr Apr Aug Sep Oct Aug Sep Oct Mar Nov Dec Nov Dec May Mar May Jan Jun Jul J
Slide 16: PB Focus
2024 Dry Bulk Trade Volumes YOY 2025F Dry Bulk Trade Volumes YOY Coal: Demand from major importers China Coal 1,378 3.3% 1,299 Million Tonnes Million Tonnes Coal -5.7% and India is expected to continue declining, Iron Ore 1,597 3.5% 1,579 Iron Ore -1.1% as domestic mining and overland trade from Tot
Slide 17: Total Dry Bulk Supply Development
Total Dry Bulk Supply Development Handysize/Supramax Supply Development % of Total Fleet % of Total Fleet 5% 5% ▪ Combined Handysize and Supramax fleet 4.2% 4.3% 4% 4% 3.4% is forecast to grow 4.3% driven by more 3.3% 3.8% 2.9% 3.1% 3.0% 3.1% 3.3% deliveries in 2025, which are estimated to 3% 3% acc
Slide 18: Handysize & Supramax Average Speeds
Handysize & Supramax Average Speeds Global Congestion 29% 12.2 No of Handysize/Supramax Waiting as a % of 12.0 28% 11.8 27% Knots (14DMA) 11.6 26% Fleet(14DMA) 11.4 25% 11.2 24% , scrubbers fitted to our seven core Handysize vessels 11.0 23% contributed US$10 per day to our outperformance 10.8 Range
Slide 19: Middle East Disruption and Trade Routes
Daily Gulf of Aden Arrivals (7DMA) ▪ The outbreak of war in the Middle East means more ships will GT Mil take longer, safer routes and we remain some way from a 2.5 conclusive return to normal Red Sea and Suez Canal transits LNG LPG Crude Tanker Products Tanker ▪ A relatively limited share of dry bu
Slide 20: US Port Fee Proposals
▪ Latest actions released on 17 April narrowed the scope compared to earlier proposals, with two fee regimes – Annex I targeting Chinese owner/operator with a higher per-net-tonne charge, and Annex II targeting Chinese-built ships with a lower per-net-tonne charge If implemented as currently formula
Slide 21: Resilience Persists, Despite Geopolitical Tensions
Resilience persists, despite geopolitical tensions and trade friction. China’s changing role is a key driver Macro Environment Commodity Trade Fleet Dynamics ▪ Dry bulk markets are proving surprisingly ▪ Cargo volumes should continue to ▪ As newbuilds ordered in the ‘21/’22 resilient in the face of
Slide 22: Strategy
Slide 23: Current Core Fleet
Ultramax/Handysize Newbuild and 10-Year-Old Secondhand Vessel Values Current Core Fleet (as at 30 June 2025) US$m 40.00 35.00 30.00 33.50 29.50 108 Vessels 15 Long-term 123Total core 25.00 owned Chartered1 vessels 22.50* 20.00 20.50 15.00 4 Handysize and 1 Handysize Newbuilding 10.00 Ultramax Newbui
Slide 24: GFI Compliance 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). 17.0% 12.4% 14% 80.0 GFI below
Slide 25: Green Methanol Newbuilds
▪ All vessels to be built by Nihon ▪ Establishes a framework for ▪ Study designs for Shipyard Co. and to be delivered formalising a supply agreement Handysize LEV newbuilds of internationally certified green in 2028-29 ▪ Approach shipyards that methanol in 2028-3032 ▪ Signed MOU with Mitsui & Co. to
Slide 26: 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. Such forward looking statements involve known and unknown risks, uncertainti
Slide 27: Appendix
Slide 28: Growth in China Dry Bulk Imports
Growth in China Dry Bulk Quarterly Seaborne Imports YoY ▪ China dry bulk seaborne imports slowed in 1H25 due to high stockpiles and increased domestic production of major bulk YoY% Change commodities +100% ▪ Iron ore, grains and coal loadings into China decreased 6%, +80% 36% and 19% YoY respectivel
Slide 29: Fleet Size and Orderbook by Vessel Size
8.8% 14 14% 0.4% (10,000–40,000 dwt) (40,000–70,000 dwt) 11.3% 13 12% 0.1% (70,000–100,000 dwt) 14.0% 13 14% 0.3% (100,000+ dwt) 8.9% 12 5% 0.1% 10.8% 13 10% 0.2% Source: Clarksons Research, data as at June 2025 ^ Data as at 4 July 2025
Slide 30: 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 ran
Slide 31: Company Overview
▪ 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 32: Vessels in Operation
108 Vessels 15 LT 123 143 266 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 58 12 70 51 121 2.0 13 Su
Slide 33: Fronthaul and Backhaul
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 commodities from areas with
Slide 34: Cargo Mix by Commodity
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 Clinkers 14% - 1H 20
Slide 35: Net Zero Emissions 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 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 36: Forward Cargo Coverage
Handysize Supramax US$/Day US$/Day 16,000 16,000 ▪ We are strategically managing our forward cargo coverage $13,750 $13,440 $13,950* 14,000 14,000 $13,480* alongside our spot market exposure, anticipating the return $12,670 $12,640 $11,940* $11,680* 12,000 12,000 ▪ We have covered 87% and 99% of our
Slide 37: Vessel Days and Charter Costs
Handysize Supramax Handysize Supramax Days 2024 1H 2025 2024 1H 2025 Year Vessel days Average cost (US$) Vessel days Average cost (US$) Core business revenue days 27,010 12,570 19,560 9,480 2H2025 1,580 12,840 740 14,650 – Owned revenue days 22,750 10,330 17,700 8,930 2026 2,720 13,170 1,400 15,050
Slide 38: Scrubber Investment and Benefits
▪ 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
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