Pan Ocean Co., Ltd. · KRX:028670
Pan Ocean — Q4 2025 Earnings Presentation
24 slides from Pan Ocean's earnings presentation, April 2026
Slide 1: IR Presentation Q4 2025 – Q1 2026
IR Presentation Q4 2025 – Q1 2026 April, 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 ▪ Q4 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 ▪ Impact of US-Iran War ▪ Dry Bulk Orderbook & Demolition ▪ Wet Bulk Mark
Slide 4: Ⅰ. IR Focus
Ⅰ. IR Focus ▪ Q4 Highlight ▪ Financial Result by Segment ▪ Investment in Vessels ▪ Long-term Contracts ▪ Impact of US-Iran War
Slide 5: Q4 Highlight
IR FOCUS Q4 Highlight (based on consolidated financial statements) Cargo(mil. MT) Sales(bil. KRW) Operating Profit(bil. KRW) Grain Sales (bil. KRW) BDI 1,675.5 USD 1,209mil. 1,476.3 1,393.4 USD 1,021mil. USD 960mil. 1,293.6 1,269.5 USD 922mil. USD 917mil. 123.0 125.2 130.4 109.8 113.3 USD 87mil. USD
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) 884 800 774 760 118 752 113 113 110 106 90 84 76 78 76 74 76 70 68 41
Slide 7: 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 8: 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 9: Ⅱ. Business Overview
Ⅱ. Business Overview ▪ Shareholders and Dividend ▪ Cargo ▪ Fleet
Slide 10: Shareholders and Dividend
Shareholders and Dividend Major Shareholders (as of the end of 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 com
Slide 11: Cargo
Cargo Duration Annual Volume (unit : mil. ton) Dry Bulk Non-Dry Bulk 112.1 104.5 103.9 13.5% 102.7 96.1 15.7% 15.2% 17.5% 16.7% 86.5% 84.3% 84.8% 82.5% 83.3% 2024 4Q 2025 1Q 2025 2Q 2025 3Q 2025 4Q 2021 2022 2023 2024 2025 Cargo Trades (2025. 4Q) Loading & Discharging LNG 0.6% 2025 4Q 2025 3Q Minera
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 ▪ Dry Bulk Trading Volume ▪ Major Dry Bulk Import in China ▪ Dry Bulk Carrier ▪ Dry Bulk Orderbook & Demolition ▪ 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 4,000 (1/1~4/7) BDI 1,934 1,378 1,755 1,681 1,960 Cape T/C Avg.* 16,177 16,389 22,593 24,800 26,477 2,000 P’max T/C Avg. 20,736 12,854 14,099 13,361 15,424 S’max T/C Avg. 22,152 11,240 15,71
Slide 15: Dry Bulk Trading Volume
Dry Bulk Trading Volume (Unit : mil.Ton) Others Grain Coal Iron Ore Rate (Source : Clarksons) 6,000 5,914 5,951 5,990 10% 4.6% 5.0% 4,000 5% 3.1% 1.3% 3.4% 3.6% 0.6% 0.7% 0.5% 2,000 0% -1.1% -2.5% 0 -5% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026(E) 2027(F) (Unit : mil. ton) 2017 2018 2019 202
Slide 16: 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 17: Dry Bulk Carrier
Dry Bulk Carrier (Unit : mil. DWT) Cape P’max H’max Handy Rate (Source : Clarksons) 1,141.9 10% 1,103.5 1,066.3 1,000 750 5% 500 4.0% 3.8% 3.6% 3.0% 2.9% 3.5% 3.5% 250 3.2% 3.0% 3.0% 2.9% 0 0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026(E) 2027(F) (Unit : mil. Dwt) 2017 2018 2019 2020 2021 202
Slide 18: Dry Bulk Orderbook & Demolition
Dry Bulk Orderbook & Demolition Orderbook & Delivery schedule (Source : Clarksons) 2026 2027 2028 ~ Total No. of vessel mil. DWT No. of vessel mil. DWT No. of vessel mil. DWT No. of vessel mil. DWT Cape 56 11.6 64 13.6 111 25.4 231 50.6 P'max 186 15.4 164 13.7 144 12.1 494 41.2 H'max 197 12.4 177 11
Slide 19: Wet Bulk Market
Wet Bulk Market Trend (2023~2026) VLCC MR (Unit : USD) (Unit : USD) 2023 2024 2025 2026 2023 2024 2025 2026 700,000 60,000 600,000 500,000 40,000 400,000 300,000 20,000 200,000 100,000 0 0 Jan Apr Jul Oct Jan Apr Jul Oct * BDTI (BALTIC DIRTY TANKER INDEX) - TD3 (M.E.GULF - CHINA) * BCTI (BALTIC CLEA
Slide 20: Appendix
Appendix. ▪ Financial Result ▪ Annual Result by Segment ▪ Grain Trading Business 20
Slide 21: Financial Result (KRW)
Financial Result (KRW) (Unit : bil. KRW) 2023 2024 2025 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 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 1,978 2,159 1,681 Sales 996 1,225 1,112 1,028 4,361 976 1,233 1,277 1,676 5,161 1,393 1,294 1,270 1,476 5,
Slide 22: Financial Result (USD)
Financial Result (USD) (Unit : mil. USD) 2023 2024 2025 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 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 1,978 2,159 1,681 Sales 782 933 847 777 3,339 734 902 941 1,209 3,786 960 922 917 1,021 3,821 Cost of sale
Slide 23: Annual Result by Segment (2021~2025)
Annual Result by Segment (2021~2025) (Unit : bil. KRW) Dry Bulk Container Tanker LNG Sales Operating Profit Sales Operating Profit Sales Operating Profit Sales Operating Profit 4,464 509 442 343 348 318 3,296 401 3,110 3,086 366 306 353 298 2,782 172 149 515 540 140 138 125 111 103 107 94 272 78 83
Slide 24: Grain Trading Business
Grain Trading Business Cargo ('000 MT) Sales (bil. KRW) 520.1 387.0 360.1 252.7 251.6 232.3 210.9 199.7 181.8 174.3 180.9 165.1 126.3 122.2 1,107 1,156 1,183 99.6 852 806 568 568 587 428 422 369 49.0 409 359 321 283 112 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2022 2023 2024 2025 ➢ Achieved n