Pacific Basin Shipping Limited · HKEX:2343
Pacific Basin Shipping — Q2 2026 Earnings Presentation
32 slides from Pacific Basin Shipping's earnings presentation, Aug 7, 2026
Slide 1: Interim Results 2026
INTERIM RESULTS 2026 6 AUGUST 2026 #WithYouForTheLongHaul
Slide 2: Outperforming in Stronger Market Conditions
OUTPERFORMING IN STRONGER MARKET CONDITIONS Key Financial Highlights Underlying EBITDA Net Profit ▪ Continue to outperform the strengthening market Profit ▪ Net profit increased by over 300% YoY US$197.8m US$94.9m US$105.0m ▪ Robust balance sheet with net cash position ▪ Strong operating cashflow 63
Slide 3: Distributing 100% of Net Profit, Excluding Vessel Disposal Gains
DISTRIBUTING 100% OF NET PROFIT, EXCLUDING VESSEL DISPOSAL GAINS US$m Payout 160 200% Interim Dividend Total Distribution 179% 180% per share in Value(1) 140 131.7 153% 160% HK15.5 cents US$105.7m 9.6 120 869% YoY 233% YoY 109.4 140% 105.0 105.7 10.8 100.9 3.5 100 2.8 90.5 120% Share Buyback Total 8
Slide 4: Disciplined Fleet Growth with Maximum Optionality
DISCIPLINED FLEET GROWTH WITH MAXIMUM OPTIONALITY Owned vessels: ▪ Our orderbook of 10 newbuilding vessels comprises 6 Handysize and 4 Ultramax vessels Owned vessels (1) Long-term chartered (2) Short-term chartered with expected delivery between 2028 and 1H 2029 107 13 134 ▪ Secured an option on 2 d
Slide 5: Performance & Financial Review
PERFORMANCE & FINANCIAL REVIEW
Slide 6: Progressively Improving Market Freight Rates in the First Half of 2026
PROGRESSIVELY IMPROVING MARKET FREIGHT RATES IN THE FIRST HALF OF 2026 ▪ Geopolitical disruptions remained the primary driver of market dynamics in 1H 2026 ▪ Market conditions remained volatile, largely impacted by the conflict in Arabian Gulf and disruptions in the Strait of Hormuz, route diversion
Slide 7: Improved PB TCE Earnings and Continued Outperformance
IMPROVED PB TCE EARNINGS AND CONTINUED OUTPERFORMANCE (1) (1) Handysize Core Business TCE Supramax Core Business TCE Operating Activity Margin 29% YoY(2) 35% YoY (2) 1H: $16,550 2H: $17,470 49% YoY (2) 1H: $14,150 2H: $14,850 1H: $1,060 US$/day US$/day US$/day Day 18,000 20,000 19,070 18,680(3) 2,00
Slide 8: Maintaining Our Cost Competitiveness
MAINTAINING OUR COST COMPETITIVENESS Daily Vessel Costs Our cash break-even levels have remained competitive over the years Handysize Indicative Core Fleet Cash Break-even Level incl. G&A US$/Day FY 2025 1H 2026 US$/Day 14,000 12,650 7,860 12,490 8,000 7,740 12,000 Handysize Supramax 10,000 8,920 8,
Slide 9: Robust Performance in a Stronger Market
ROBUST PERFORMANCE IN A STRONGER MARKET US$million 1H 2026 1H 2025 Change* Revenue 1,105.5 1,018.7 +9% Voyage expenses (439.8) (462.2) +5% Owned vessel costs 1H 2026 1H 2025 Time-charter equivalent ("TCE") earnings 665.7 556.5 +20% OPEX (92.6) (92.6) Depreciation (76.8) (75.6) Owned vessel costs (17
Slide 10: Financial Flexibility Enables Optionality for Future Growth
FINANCIAL FLEXIBILITY ENABLES OPTIONALITY FOR FUTURE GROWTH 30 June 2026 31 Dec 2025 Net Book Value and Estimated Market Value of Owned Vessels US$million Number of Total Net Book Value Estimated Market Value* PP&E 1,610.4 1,642.1 As at 30 June 2026 vessels (US$ Million) (US$ Million) Handysize 58 7
Slide 11: Strong Cash Generation Ability
STRONG CASH GENERATION ABILITY 1 2 3 4 5 US$m 1,000 89 Operating cash inflow was US$143 million, inclusive of all 1▪ 143 10 long and short-term charter hire payments 57 800 756 40 2▪ Realised US$9.5 million from sale of one Supramax vessel 20 3 1 7 674 3▪ Due to the strong operating cash flow, we pr
Slide 12: Market Dynamics & Strategy
MARKET DYNAMICS & STRATEGY
Slide 13: Geopolitical Disruption Tightened Market Conditions
GEOPOLITICAL DISRUPTION TIGHTENED MARKET CONDITIONS Ongoing geopolitical disruptions and trade inefficiencies resulted in longer voyage distances supporting tonne-mile demand tonne-miles 2026 Jan – Jun Loadings 1,400 Changes in Global Dry Bulk Demand (by cargo volume) 1,200 (by tonne-miles) 1,000 Mi
Slide 14: Moderating Fleet Growth
MODERATING 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% 3.9% 3.9% 5.0% 4.1% 4.1% 4.2% 3.6% ▪ Global dry bulk net fleet growth is forecast to 4.0% 3.1% 3.4% 3.0% 3.0% 4.0% increase to 3.9% 3.0%
Slide 15: Updates on Arabian Gulf Conflict
UPDATES ON ARABIAN GULF CONFLICT About 1.1% of the sub-Capesize fleet remains trapped Strait of Hormuz transits went back down ▪ Strait of Hormuz closes again after brief % of Fleet in Inner Persian Gulf Strait of Hormuz Bulker Transits, Eastbound reopening, with 1% of sub-Cape fleet still 1.6% 20 N
Slide 16: Looking Ahead
LOOKING AHEAD Market Outlook for 2026 Our Strategic Priorities IMF GDP forecast FFA Average for remainder of for 2026 2026 Growing and renewing our fleet through selective second- Handysize Supramax hand acquisitions, new buildings and long-term charters, World 3.0% prioritising opportunities that e
Slide 17: How We Outperform and Create Value
HOW WE OUTPERFORM AND CREATE VALUE Platform for Outperformance & Resilience Commercial Excellence Operational Excellence Capital Allocation Securing more and better employment for our fleet Capturing the full value of every voyage Managing capital for growth, resilience and shareholder returns ▪ Glo
Slide 18: 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,
Slide 19: Appendix
APPENDIX
Slide 20: Pacific Basin Overview
APPENDIX: PACIFIC BASIN 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 ▪ The Company operates around 250 dry bulk vessels globally, comprising 107 owned ve
Slide 21: Understanding Our Core Market
APPENDIX: 31% UNDERSTANDING OUR CORE MARKET Tankers for oil, gas & chemicals The dry bulk industry carries dry commodities and other non- containerised cargo. Larger vessels including Capesize and Shipping Sectors Panamax carry mainly iron ore, coal and grain. 44% 16% We specialise in the versatile,
Slide 22: Minor Bulk Tonne-Mile Forecast
APPENDIX: MINOR BULK TONNE -MILE FORECAST 2025 Dry Bulk Trade Volumes YOY 2026F Dry Bulk Trade Volumes YOY Million Tonnes Million Tonnes Coal -5% 1,320 Coal -1.0% 1,302 Iron Ore 1,678 5% Iron Ore 1,678 2.5% Total (Iron Ore + Coal) 2,998 0.2% Total (Iron Ore + Coal) 2,998 0.9% Bauxite + Alumina 266 3
Slide 23: Pacific Basin Current Fleet
APPENDIX: PACIFIC BASIN CURRENT FLEET 107 Vessels 13 LT 120 134 ST 254 Total Total owned Chartered Chartered Vessels in Operation As at 30 June 2026 Total Average Long-term Short-term Capacity Age Owned Sub-total Total Chartered Chartered (1) (million dwt) Costs fluctuate Owned Owned Substantially f
Slide 24: Triangulated Trading Patterns to Enhance Our Vessels' Utilisation and TCE Earnings
APPENDIX: TRIANGULATED TRADING PATTERNS TO ENHANCE OUR VESSELS’ UTILISATION AND TCE EARNINGS A Platform and Model for Enhanced Utilisation and Earnings The strong relationships we build with cargo customers around the world give us access to rare backhaul cargoes that are not widely available to mos
Slide 25: Diversified Cargo Mix
APPENDIX: DIVERSIFIED CARGO MIX Diverse range of commodities reduces product risk Our Cargo Volumes 1H2026 VS 1H2025 Minerals 12% Agricultural Products & Related 28% Salt 5% -1pp Grains & Agricultural Products 16% -1pp Sand & Gypsum 5% +1pp Fertiliser 11% +1pp Soda Ash 2% +1pp Sugar 1% -1pp Energy 1
Slide 26: Global Fleet Development
APPENDIX: GLOBAL FLEET DEVELOPMENT 1H 2026 Scrapping as % of Orderbook as 1 January 2026 % of Existing Fleet Average Age Over 20 Years Old Existing Fleet Handysize 8.7% 13.9 14.6% 0.4% (10,000–44,999 dwt) Supramax & Ultramax 13.2% 12.8 13.1% 0.2% (45,000–69,999 dwt) Panamax & Post-Panamax 14.0% 12.6
Slide 27: Secondhand Vessel Values
APPENDIX: SECONDHAND VESSEL VALUES Ultramax/Handysize Newbuild and 10-Year Old Secondhand Vessel Values US$m 40 Ultramax Newbuild (61-64.5K) Ultramax Secondhand 10YO (61K ECO)* Handysize Newbuild (38-42K) Handysize Secondhand 10YO (37K ECO) 35.25 35 31.00 30 29.00 25 24.00 20 15 10 5 0 2012 2013 201
Slide 28: 2026 Interim Results
APPENDIX: 2026 INTERIM RESULTS Profit and Loss US$million 1H 2026 1H 2025 EBITDA 197.8 121.5 Underlying profit 94.9 21.9 Net profit 105.0 25.6 Core Business Contribution Handysize 61.0 24.2 Supramax 62.7 26.5 Operating Activity Total contribution 13.4 10.1 Margin per day (US$) 1,060 710 Returns Retu
Slide 29: Vessel Days and Long-Term Chartered Commitments
APPENDIX: VESSEL DAYS AND LONG -TERM CHARTERED COMMITMENTS Vessel Days Future Long-term Chartered Vessel Costs The following table shows an analysis of our vessel days in 1H 2026 and FY2025: The following table shows the average daily charter costs for our long-term chartered vessels during their re
Slide 30: Forward Cargo Cover
APPENDIX: FORWARD CARGO COVER Handysize Supramax US$/Day (net) US$/Day (net) ▪ We are strategically managing our forward cargo 18,000 20,000 $18,680* coverage alongside our spot market exposure, anticipating seasonally stronger activity that is $15,810* 18,000 $17,470* 16,000 expected to bolster fre
Slide 31: 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 32: 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 an interim checkpoint EEOI of about 6.7 by 2030, which is over 10 about 6.7 by 2030, which is over 50% less 50% l
Pacific Basin Shipping — Q2 2026 Earnings Presentation on 6ix