Pan Ocean Co., Ltd. · KRX:028670
Pan Ocean — Q1 2025 Earnings Presentation
23 slides from Pan Ocean's earnings presentation, Apr 30, 2025
Slide 1: IR Presentation Q1 2025
IR Presentation Q1 2025 30th April 2025 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 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 ▪ Dry Bulk Orderbook & Demolition Ⅱ. Business Overview Appendix. ▪ Shareh
Slide 4: I. IR Focus
Ⅰ. IR Focus ▪ Q1 Highlight ▪ Financial Result by Segment ▪ Investment in Vessels ▪ Long-term Contracts
Slide 5: Q1 Highlight
IR FOCUS Q1 Highlight (based on consolidated financial statements) Cargo(mil. MT) Sales(bil. KRW) Operating Profit(bil. KRW) BDI ’24/3/18 1,675.5 USD 1,209mil. 2,419 1,393.4 USD 960mil. 1,276.8 1,233.4 USD 941mil. USD 902mil. 975.5 USD 734mil. 135.2 128.1 USD 99mil. USD 94mil. 109.8 113.3 98.2 USD78
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) 884 812 789 752 626 118 98 113 108 92 94 82 78 76 85 80 68 73 61 53 3
Slide 7: Investment in Vessels / Long-term Contracts
IR FOCUS Investment in Vessels (as of the end of 1Q 2025) Type Size No. Delivery Remark 1 2025. 6 New TC Out with Qatar Energy (Firm Period 15Y & Charterer’s Option 5+5) LNG (2) LNGC (174K CBM) 1 2026. 1 New TC Out with Qatar Energy (Firm Period 12Y & Charterer’s Option 4+4) Cape (250K DWT) 1 2025.
Slide 8: II. Business Overview
Ⅱ. Business Overview ▪ Shareholders and Dividend ▪ Cargo ▪ Fleet
Slide 9: Shareholders and Dividend
Shareholders and Dividend Major Shareholders (as of the end of 1Q 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
Slide 10: Cargo
Cargo Duration Annual Volume (unit : mil. ton) Dry Bulk Non-Dry Bulk 112.1 104.5 103.9 13.5% 96.1 13.6% 13.6% 15.7% 14.8% 86.5% 86.4% 86.4% 84.3% 85.2% 25.2 2024 1Q 2024 2Q 2024 3Q 2024 4Q 2025 1Q 2021 2022 2023 2024 2025 1Q Cargo Trades (2025. 1Q) Loading & Discharging Others 0.6% Mineral 0.8% 2025
Slide 11: Fleet
Fleet Fleet (no. of vessel) (Unit : no. of vessels) Fleet (DWT) (as of the end of 1Q 2025) Owned (Long term) Chartered in (over 1Y) Total Tanker 5.2% Handy (10~40K) 6 34(2) 40 Handy Handy LNG 3.4% Panamax 6.0% Handymax (40~70K) 23(10) 73(12) 96 Panamax 18.0% 4.8% Container 0.7% Others 0.2% 13.7% Pan
Slide 12: 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
Slide 13: Dry Bulk Market
Dry Bulk Market BDI Trend (2021~2025) Annual Average of BDI 2021 2022 2023 2024 2025 2025 2021 2022 2023 2024 (1/1~4/29) 6,000 5,650 BDI 2,943 1,934 1,378 1,755 1,175 4,000 Cape T/C Avg. 33,333 16,177 16,389 22,593 13,696 3,346 P’max T/C Avg. 26,898 20,736 12,854 14,099 10,132 2,000 S’max T/C Avg. 2
Slide 14: Dry Bulk Trading Volume
Dry Bulk Trading Volume (Unit : mil.Ton) Others Grain Coal Iron Ore Rate (Source : Clarksons) 6,000 5,740 5,746 5,780 10% 4.6% 4,000 5% 3.6% 3.3% 3.1% 3.4% 2.0% 0.6% 0.5% 0.1% 2,000 0% -1.1% -2.5% 0 -5% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025(F) 2026(F) (Unit : mil. ton) 2016 2017 2018 201
Slide 15: 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 16: Dry Bulk Carrier
Dry Bulk Carrier (Unit : mil. DWT) Cape P’max H’max Handy Rate (Source : Clarksons) 1,035.0 1,066.2 1,099.4 1,000 10% 750 500 5% 4.0% 3.8% 3.6% 3.0% 2.9% 3.1% 3.2% 3.0% 3.1% 2.9% 2.2% 250 0 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025(F) 2026(F) (Unit : mil. Dwt) 2016 2017 2018 2019 2020 202
Slide 17: Dry Bulk Orderbook & Demolition
Dry Bulk Orderbook & Demolition Orderbook & Delivery schedule (Source : Clarksons) 2025 2026 2027 ~ Total No. of vessel mil. DWT No. of vessel mil. DWT No. of vessel mil. DWT No. of vessel mil. DWT Cape 34 6.8 52 11.0 61 13.6 147 31.5 P'max 124 10.2 173 14.3 146 12.2 443 36.8 H'max 164 10.3 165 10.5
Slide 18: Appendix
Appendix. ▪ Financial Result ▪ Annual Result by Segment ▪ Grain Trading Business ▪ Tanker Market Index 18
Slide 19: Financial Result (KRW)
Financial Result (KRW) (Unit : bil. KRW) 2023 2024 2025 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 1Q BDI average 1,011 1,313 1,194 2,033 1,378 1,824 1,848 1,871 1,465 1,755 1,118 Sales 996.4 1,224.7 1,111.6 1,028.2 4,361.0 975.5 1,233.4 1,276.8 1,675.5 5,161.2 1,393.4 Cost of sales 859.3 1,071.5 1,007.2 9
Slide 20: Financial Result (USD)
Financial Result (USD) (Unit : mil. USD) 2023 2024 2025 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 1Q BDI average 1,011 1,313 1,194 1,194 1,378 1,824 1,848 1,871 1,465 1,755 1,118 Sales 782 933 847 777 3,339 734 902 941 1,209 3,786 960 Cost of sales 674 816 768 697 2,956 641 784 826 1,109 3,359 863 Gross P
Slide 21: Annual Result by Segment (2020~2024)
Annual Result by Segment (2020~2024) (Unit : bil. KRW) Dry Bulk Container Tanker LNG Sales Operating Profit Sales Operating Profit Sales Operating Profit Sales Operating Profit 2,943 1,934 4,464 1,775 509 1,378 343 348 3,296 401 172 1,066 3,110 366 306 2,782 353 247 103 94 1,514 515 540 83 143 140 1
Slide 22: Grain Trading Business
Grain Trading Business Cargo ('000 MT) Sales (bil. KRW) 520.1 360.1 252.7 210.9 199.7 181.8 174.3 180.9 165.1 126.3 122.2 1,107 1,156 99.6 852 49.0 568 568 321 428 422 369 409 359 283 112 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2022 2023 2024 2025 ➢ In 2024, achieved the highest sales volume since la
Slide 23: Tanker Market Index
Tanker Market Index (Unit : USD) VLCC (Unit : USD) MR 2022 2023 2024 2025 2022 2023 2024 2025 120,000 60,000 70,000 40,000 20,000 20,000 -30,000 0 Jan Apr Jul Oct Jan Apr Jul Oct * BDTI (BALTIC DIRTY TANKER INDEX) - TD3 (M.E.GULF - CHINA) * BCTI (BALTIC CLEAN TANKER INDEX) - TC7 (SINGAPORE - AUSTRAL