3g25 TRADING UPDATE
16 OETOBER 2025
@SINGAPORE
RESILIENCE
NAVIGATING WITH
Handysize Market Spot Rates (BHSI) 38k dwt (tonnage adjusted^)
US$/day net*
18,000
16,000
US$/day net*
18,000
16,000
Supramax Market Spot Rates (BSI) 58k dwt$15,093
14,000
12,000
10,000
$14,064
FFA Average*
$13,090
14,000
12,000
10,000
FFA Average*
$14,140
8,000
8,000
6,000
4,000
3Q25 Average: $11,602 1%YoY
6,000
4,000
3Q25 Average: $14,345 4%YoY
2,000 2,000
-
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
-
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2023 2024 2025 2025 (FFA)
Data as at 10 October 2025
^ Spot market rates adjusted downwards to reflect the smaller average deadweight tonnage of our PB Core Handysize fleet compared to the Baltic Exchange benchmark 38,200 dwt vessel
* Excludes 5% commission and tonnage adjusted for Handysize Source: Baltic Exchange
2017-2021 range
2022 2023 2024 2025
240
230
220
Million Tons
210
200
190
180
170
160
150
170
160
155
150
145
140
135
130
125
120
115
110
Operations in Australia were disrupted by cyclones in Q1. Mining majors have been rushing to catch up with targets since then, but exports remain -3% YoY
Bad weather also impacted Brazil exports in Q1, though new mine capacity helped quickly restore volumes. Exports are +1% YoY in YTD and +7% YoY in Q3
India is a major exporter, but has ambitious targets to raise domestic steel production, and may have hit a tipping point. Exports are -27% YoY in Q3, but imports are +6%.
58
56
54
52
50
48
46
44
42
40
38
36
34
Grain shipments to China reduced sharply by 15% YoY due to a fourth consecutive record domestic harvest, as it reduces reliance on imports amid trade friction
China has switched soyabean sourcing away from US towards Brazil, but has also cut corn purchases, leaving Brazil's total grain exports down -12% YoY.
US exports are still up 12% YoY, as there are still ready buyers in MENA, SE Asia, and Latam. Strong exports also seen from Canada, Argentina, and Australia.
160
Million Tons
Million Tons
150
140
130
120
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Dec
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Dec
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Dec
110
Million Tons
Main drivers of increased YoY loadings of minor bulk include bauxite, minor ores and concentrates, and fertilizers
Bauxite loadings from Guinea into China remained strong, up 39% YoY for Jan-Aug 25
Chinese steel exports up 10% YTD, despite steel production down -1% YTD, as demand from EMs remains resilient
Largest detractors included petcoke, forest products and scrap steel
Excluding bauxite loadings, minor bulk YoY growth would be 2.8%
Source: Indicative loading data and material from Oceanbolt, all rights reserved. Data as at 08 October 2025, subject to revision
Reduction in volumes due to weaker imports to China, S. Korea, Taiwan, and India
China's seaborne imports dropped -15% YoY due to rising overland trade from Mongolia, high stocks, and higher share of renewables
This has mainly impacted exports from China's major suppliers, Indonesia (-6% YoY) and Australia (-4% YoY), though the latter is up +2% YoY in Q3
Imports into other EM Asia countries such as Bangladesh, Vietnam, and Malaysia offered some support
Core Business Operating Activity
$11,010
$11,680
$12,380 #
#
$9,790
72%
of days
8%
of days
US$/day 18,000
15,000
12,000
9,000
6,000
3,000
Handysize Core Business TCE
#
$14,060
$12,230
$13,410
#
$13,200
87%
of days
24%
of days
US$/day 18,000
15,000
12,000
9,000
6,000
3,000
Supramax Core Business TCE
US$/day
820
750
600
90
1,500
1,000
500
1,300
Operating Activity Margin
0
1H25 3Q25 4Q25 2026
Indicative 1H25 Core Fleet Cash Break-even incl. G&A
= US$7,210
0
1H25 3Q25 4Q25 2026
Indicative 1H25 Core fleet Cash Break-even incl. G&A = US$6,540
0
3Q24 4Q24 1Q25 2Q25 3Q25
Average daily TCE earnings in 3Q25 was down by 15% YoY.
We outperformed the Handysize BHSI spot market index by US$90 per day in the period. YTD outperformance was US$1,540 per day.
Average daily TCE earnings in 3Q was up by 10% YoY.
We underperformed the Supramax BSI spot market index by US$900 per day in 3Q 25. However, we outperformed the BSI by US$1,960 per day for YTD.
Impacted by a strong uptick in market rates in Q325, which is typical in a fast rising freight market due to the lag between spot market fixtures and execution of voyages
In 3Q25, our operating activity generated a margin of
US$750 per day, a decrease of 42% YoY
Our operating activity days decreased 2% YoY to 6,830 days in 3Q25 (3Q24: 6,950 days)
4Q 2025 FFA rates :
Handysize: $13,0930
Supramax: $14,140
2026 FFA rates :
Handysize: $10,630
Supramax: $11,650
# As at mid October 2025, indicative TCE rates only as voyages are still in progress
^ Source: Baltic Exchange, data as at 09 Oct 2025, excludes 5% commission and Handysize FFA rates are tonnage adjusted
(total tonne-mile +1.3% YoY)
(minor bulk tonne-mile + 3.7% YoY)
5,639 , 0.1%
Total Dry Bulk
2,724 , 2.5%
PB focus cargo
63 , -10.0%
161 , -1.1%
91 , -1.5%
52 , -1.8%
140 , 4.5%
60 , 3.5%
40 , 3.4%
44 , 2.9%
212 , 2.8%
179 , 2.7%
209 , 1.5%
401 , 0.6%
378 , 0.4%
107 , 0.3%
317 , 0.0%
Bauxite / Alumina
Cement
Salt Copper Concentrates Manganese Ore
Fertiliser Soybean Agribulks Steel Products
Wheat / Grains Coke & Petcoke Forest Products
Sand, Stone & Aggregate
Scrap Steel Nickel Ore
Sugar
270 , 21.8%
Total (Iron Ore + Coal) 2,916 , -2.0%
1,604 , 0.4%
Coal 1,311 , -4.8%
Iron Ore
2025F Dry Bulk Trade Volumes (Mt, YOY) 2026F Dry Bulk Trade Volumes (Mt, YOY)1,268 , -3.3%
Coal
-
Minor Bulk: Broad-based increased trade
volume (tonnes) of 2.7% in 2025 and 1.8%
in 2026
Bauxite / Alumina, manganese ore and scrap
Iron Ore
Total (Iron Ore + Coal) 2,876 , -1.4% Bauxite / Alumina
Manganese Ore
1,608 , 0.2%
286 , 5.9%
46 , 4.3%
steel are expected to remain robust and drive minor bulk volumes
-
Iron Ore: New mine expansions should
maintain seaborne volumes, despite low
Soybean
PB Focus
PB Focus
Scrap Steel Copper Concentrates Coke & Petcoke
Salt Cement Nickel Ore Fertiliser
Forest Products
Sugar
Agribulks Sand, Stone & Aggregate
Wheat / Grains Steel Products
PB focus cargo Total Dry Bulk
396 , -1.2%
185 , 3.6%
94 , 3.5%
41 , 3.3%
111 , 3.1%
61 , 2.8%
144 , 2.5%
53 , 2.5%
216 , 1.7%
323 , 1.6%
63 , 1.2%
211 , 1.2%
162 , 1.1%
382 , 1.0%
2,775 , 1.9%
5,651 , 0.2%
prices and passing of "peak steel" in China
- Coal: Demand from major importers expected to continue to decline, as China sources more coal overland from Mongolia, and renewables share of power generation rises in China and developed economies in Asia and Europe
- Grains: Brazil is projected to achieve record soybean crop in 2025, and is poised to replace US as top exporter to China, potentially increasing tonne-mile
However, China's plan to reduce reliance on
imports amidst rising global trade tensions
may weigh on other grain (wheat, corn,
(total tonne-mile +1.1%YoY)
(minor bulk tonne-mile +2.0% YoY)
sorghum) volumes in the long run
Source: Clarksons Research, data as at October 2025
4.5%
4.0%
3.5%
% of Total Fleet
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
-0.5%
-1.0%
Total Dry Bulk Supply Development
3.4%
2.9%
3.0%
3.0%
3.1%
2022 2023 2024 2025F 2026F
Handysize/Supramax Supply Development
4.1%
4.3%
3.9%
3.3%
3.4%
6.0%
5.0%
% of Total Fleet
4.0%
3.0%
2.0%
1.0%
0.0%
-1.0%
2022 2023 2024 2025F 2026F
The minor bulk fleet is forecast to grow 4.3% in 2025 and 3.9% in 2026 driven by higher deliveries, estimated to add 4.8% in 2025 and 4.4% in 2026, against scrapping
of only -0.4% in 2025 and -0.5% in 2026
The combined Handysize and Supramax orderbook currently stands at 10.3% of total fleet, newbuild ordering has dropped by 76% year-on-year
New DeliveriesDeliveries ForecastScrappingScrapping ForecastNet Fleet GrowthThe scrapping pool continues to increase; Approx.14% now of Handysize and Supramax capacity is over 20 years old
10.3% of
the fleet is
on order
13.6% of the
fleet is 20 years or older
30
25
20
15
10
5
-
40
20
-
10.8% of
the fleet is on order
11.% of the
fleet is 20 years or older
60
80
Handysize/Supramax Fleet Age Profile
40
35
Total Dry Bulk Fleet Age Profile
120
100
Compliance with emissions regulations (e.g. CII, EU ETS, FuelEU and IMO mid-term measures) will likely further reduce dry bulk supply through slower speeds and scrapping
Million Dwt
<2000
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
2027
2029
Million Dwt
<2000
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
2027
2029
Source: Clarksons Research, data as at October 2025
Current Core Fleet (as at 30 September 2025)
Ultramax/Handysize Newbuild and 10-Year Old Secondhand
#
Vessel Values
35
Ultramax Newbuild (61-64.5K)
Ultramax Secondhand 10YO (61K ECO)*
Handysize Newbuild (38-42K)
Handysize Secondhand 10YO (37K ECO)
33.25
30
29.25
25
24.00
20
20.50
15
10
40
108Vessels owned
Long-term Chartered1
Total core
vessels
US$ milliion
1 Supramax sold 2 Handysize purchase option exercised and delivered 1 Ultramax purchase option exercised but yet to be delivered | 2 Ultramax Newbuilding (64k dwt) delivered | |
4 Handysize purchase options declarable | 1 Ultramax Newbuilding (64k dwt) 1 Handysize Newbuilding (42k dwt) to be delivered | |
4 Low-emission dual-fuel methanol Ultramax Newbuildings (64k dwt) 4 Ultramax purchase options declarable |
Q3 2025
2026
5
2028+
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
0
Source: Clarksons Research, data as at 10 Oct 2025
*61K (eco) since Jan 24, 58K pre-Jan 24 Newbuilding prices vary by country of build, delivery and ship specification
1Average number of long-term vessels operated in September 2025 # Includes one Capesize vessel