香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本文件全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 太平洋航運一直採取措施降低其現有乾散貨船的碳排放密度，並準備過渡至全新的低排放貨船及燃料，以實現於 2050年之前全面脫碳的長遠目標。誠如本公司於2022年10月所公布，在對各種潛在綠色燃料進行可行性評估後， 本集團認為，綠色甲醇是目前最適合其第一代低排放貨船的低碳航運燃料。由於該等貨船均為雙燃料低排放貨船， 可同時使用綠色甲醇及傳統燃油雙燃料運行，因此訂立上述貨船購買合約與本集團致力開發具商業可行性及高效 率的雙燃料低排放貨船，以及本集團旨在於2050年達到淨零排放的目標的過渡策略不謀而合。該等貨船將會是本 公司第一代低排放貨船，用作降低現有船隊的碳排放密度。此雙燃料功能為本公司提供了靈活性和選擇性，並憑 藉節省成本增強本公司的競爭優勢。 上市規則的涵義 由於各項收購事項按獨立基準計算所得的適用百分比率（定義見上市規則）的最高者少於5%，故按獨立基準計算， 各項收購事項不構成上市規則項下的須予披露交易 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 * 須予披露交易 建造兩艘雙燃料甲醇超大靈便型乾散貨船 於2024年11月28日，太平洋航運的全資附屬公司（即買方A及買方B）與聯合賣方（作為建造方）訂立兩份條款大 致相同的造船合約，以建造兩艘雙燃料甲醇乾散貨船（「貨船A」及「貨船B」，統稱「該等貨船」），所涉總代價約為 93,000,000美元（各自為一項「交易」，統稱「交易事項」）。 預期該等貨船的代價將以本集團現金儲備及╱或透過銀行借款於該等貨船交付前撥付。聯合賣方預期貨船A及貨 船B的預計交付日期將分別為2028年12月或之前及於2029年上半年內。 太平洋航運一直採取措施降低其現有乾散貨船的碳排放密度，並準備過渡至全新的低排放貨船及燃料，以實現於 2050年之前全面脫碳的長遠目標。誠如本公司於2022年10月所公布，在對各種潛在綠色燃料進行可行性評估後， 本集團認為，綠色甲醇是目前最適合其第一代低排放貨船的低碳航運燃料。由於該等貨船均為雙燃料低排 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 第 1 頁 共 5 頁 v 1.3.0 FF305 確認 不適用 表格類別： 股票 狀態： 新提交 公司名稱： 太平洋航運集團有限公司 (僅供識別) 呈交日期： 2024年10月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02343 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股 ...

Financial Performance - In the first half of 2024, the company recorded a basic profit of $43.9 million and a net profit of $57.6 million, with EBITDA of $157.9 million, resulting in a return on equity of 6% and basic earnings per share of HKD 0.087[6]. - For the first half of 2024, the company reported a revenue of $1,281.5 million, an increase from $1,148.1 million in the same period of 2023, representing an increase of approximately 11.6%[11]. - The net profit for the first half of 2024 was $57.6 million, compared to $85.3 million in the first half of 2023, indicating a decrease of about 32.5%[11]. - The company achieved an EBITDA of $157.9 million for the first half of 2024, down from $189.1 million in the same period of 2023, reflecting a decline of approximately 16.4%[11]. - The company’s net profit margin for the first half of 2024 was 4%, down from 7% in the first half of 2023[11]. - The company’s basic earnings per share (EPS) for 2024 is 1.11 USD, down from 1.64 USD in 2023, representing a decrease of approximately 32.3%[131]. Operational Highlights - The company completed over 1,130 voyages in the first half of 2024, supported by a fleet of approximately 286 owned and chartered vessels[3]. - The average daily profit during operational days was $550, generating $7.8 million in revenue, excluding management expenses[7]. - The average daily operating days for the fleet in the first half of 2024 is projected to be 7,800,000[55]. - The average daily revenue for the company's large and ultra-large bulk carriers was $12,670, with a total of 76,800,000 in daily revenue, while the average indices for small and ultra-small bulk carriers were $9,780 and $11,030, respectively[26]. - The average daily performance of small bulk carriers exceeded the BHSI index by $840, while ultra-small bulk carriers outperformed the index by $410[52]. Fleet and Market Dynamics - The estimated market value of the small handy and super handy bulk carriers as of June 30, 2024, was $2.2 billion, significantly higher than the book value of $1.738 billion[7]. - The company’s fleet capacity was reported at 286 million tons with an average age of 13 years as of June 30, 2024[14]. - The global dry bulk cargo loading volume increased year-on-year, driven by rising demand for minor bulk, iron ore, and grains, despite concerns over global economic growth and geopolitical conflicts[39]. - The order book for new dry bulk carriers remains constrained, with the total order volume accounting for 9.7% of the existing fleet, and new orders for the first half of 2024 decreased by 13% compared to the same period last year[31]. - The net growth rate of the global dry bulk carrier fleet was 1.6% year-to-date, with a net growth rate of 2.1% for small and ultra-small bulk carriers[31]. Financial Position and Liquidity - The company maintained a healthy financial position with committed available liquidity of $537.4 million and a net debt ratio of only 2%[6]. - The total cash and deposits amounted to $215.0 million as of June 30, 2024, down from $261.5 million at the end of 2023[11]. - The company’s operating cash flow for the first half of 2024 was $133.6 million, compared to $184.8 million in the first half of 2023, a decrease of about 27.7%[11]. - The company has committed liquidity of $537,400,000 available for operational needs[26]. - The net debt as of June 30, 2024, was $32.2 million, a 17% decrease from $38.9 million at the end of 2023[66]. Dividend and Shareholder Returns - The company declared an interim dividend of HKD 0.041 per share, representing approximately 50% of net profit excluding gains from vessel sales[6]. - The interim dividend declared was 4.1 HK cents per share, representing approximately 50% of the net profit for the period[25]. - The company announced a share buyback program of up to $40 million, reflecting confidence in the long-term prospects of the dry bulk shipping market[25]. - The company repurchased a total of 42,716,000 shares at a cost of approximately HKD 113,800,000 (about USD 14,600,000) during the first half of 2024[87]. Environmental and Sustainability Initiatives - The company is committed to achieving significant progress in reducing carbon emissions and aims for net-zero emissions by 2050[34]. - The company is finalizing the design of dual-fuel low-emission vessels capable of operating on fuel and methanol, with a decision on construction expected in 2024[33]. - The company has implemented measures that are expected to reduce fuel consumption by approximately 8% through the application of silicone resin coatings on 22 owned vessels[76]. - The company is actively modernizing its existing fleet with the latest eco-friendly technologies, including low-friction silicone resin hull coatings[33]. - The company aims to enhance its governance and risk management practices to build stakeholder confidence and ensure sustainable value creation[83]. Employee and Community Engagement - The company is committed to attracting and retaining a diverse workforce, offering competitive compensation and training programs[108]. - The company emphasizes the importance of employee safety and well-being amid increasing threats in the maritime industry[36]. - The company has implemented community measures to support education and mental health, including an internship program for ethnic minorities in Hong Kong[82]. - The company is committed to improving employee health and safety standards, including additional psychological screening for crew members before boarding[77]. Governance and Risk Management - The company received a BBB rating from MSCI for its ESG performance in the first half of 2024[84]. - The company ranked in the top 10% for governance quality according to the Institutional Shareholder Services (ISS) assessment[84]. - The company emphasizes a strong governance and risk management framework to enhance stakeholder confidence and ensure effective implementation of sustainability strategies[33].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 2.90 [2]. Core Views - The company reported a net profit of USD 57.63 million for 1H24, a year-on-year decline of 32.5%, primarily due to low charter rates and increased charter costs. The company anticipates a recovery in profitability in the second half of the year due to seasonal demand and decreasing charter costs [4][5]. - The report has adjusted the net profit forecasts for 2024, 2025, and 2026 downwards by 34%, 16%, and 19% respectively, reflecting the lower charter rate assumptions [4]. Summary by Sections Financial Data - The closing price as of August 8 was HKD 2.16, with a market capitalization of HKD 11,343 million. The 52-week price range was HKD 1.98 to HKD 3.01 [3]. - The average daily trading volume over the past six months was HKD 69.06 million [3]. Performance Metrics - The average charter rates for the company's flexible and super-flexible vessels decreased by 9.4% and 0.1% year-on-year in 1H24, while the Baltic indices for these vessel types increased by 25% and 34% respectively [5]. - The company has locked in average daily charter rates for 3Q24 at USD 13,750 and USD 13,440 for flexible and super-flexible vessels, with a locking ratio of 87% and 98% respectively [5]. Market Outlook - The global bulk shipping volume increased by 2% year-on-year in 1H24, with specific increases in iron ore and grain shipments. The report anticipates a seasonal increase in shipping volumes in the second half of the year [5]. - The global supply of bulk carriers is expected to grow by 3.6% and 3.2% in 2024 and 2025, respectively, matching the demand growth of 3.6% and 1.2% [5]. Earnings Forecasts - The company's revenue is projected to be USD 2.398 billion in 2024, with a net profit forecast of USD 134 million, reflecting a 22.49% increase from the previous year [6]. - The report indicates a decrease in earnings per share (EPS) from USD 0.14 in 2022 to USD 0.02 in 2023, with a gradual recovery to USD 0.04 by 2026 [6][13].

Financial Performance - For the first half of 2024, the company reported a basic profit of $43.9 million, net profit of $57.6 million, and EBITDA of $157.9 million, achieving a return on equity of 6% and basic earnings per share of 8.7 HK cents[3]. - The company's revenue for the period was $1,281.5 million, compared to $1,148.1 million in the same period of 2023, reflecting a year-on-year increase[3]. - The company recorded a basic profit of $43.9 million for the first half of 2024, down 42% from $76.2 million in the same period of 2023[31]. - The contribution from core business for the small handymax dry bulk carriers decreased by 34% to $41.1 million, while the contribution from the ultra handymax dry bulk carriers increased by 7% to $35.7 million[32]. - The total cargo volume for the first half of 2024 was 44.7 million tons, representing a 30% increase from 40.9 million tons in the first half of 2023[33]. - The total comprehensive income attributable to shareholders for the six months ended June 30, 2024, was $56,939,000, compared to $84,594,000 in 2023[70]. - Pre-tax profit for the six months ended June 30, 2024, was $57,634 thousand, down 32.5% from $85,339 thousand in the same period of 2023[80]. Fleet and Operations - The company operated a fleet of 286 vessels, including 114 owned small and ultra-large bulk carriers, and continued to modernize its fleet by selling older vessels and acquiring new ones[4]. - The average age of the company's owned fleet is 13 years, with a total deadweight tonnage of 5.2 million tons[4]. - The average daily net income for the company's small and ultra-large bulk carriers was $11,810 and $13,690, generating a total revenue of $76.8 million from these operations[3]. - The average daily income for small and ultra-small bulk carriers was $11,810 and $13,690 respectively, exceeding the BHSI and BSI indices by $840 and $410[6]. - The fleet consists of 286 vessels, with a total deadweight capacity of 5,100,000 tons, including 131 small handy and ultra-handy/ultra-large handy bulk carriers[12]. - The company operates approximately 154 short-term chartered vessels, with operational days increasing by 29% year-on-year[44]. Market Outlook - The company remains optimistic about the long-term outlook for the dry bulk shipping industry, supported by increasing demand for minor bulk, iron ore, and grain[4]. - Global dry bulk cargo loading volume increased year-on-year, supported by rising demand for minor bulk, iron ore, and grains[7]. - Strong demand and moderate supply growth are expected to balance the dry bulk market, with projected net fleet growth of 3.1% in 2023 and 4.4% in 2024[27]. - The overall dry bulk ton-mile demand is projected to grow, reflecting a positive long-term market outlook due to supply constraints[23]. Environmental and Regulatory Compliance - The company is committed to further expanding its ultra-large bulk carrier fleet and optimizing its operations to comply with stricter environmental regulations[4]. - The company aims to achieve net-zero emissions by 2050 and is implementing a diverse decarbonization strategy to enhance fuel efficiency and reduce carbon footprint[11]. - The company is actively modernizing existing vessels with the latest environmental technologies, including low-friction silicone resin hull coatings and advanced weather routing[11]. - The company is implementing measures to enhance fuel efficiency and comply with new carbon reduction regulations, ensuring the operational continuity of its existing fleet[14]. Financial Position and Liquidity - The company maintained a healthy financial position with committed available liquidity of $537.4 million and a net debt ratio of only 2%[3]. - The company has a committed liquidity of $537.4 million and aims for a net debt-to-net asset ratio of only 2%[5]. - Cash and deposits as of June 30, 2024, were $260.7 million, showing a 0% change from December 31, 2023[62]. - The total borrowings decreased to $292.9 million as of June 30, 2024, reflecting a 3% increase compared to $300.4 million on December 31, 2023[62]. - The average interest rate for borrowings was 5.7%, with total financial expenses amounting to $10.6 million, a decrease of 5% compared to the previous year[65]. Shareholder Returns - The board declared an interim dividend of 4.1 HK cents per share, representing approximately 50% of the net profit for the period[3]. - A mid-term dividend of HK$0.041 per share was declared, representing approximately 50% of the net profit excluding gains from vessel sales[5]. - The company repurchased a total of 42,716,000 shares at a cost of approximately $14,600,000 during the six months ended June 30, 2024[85]. - The interim dividend declared for the six months ended June 30, 2024, is HKD 0.041 per share, payable on September 4, 2024[90]. Challenges and Risks - The company faces threats from rising interest rates and reduced housing construction in China, which may negatively impact global economic activity and demand for dry bulk commodities[30]. - The ongoing disruptions in the Suez and Panama Canals are expected to further reduce fleet efficiency and increase ton-mile demand in the second half of 2024[18]. - The company continues to adapt to challenges in the Panama Canal and Red Sea, which are expected to maintain shipping restrictions at least until the second half of 2024, supporting freight rates[10].

Group 1 - The core point of the article is that Pacific Basin Shipping (02343) has announced a share buyback plan with a funding limit of $40 million, which is approximately 312 million HKD, and the buyback period is from April 25, 2024, to December 31, 2024 [1] - As of the report, Pacific Basin Shipping's stock has risen by over 7%, specifically 7.44%, trading at 2.6 HKD with a transaction volume of 39.48 million HKD [1] - In Q1, the average daily income for the company's handy and super handy bulk carriers under time charter contracts was $11,050 and $13,610 respectively, with a year-on-year decrease of 18% for handy bulk carriers, while the income for super handy bulk carriers remained stable [1] Group 2 - The spot market average daily charter rates for handy and super handy bulk carriers in Q1 were $10,510 and $12,310 respectively, showing year-on-year increases of 26% and 27% [1] - CICC has raised its profit forecast for the company by 38% to $350 million for 2025, while maintaining the profit estimate for 2024 unchanged, and has increased the target price by 10.5% to 3.15 HKD [1] - The report assumes a minimum dividend payout ratio of 50% for 2024, resulting in a dividend yield of 7.9%, and if the dividend payout ratio remains at 75% as last year, the yield would be 12.2%, indicating attractive dividend prospects for the company [1]

Core Viewpoint - China International Capital Corporation (CICC) has upgraded Pacific Basin Shipping (02343) to an "outperform" rating, anticipating an upward cycle in the dry bulk shipping market, raising the 2025 profit forecast by 38% to $350 million, while maintaining the 2024 profit forecast unchanged, and increasing the target price by 10.5% to HKD 3.15 [1] Group 1: Company Performance - In Q1 2024, the company's core business for handy and super handy vessels achieved TCE rates of $11,050/day and $13,610/day, representing year-on-year declines of -18% and flat respectively, but exceeding market spot indices by $540/day and $1,300/day, benefiting from flexible operational strategies and a high proportion of scrubber-equipped vessels [2] - The company announced a share buyback plan starting from April 25, 2024, to December 31, 2024, with a maximum buyback fund of $40 million (approximately HKD 312 million), potentially covering up to 2.45% of the issued shares, reflecting management's confidence in operational capabilities and growth prospects [3] Group 2: Market Outlook - Supply growth remains constrained while demand is expected to gradually improve, indicating a potential upward cycle in the dry bulk market, supported by reduced effective capacity due to restrictions in the Red Sea and Panama Canal, alongside a 25.6% year-on-year increase in the Baltic Supramax Index (BSI) and a 22.7% increase in the Baltic Handysize Index (BHSI) [3][4] - As of April 2024, the order book for handy and super handy vessels accounts for 10.2% and 9.2% of capacity respectively, while vessels over 25 years old represent 4.4% and 9.0% of capacity, with Clarkson's projecting a supply increase of 4.4% and 3.3% for handy vessels in 2024 and 2025, respectively, and a corresponding demand increase of 4.0% and 3.3% for minor bulk transportation [4] Group 3: Fleet Optimization - The company continues to optimize its fleet structure, having sold a 20-year-old handy vessel in Q1 2024 and signed long-term lease agreements for 11 newbuild vessels (8 of which are pending delivery), which are expected to enhance profitability by over 20% compared to the current core handy and super handy fleet [4]

Core Viewpoint - The company, Pacific Shipping (02343), plans to implement a share buyback program from April 25, 2024, to December 31, 2024, with a maximum funding limit of $40 million (approximately HKD 312 million) [1] Group 1: Share Buyback Program - The share buyback will be executed under the general authority granted by shareholders at the annual general meeting on April 19, 2024 [1] - If the full $40 million is utilized, approximately 2.45% of the total issued shares can be repurchased based on the closing price of HKD 2.42 on April 18, 2024 [1] Group 2: Company Valuation and Financial Health - The company's current stock price is perceived to be below its true value and does not fully reflect the group's business prospects, indicating that this is a good time for the buyback [1] - The company maintains a robust financial position, and the board believes that the buyback plan demonstrates confidence in the long-term business outlook and growth potential [1] - The implementation of the buyback program is expected to optimize the capital structure and enhance earnings per share, net asset value per share, and shareholder returns [1]

Core Viewpoint - Pacific Shipping (02343) reported that the market freight rates for small and ultra-small bulk carriers in Q1 2024 exceeded historical averages due to controlled fleet growth, increased bulk cargo loading, and ongoing disruptions in the Suez and Panama Canals, leading to decreased fleet efficiency and extended voyages [1] Summary by Category Market Performance - In Q1 2024, the average daily freight rates for small bulk carriers (BHSI 38,000 dwt) and ultra-small bulk carriers (BSI 58,000 dwt) were $10,510 and $12,310 respectively, representing increases of 26% and 27% compared to Q1 2023 [1] - The core business achieved average daily income for small and ultra-small bulk carriers of $11,050 and $13,610 respectively, indicating a year-on-year decrease of 18% for small bulk carriers while ultra-small bulk carriers remained stable [1] Future Contracts - For Q2 2024, 84% and 96% of the core small and ultra-small bulk carriers have been contracted at average daily rates of $12,290 and $14,610 respectively, excluding benefits from scrubbers and operational activities [1] - In the second half of 2024, 36% and 47% of the core small and ultra-small bulk carriers have been contracted at average daily rates of $9,280 and $11,840 respectively [1] Operational Contributions - The operational activities contributed positively, with an average profit of $510 per day from 6,660 operational days in Q1 2024, although this represents a 53% year-on-year decrease despite a 32% increase in operational days [1] - The company currently operates approximately 169 short-term chartered vessels, focusing on increasing operational days and profits annually [1] - The operational activities supplement the core business by matching customers' spot cargo with short-term chartered vessels, allowing the company to earn profits regardless of market conditions [1]