(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） （Stock code 股份代號: 2343） N OT IF IC ATI ON LET TE R 通 知 信 函 Dear non-registered shareholder(s)(1) , Pacific Basin Shipping Limited (the "Company") Yours faithfully, For and on behalf of Pacific Basin Shipping Limited Mok Kit Ting Kitty Company Secretary 各位非登記股東( 1 )： 太平洋航運集團有限公司 *（「本公司」） - 2 0 2 5 年年報、將於 2026 年 4 月 2 2 日舉行之股東週年大會股東通函及通告 之發布通知 本公司本次公司通訊的中文及英文版本已登載於本公司網站 www.pacificbasin.com 及香港交易所披露易網站 www.hkexnews.hk，歡迎查閱。此外， 一份全 面的可持續發展報告 亦已登載 ...

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） （Stock code 股份代號: 2343） N OT IF IC ATI ON LET TE R 通 知 信 函 Dear registered shareholder(s), 19 March 2026 Pacific Basin Shipping Limited (the "Company") 太平洋航運集團有限公司 *（「本公司」） - 2 0 2 5 年年報、將於 2026 年 4 月 2 2 日舉行之股東週年大會股東通函、通告及委任代表表格 （「本次公司通訊」）之發 布通知 - Notice of Publication of 2025 Annual Report, Circular, Notice of Annual General Meeting of the Company to be held on 22 April 2026 and Proxy Form ("Current Corporate Communication") The English and ...

* 2026年4月22日（星期三） 舉行的股東週年大會適用的委任代表表格 電郵地址 （附註4） 為太平洋航運集團有限公司*（「本公司」）的股東，現委託 （附註5） 本公司股東週年大會（「大會」）主席 或 地址 為本人（或吾等）的代表，代表本人（或吾等）出席2026年4月22日（星期三）上午10時正以網上虛擬 會議形式舉行的大會及其任何續會，並就日期為2026年3月19日的大會通告（「股東週年大會通告」） 中列出的下列決議案代表本人（或吾等）行事和投票表決；若無作出任何指示，則代表本人（或吾等） 自行酌情決定。 | | 普通決議案 | 贊成 （附註6） | 反對 （附註6） | | --- | --- | --- | --- | | 1 | 省覽及採納截至2025年12月31日止年度的經審核財務報表、 | | | | | 本公司董事會報告及本公司核數師報告 | | | | 2 | 宣派截至2025年12月31日止年度的末期股息 | | | | 3 | (a) 重選莊偉林先生為獨立非執行董事 | | | | | (b) 重選Stanley Hutter Ryan先生為獨立非執行董事 | | | | | (c) 重 ...

1 1. 省覽及採納截至2025年12月31日止年度的經審核財務報表、本公司董事（「董事」）會報告及本公司 核數師報告； 2. 宣派截至2025年12月31日止年度的末期股息； 3. 重選以下人士為董事並授權董事會（「董事會」）釐定其薪酬： (a) 重選莊偉林先生為獨立非執行董事； (b) 重選Stanley Hutter Ryan先生為獨立非執行董事； (c) 重選Martin Fruergaard先生為執行董事； (d) 重選Kristian Helt先生為執行董事； (e) 重選Harindarpal Singh Banga博士為非執行董事； (f) 重選Angad Banga先生為非執行董事；及 (g) 授權董事會釐定董事薪酬； 4. 續聘羅兵咸永道會計師事務所（執業會計師及註冊公眾利益實體核數師）為本公司截至2026年12月 31日止年度的核數師及授權董事會釐定其酬金； 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布的內容概不負責，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布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。 * 股東週年大會通告 茲 ...

此乃要件 請即處理 閣下如對本通函的任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀 或其他註冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下全部太平洋航運集團有限公司的股份售出或轉讓，應立即將本通函 及隨附的委任代表表格交予買主，或送交經手買賣或轉讓的銀行、股票經紀或其他 代理商，以便轉交買主。 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通函的內容概不負責， 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通函全部或任何部 分內容而產生或因倚賴該等內容引致的任何損失承擔任何責任。 * 宣派末期股息、 重選董事、 發行及購回股份的一般授權 及 股東週年大會通告 太平洋航運集團有限公司謹訂於2026年4月22日（星期三）上午10時正以網上虛擬會議 形式舉行2026年股東週年大會（「股東週年大會」），大會通告載於本通函內第28至32頁。 不論 閣下能否出席網上股東週年大會，務請盡快將隨附的委任代表表格按其上印 備的指示填妥，並須於股東週年大會或其任何續會指定舉行時間的48小時前交回。 閣 下填妥及交回委任代表表格後，屆時仍可依願出席網上股東週年大會或其任何續會， ...

可持續發展報告 以客為本 行穩致遠 2025年可持續發展報告 股份代號：2343 2025 2025年環境、社會及管治 數據 | 營業額 | 2,081 | | --- | --- | | （百萬美元） | | | 淨溢利 | 58 | | （百萬美元） | | | 運載貨物量 | 79.8 | | （百萬噸） | | | 已完成的工作（噸海里） | 420,000 | | （百萬噸海里） | | | 所耗燃料 | 1,020 | | （千噸） | | | 貨船營運產生的 | | | 船隊溫室氣體排放量 | 3,253 | | （千噸二氧化碳當量） | | | 污染事故 | 1 | | （防止船舶污染國際公約違規行為） | | | 船員工時 | 19.2 | | （百萬工時） | | | 嚴重航行意外事故 | 0 | | 損失工時的工傷事故 | 11 | | （每百萬工時0.57宗工傷事故） | | | 船員留任率 | 94% | | 員工國籍 | 41 | | （岸上員工及船員） | | | 我們的董事會女性佔比 | 36% | | 岸上員工女性佔比 | 45% | | 女性船員 | 70 | #共邁遠途 ...

以客為本 行穩致遠 太平洋航運 2025 年報 股份代號：2343 #共邁遠途 太平洋航運集團有限公司 年 報 2025 業務 業務簡介 我們是乾散貨船船東及營運商，我們的航運業務本着以客戶及貨物為先的宗旨， 以現貨及長期貨運合約，為逾600名工業客戶及乾散貨商品貿易商及生產商提 供安全、可靠及具競爭力的貨運服務。太平洋航運於香港上市並於全球營運， 在全球各主要地點設有當地辦事處以及在全球營運一支於世界各地進行貨運 的龐大船隊，為國際貨運客戶提供服務 第4頁 業務 412 名岸上員工 14 個辦事處遍布全球 4,300+ 名船員 250 艘貨船 於2025年進行了2,040+ 次航程 600+ 名行業客戶 照片展示停泊於西班牙加魯查港的超靈便型乾散貨船Elizabeth River 封面照片展示同事工作的模樣、停泊於日本田子之浦港的Zhoushan Island、以及Scrub Island在澳洲的裝載 鹽作業 封底照片展示正在進行救生艇演習的船員以及正在艦橋上工作的船員 感謝來自我們自有船隊及辦事處的幾位太平洋航運同事，他們為本報告提供幾乎所有照片 我們的船隊 我們營運全球最大型的現代化小靈便型及超靈便型乾 ...

太平洋航运(02343):2025年业绩逊预期,惟基本面改善,维持"增持"评级 摩根大通 摩根大通发布研报称，太平洋航运(3.05,0.00,0.00%)(02343)2025财年盈利逊预期，但鉴于搬迁成本预期 在2026财年将大幅降低，且货运市场在2026年初走强，小摩认为，此次业绩未达预期主要不会再次发生，并相 信集团中期投资理念依然完好。该行表示，太平洋航运仍是香港/中国上市的唯一专注于小宗散货、并能受惠 于其基本面改善的纯干散货航运公司，对集团正面看法维持不变。对集团2026至2028财年的税后净利润预测分 别增0%、增1%及降5%。基于市盈率的目标价维持4.1港元不变，评级"增持"。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 3.50 [1] Core Views - The company reported a revenue of USD 2.08 billion for 2025, a decline of 19.4% year-on-year, and a net profit attributable to shareholders of USD 58.17 million, down 55.8% year-on-year. The lower-than-expected daily freight rates were the main reason for the profit decline [1] - The geopolitical situation in the Middle East is expected to increase concerns over global energy and trade supply chain disruptions, potentially leading to a significant rise in dry bulk freight rates and boosting the company's profitability in 2026 [1] - The company announced a new dividend policy starting in 2026, with a maximum payout ratio of 100% if the balance sheet shows net cash at year-end, reflecting a commitment to shareholder returns [2] Summary by Sections Financial Performance - In 2025, the Baltic Dry Index (BDI) and the Baltic Handysize Index (BHSI) saw average declines of 4.2% and 5.9% respectively due to weak global demand in the first half of the year. However, in the second half of 2025, freight rates rebounded significantly, with BDI and BHSI increasing by 23.4% and 9.2% year-on-year, respectively [3] - The company achieved a net profit of USD 32.57 million in the second half of 2025, which was a 56.0% decline year-on-year but a 27.2% increase quarter-on-quarter [3] Market Outlook - The geopolitical risk premium is expected to drive global shipping prices significantly higher due to increased safety risks and the reallocation of shipping capacity. The market's concerns about supply chain disruptions are likely to persist, which could lead to a rise in dry bulk freight rates [4] - Year-to-date, the BDI has increased by 107.7% compared to the previous year, indicating a strong recovery in freight rates [4] Earnings Forecast - The earnings forecast for 2026 has been revised upwards by 36% to USD 150 million, reflecting the anticipated rise in dry bulk freight rates due to geopolitical disturbances. The net profit forecasts for 2027 and 2028 are maintained at USD 130 million and USD 110 million, respectively [5] - The target price has been adjusted upwards by 17% to HKD 3.50 based on a price-to-book ratio of 1.3x for 2026 estimates, considering the current market conditions influenced by geopolitical events [5]

Financial Performance - In 2025, the company generated an EBITDA of $263.1 million, an underlying profit of $39.2 million, and a net profit of $58.2 million [2][3] - The balance sheet remained strong with a net cash position of $134 million and an undrawn committed facility of $485.5 million [3][10] - Total shareholder return for 2025 was 46%, with a total distribution of $19.5 million through share buybacks and dividends [3][4] Business Line Performance - Average daily TCE earnings for Handysize and Supramax vessels were $11,490 and $12,850, representing decreases of 11% and 6% year-on-year respectively [6][8] - Operating activity margin improved, contributing $22.9 million in 2025, with operating activity days increasing by 1% year-on-year [8] - The company maintained cost efficiency, with average daily operating costs for both segments remaining stable at around $4,780 [8][9] Market Dynamics - Market freight rates fell significantly in the first half of 2025 but gradually picked up in the latter part of the year [5] - The average market spot rates for Handysize and Supramax vessels were approximately $10,570 and $11,610 per day, reflecting a decrease of 5% and 10% year-on-year respectively [5][6] - Ton-mile demand grew by 4%, supported by China's exports and imports, while grain loadings decreased by 6% due to reduced exports from Ukraine and Russia [17][19] Company Strategy and Industry Competition - The company is committed to returning value to shareholders through dividends and share buybacks, with an amended dividend policy to pay out 50% to 100% of annual net profit [4][14] - The strategic focus for 2026 includes renewing and expanding the fleet selectively, improving cost structure, and leveraging digitalization and AI technologies for efficiency [26][27] - The company plans to acquire four newbuildings for $119.2 million, scheduled for delivery in the first half of 2028, enhancing fleet capabilities [21][22] Management Commentary on Operating Environment and Future Outlook - Management acknowledged the geopolitical risks and market challenges, particularly the recent escalation of conflict in the Middle East [2][5] - The outlook for 2026 appears stable, with freight forward agreements indicating a healthy market despite potential disruptions [6][26] - The company expects ton-mile demand to rise by about 3.5% in 2025 and a further 2.5% in 2026, reinforcing structural demand support [23][25] Other Important Information - The company realized $66.8 million from the sale of older vessels and maintained a disciplined approach to capital allocation [10][12] - The total net book value of the fleet was $1.6 billion, with an estimated market value of $1.96 billion, indicating a healthy buffer above book values [11] Q&A Session Summary Question: Shareholder returns and buyback strategy - Management explained the rationale behind the $40 million buyback, emphasizing the importance of signaling confidence in the business while acknowledging the market cap above NAV [30][32] Question: Outlook on supply and demand - Management discussed the current market dynamics, noting that disruptions could lead to improved market conditions despite supply potentially exceeding demand [30][34] Question: Dry bulk market rates sustainability - Management indicated that various disruptions, including geopolitical tensions, are influencing market rates, making it difficult to predict sustainability [41][44] Question: Fleet transfer to Singapore - Management confirmed that the transfer of vessels to Singapore is ongoing, with expected costs decreasing as the process continues [45][46] Question: Performance versus index - Management acknowledged past performance fluctuations and indicated that the company is positioned to catch up with market trends as conditions improve [49][50] Question: Vessel acquisition strategy - Management expressed a desire to maintain optionality in vessel acquisitions, balancing newbuilds and time charters to optimize fleet performance [51][52]