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].

Financial Data and Key Metrics Changes - In the first half of 2024, the company generated an underlying profit of USD 44 million and a net profit of USD 58 million, with an EBITDA of USD 158 million, resulting in a 6% annualized return on equity and basic earnings per share of HKD 8.7 [2][3] - The company maintained a healthy financial position with USD 537 million in committed liquidity and net borrowings of just USD 32 million [3][13] - The interim dividend declared was HKD 4.1 per share, amounting to USD 28 million, representing 50% of the net profit for the period, excluding vessel disposal gains [3] Business Line Data and Key Metrics Changes - The large core business generated USD 77 million before overheads, with Handysize vessels contributing 41% and Supramax vessels contributing USD 36 million [2] - Operating activities saw significant growth, with an increase in vessel numbers and operating days, contributing an additional USD 8 million for the business [3][9] - The average market spot freight rates for the Baltic Exchange Handysize Index and the Baltic Exchange Supramax Index were USD 10,970 and USD 13,280 net per day, respectively [5] Market Data and Key Metrics Changes - Global dry bulk loading volumes grew approximately 2% year-on-year, with minor bulk loading volumes also up by 2% [17] - Grain loadings increased by 4%, driven by significant contributions from Argentina, Ukraine, and Brazil, with Argentina experiencing a 29% increase in grain loadings [17][18] - The company observed a nearly 13% decline in new building orders for Handysize and Supramax vessels, attributed to rising new building costs and uncertainties surrounding environmental regulations [21] Company Strategy and Development Direction - The company aims to optimize its capital structure, invest in value-adding and countercyclical growth opportunities, and distribute profits to shareholders in accordance with its distribution policy [4] - The long-term strategy focuses on expanding and renewing the fleet, particularly growing the Supramax and Ultramax fleet while replacing older Handysize vessels with younger, larger, and more efficient ships [21][24] - The company is committed to decarbonization and is collaborating with Japanese partners to design dual-fuel low-emission vessels [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the supportive fundamentals of the industry and the overall global economic outlook, despite challenges such as high interest rates and geopolitical conflicts [26] - The company anticipates an increase in global dry bulk loadings and tonnage demand due to limited transit of dry bulk vessels to the Suez and Panama Canals [27] - Management noted that the disruptions in the Suez and Panama Canals have created fleet inefficiencies, impacting market dynamics positively [5][20] Other Important Information - The company has launched a share buyback program of up to USD 40 million, with approximately 42.7 million shares repurchased and canceled for about USD 14.6 million [4][15] - The cash position remains unchanged at USD 261 million, with operating cash inflow for the period at USD 103 million [13][14] - The company has maintained optionality in its long-term charter portfolio with purchase and extension options [16] Q&A Session Summary Question: Specific commodity types expected to see increased demand in the second half of 2024 - Management indicated that the grain season from the Northern Hemisphere, particularly from the U.S. and Europe, is expected to drive increased activity starting in October [29] Question: Environmental regulations and scrapping timeline - Management explained that scrapping of older ships is expected to pick up closer to 2030 due to market conditions and environmental regulations, with no significant incentive to scrap as long as older ships remain profitable [30][31] Question: Plans for dual-fuel ships - Management stated that while there is room for various fuels, methanol is currently seen as the best option for their smaller ships due to cost considerations [34] Question: Supply growth versus demand growth for Handysize vessels - Management expressed optimism about demand outlook, indicating that while there are uncertainties, the overall demand picture remains positive [39][40] Question: Share buyback acceleration - Management confirmed that they will not accelerate the share buyback program but will continue with the existing plan [42] Question: Current NAV compared to share price - Management disclosed that the fair market value of their assets is USD 2.4 billion, indicating a significant difference from the book value, which supports the rationale for the share buyback [43][44] Question: Short-term charter costs and strategy changes - Management acknowledged elevated short-term charter costs due to market disruptions and indicated a potential adjustment in covering strategy to maintain flexibility [46][52]

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].

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Financial Data and Key Metrics Changes - The company is initiating its first-ever share buyback program with an allocation of up to $40 million, scheduled to run from April 25 to December 31, 2024, aimed at enhancing shareholder value [4][5][6] - The average daily TCE earnings for Handysize and Supramax vessels in Q1 2024 were $11,050 and $13,610, respectively, representing a year-on-year decrease of 18% for Handysize and no change for Supramax [15] - The company continues to generate healthy cash flows and maintains a distribution policy to pay out at least 50% of annual net profits in dividends [7] Business Line Data and Key Metrics Changes - Handysize and Supramax market freight rates averaged $10,510 and $12,310 per day in Q1 2024, reflecting increases of 26% and 27% compared to the same period in 2023 [8] - The company covered 84% and 96% of its Core committed vessel days for Q2 2024 at rates of $12,219 and $14,610 for Handysize and Supramax, respectively [16] - The Core business's operating activity generated a margin of $510 per day over 6,660 operating days in Q1 2024, a decrease of 53% year-on-year [22] Market Data and Key Metrics Changes - Global minor bulk loadings increased by approximately 3% in Q1 2024, driven by higher loadings of bauxite and salt, while other categories like cement and ores saw declines [9] - Global iron ore loadings rose by 2%, with Brazil experiencing a record first quarter, up 15% year-on-year [10] - Global coal loadings decreased by 1% due to reduced loadings from Russia and Indonesia, while China's demand for imported coal remained strong [12] Company Strategy and Development Direction - The company is expanding its fleet with newbuildings that have an earning capacity approximately 20% higher than the current average fleet [26] - The company is cautious about investing in newbuildings due to historically high prices but is considering contracting low-emission vessels [27][75] - The company aims to gradually divest its least efficient ships in response to stricter decarbonization regulations [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term prospects of dry bulk shipping, supported by positive demand for commodities and favorable supply-side fundamentals [32] - The ongoing disruptions in the Red Sea and Panama Canal are expected to impact supply and support freight rates [24] - Management noted that the market is currently in contango, indicating positive signs for future earnings [80] Other Important Information - The company plans to evaluate the effectiveness of the share buyback program by the end of the year [48] - The company has a cash breakeven level of $5,960 per day for Handysize and $6,120 for Supramax vessels [19] - The company currently operates approximately 302 vessels, including short-term chartered vessels [30] Q&A Session Summary Question: Can you elaborate on the premium that Pacific Basin manages to deliver over the market rate? - Management acknowledged that the premium has decreased but emphasized that they are still outperforming the market, attributing fluctuations to market conditions and disruptions [35][36] Question: What percentage of capacity has been absorbed due to congestion in Panama and the Red Sea? - Management indicated that disruptions have an impact, estimating a 2% effect on the supply side [45] Question: What is the CapEx for 2024 and the rationale behind the buyback? - Management outlined a total CapEx of over $200 million, including $40 million for share buybacks, emphasizing that the buyback is a better investment than purchasing assets at current prices [49][51] Question: How does the higher cover for the second quarter reconcile with the view of the market going up? - Management explained that the cover was established when there were concerns about the market, and they are comfortable with the current cover levels [62][68] Question: Is there a change in strategy regarding newbuilds? - Management clarified that they will only consider newbuilds if they are zero or low-emission vessels, maintaining a cautious approach [74][75] Question: Was the strong performance in Q1 due to demand or disruptions? - Management stated that the strong performance was driven by demand, with disruptions in the Red Sea and Panama Canal providing additional support [82]

LEADING THE WAY IN DRY BULK SHIPPING E Pacific Basin IPSWICH BA 1024 TRADING UPDATE 18 APRIL 2024 PERFORMANCE AND MARKET REVIEW US$40 MILLION SHARE BUYBACK PROGRAMME ▪ Current share price of the Company is believed to be below its intrinsic value ▪ Launch of share buyback programme of up to US$40 million ▪ Any shares bought back by the Company will be cancelled ▪ Share buyback will be from 25 April to 31 December 2024 (both days inclusive) ▪ Expected to enhance our earnings per share, net asset value per sh ...

Financial Performance - In 2023, the company recorded a basic profit of $119.2 million, a net profit of $109.4 million, and EBITDA of $347.2 million, resulting in a return on equity of 6% and basic earnings per share of HKD 0.165[3]. - Revenue for the period was HKD 2,296.6 million, a decrease from HKD 3,281.6 million in the previous period, representing a decline of approximately 30%[11]. - Basic earnings per share decreased to HKD 16.5 from HKD 109.1, reflecting a decline of about 84%[11]. - Net profit margin dropped to 5% from 21%, indicating a significant reduction in profitability[11]. - Total assets decreased to HKD 2,432.5 million from HKD 2,648.7 million, a decline of approximately 8%[11]. - Cash and cash equivalents fell to HKD 261.5 million from HKD 443.9 million, a decrease of about 41%[11]. - The company reported a basic profit of $119.2 million for 2023, a decrease of 83% compared to $714.7 million in 2022, primarily due to falling freight rates[52]. - The total compensation for the group in 2023 reached $195,247,000, down from $225,444,000 in 2022, representing a decrease of approximately 13.4%[170]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.016 per share and an additional special dividend of HKD 0.041 per share, totaling 75% of the annual net profit[4]. - The total dividend for 2023 is proposed at 12.2 HK cents per share, representing 75% of the annual net profit, resulting in a dividend yield of 5% based on the beginning of the year share price[24]. - The distribution policy mandates a minimum dividend payout of 50% of annual net profit, excluding gains from vessel sales[24]. - The company maintains a dividend policy of distributing no less than 50% of the annual net profit, with any additional distribution potentially as special dividends[150]. Fleet and Operational Strategy - The company sold eight vessels in 2023 and acquired eight modern second-hand vessels, including six ultra-large bulk carriers, to enhance its fleet[8]. - The company aims to expand its ultra-small and ultra-large bulk carrier fleet while optimizing its existing fleet to meet stricter environmental regulations[8]. - The company operates a fleet of modern small and ultra-small bulk carriers, with over 90% of the fleet carrying cargo at any given time[15]. - The company holds approximately 4% of the global ultra-small bulk carrier fleet and 5% of the global small bulk carrier fleet, both under 20 years of age[16]. - The company is actively securing more forward contracts for the first quarter of 2024 due to anticipated increases in freight rates[58]. - The company is focused on effective communication with stakeholders to address the higher operational costs associated with zero-emission vessels[41]. Market Outlook and Demand - The company is optimistic about the long-term potential of the dry bulk shipping market, driven by increased demand from China's economic activities and infrastructure investments[5]. - The long-term outlook for the dry bulk shipping industry remains positive due to favorable supply fundamentals and increasing demand for commodities, particularly coal, iron ore, and minor bulk goods[37]. - Demand for dry bulk commodities is expected to rise due to ongoing global economic development, urbanization, and green initiatives[42]. - The company expects strong demand for dry bulk shipping to persist, contributing to industry growth and its own operational success[38]. Environmental and Regulatory Compliance - The company is preparing to comply with the International Maritime Organization's emission reduction regulations effective from January 2023 through technological upgrades and fleet renewal[8]. - The company aims for full decarbonization by 2050 and is actively pursuing opportunities to transition to a low-carbon industry[25]. - The company is collaborating with Nihon Shipyard Co. and Mitsui & Co. to develop low-emission vessels capable of operating on methanol and fuel oil[25]. - The company achieved a 40% reduction in carbon emission intensity compared to the 2008 baseline year, with a target to reduce it by over 50% by 2030[31]. - The company is committed to reducing its fleet's carbon emissions density and environmental impact in accordance with stricter new regulations[91]. Governance and Leadership - The company has appointed two new directors, Mats Henrik Berglund and Alexandre Frederic Akira Emery, to strengthen its leadership team[25]. - The board consists of eight directors, including Martin Fruergaard as CEO and Executive Director, who joined in July 2021[160]. - The company emphasizes responsible investment and management strategies to benefit diverse stakeholders[160]. - The board is committed to governance, with a focus on sustainability and strategic oversight[162]. - The company has established a dedicated sustainability committee at the board level, consisting of two independent non-executive directors and one non-executive director, to oversee long-term sustainable development matters[143]. Safety and Employee Welfare - The company is committed to maintaining high standards in safety, health, and welfare for its crew and shore staff, with a focus on avoiding workplace injuries[25]. - The company recorded 14 work-related injuries resulting in lost time out of approximately 21 million working hours in 2023, emphasizing its commitment to safety[90]. - The company is focused on supporting mental health initiatives for crew members, including additional psychological screening before boarding[101]. - The company has implemented a PB Families Programme to support the families of Filipino crew members, enhancing overall employee well-being[90]. Financial Management and Capital Structure - The company maintained a low net debt ratio of 2%, reflecting its strong balance sheet while supporting growth plans[3]. - The capital structure remains healthy with available liquidity of $549.2 million, supporting ongoing growth[24]. - The company has committed available liquidity of $287.7 million, an increase of 68% from $171.1 million in 2022, enhancing its financial flexibility[67]. - The company has established internal controls for handling insider information and ensures compliance with disclosure regulations[150]. Risk Management - The company has established a risk management framework to ensure sufficient liquidity and compliance with loan covenants, actively managing cash and borrowings[149]. - The risk management committee is responsible for enhancing the company's risk management culture and ensuring alignment with business and market developments[122]. - The company has strengthened its corporate risk management culture, emphasizing ethical values, transparency, and risk tolerance[123]. Awards and Recognition - The company has received multiple awards in 2023, including "Best Dry Bulk Operator" at the International Bulk Journal Awards for the second consecutive year[24]. - The company received the Blue Circle Award from the Vancouver Port Authority for the sixth consecutive year, recognizing its commitment to sustainability[75]. - The company was awarded three major awards at the 2023 Hong Kong Environmental, Social and Governance Reporting Awards, including Best ESG Report Award[80].

Pacific Basin Shipping Limited (OTCPK:PCFBF) Q4 2023 Earnings Conference Call February 29, 2024 5:00 AM ET Company Participants Martin Fruergaard - Chief Executive Officer Michael Jorgensen - Chief Financial Officer Peter Budd - Investor Relations Conference Call Participants Andrew Lee - Jefferies Parash Jain - HSBC Nathan Gee - Bank of America Operator Welcome to today's Pacific Basin 2023 Annual Results Announcement Conference Call. I'm pleased to present Chief Executive Officer, Mr. Martin Fruergaard, a ...