（「擔保人」） 之普通股並由擔保人無條件及不可撤回地擔保之 175,000,000 美元年票息 3%有擔保可換股債券（「債券」） （股份代號：40097） 債券贖回 / 轉換完成 茲提述擔保人於2019年10月31日及2019年12月10日有關發行債券的公告，及隨後於2020年4月17日、 2021年8月11日、2022年4月21日、2022年8月10日、2023年4月25日、2023年8月11日、2024年4月25日、 2024年8月21日、2025年5月2日有關調整轉換價刊發的公告，及2025年7月11日的贖回通知。除非另有 所指，本公告所用的詞彙與擔保人於2019年10月31日刊發的公告所使用的詞彙具有相同涵義。 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依賴該等內容而引致的任何損失承擔任何 責任。本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。 PB ISSUER (NO.5) LIMITED （「發行人」） （於英屬處女群島註冊成立之有限公司） 於 2025 年到期可轉換 ...

Core Viewpoint - Pacific Basin Shipping reported disappointing 1H25 results, with a significant decline in revenue and net profit, primarily due to lower-than-expected time charter equivalent (TCE) rates amid soft industry conditions [1] Financial Performance - Revenue decreased by 20.5% year-over-year to US$1,019 million in 1H25 - Attributable net profit was US$26 million, resulting in an earnings per share (EPS) of HK$3.9, down 55.6% year-over-year - Underlying earnings, excluding asset disposal income, were US$22 million, a 50% decline year-over-year [1] - The realized freight rate fell year-over-year, but remained above industry averages, with TCE rates for small and large handy vessels decreasing by 7% and 11% year-over-year to US$11,010/day and US$12,230/day, respectively [1] Share Buyback and Dividend Policy - The company plans to repurchase up to HK$312 million in shares during 2025, having already repurchased 93 million shares (1.8% of share capital) for HK$164 million by the end of June [2] - The dividend payout ratio for 1H25 was approximately 50%, maintaining a stable dividend policy [2] Balance Sheet Strength - As of 1H25, the company had net cash of US$66 million and reduced long-term borrowings, enhancing its cash position and alleviating future interest payment pressures [3] - The firm is expected to complete the conversion or redemption of its convertible bonds by August 14 [3] Industry Trends - Limited new supply is anticipated, with expectations for improving supply and demand conditions for small vessels [4] - Demand for minor bulk cargo is closely linked to global economic growth, with potential benefits from the peak season for grain exports in 2H25 [5] - The firm sold five old vessels and acquired three newer vessels, enhancing the competitiveness of its fleet [5] Valuation - The stock is currently trading at 9.8x 2025 estimated P/E and 8.8x 2026 estimated P/E - The target price has been raised by 14.3% to HK$2.4, implying a P/E of 10.1x for 2025 and 9.1x for 2026, with a potential upside of 4.3% [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.50, reflecting a 19% increase from the previous target price [7][5]. Core Views - The company's performance in the first half of 2025 showed a significant decline in net profit, down 55.6% year-on-year to USD 25.6 million, primarily due to weak global dry bulk market demand and falling freight rates [1][2]. - The report anticipates a potential recovery in freight rates in the second half of 2025, driven by seasonal demand and macroeconomic factors such as the US interest rate cycle and China's economic recovery [1][4]. - The report suggests that the dry bulk market may have reached a low point in the first half of 2025, with expectations for improved profitability in 2026-2027 [5][4]. Summary by Sections Financial Performance - In the first half of 2025, the company's average daily freight rates for handy and super handy bulk carriers decreased by 6.8% and 10.7% year-on-year, respectively [2]. - The company's fleet operating days decreased by 7.4% for handy and 5.5% for super handy vessels due to the disposal of older ships [3]. - The report projects a decline in net profit for 2025, with estimates revised down by 53.0% to USD 70.58 million, while 2026 and 2027 profits are expected to improve [5][11]. Market Outlook - The report highlights that global dry bulk shipping volumes for iron ore, coal, and grain fell by 4%, 7%, and 13% year-on-year, respectively, in the first half of 2025 [2]. - It emphasizes the importance of monitoring the US interest rate cycle and China's domestic demand as key factors influencing global dry bulk demand and freight rates [4][5]. Valuation - The report adjusts the price-to-book (PB) valuation multiple to 0.9x for 2025, aligning with the company's historical average, and raises the target price to HKD 2.50 [5][8]. - The report indicates that the company's market valuation may benefit from improved liquidity in the Hong Kong stock market [5].

Pacific Basin Shipping (02343) H1 2025 Earnings Call August 07, 2025 06:00 AM ET Speaker0Welcome to today's Pacific Basin twenty twenty five interim results announcement conference call. I am pleased to present chief executive officer, mister Martin Frugaard, and chief financial officer, mister Jimmy Ng. For the first part of this call, all participants will be in listen only mode. And afterwards, there will be a question and answer session. Mister Frugaard, please begin.Speaker1Thank you. Yeah. Welcome, la ...

Financial Performance - The company generated EBITDA of US$121.5 million, underlying profit of US$21.9 million, and net profit of US$25.6 million in 1H 2025[9] - Core business contributed US$50.7 million before overheads in 1H 2025[9] - An interim dividend of HK1.6 cents per share was declared, amounting to US$10.4 million, representing 50% of net profit for the period (excluding vessel disposal gains)[8] - Revenue decreased from US$1,281.5 million in 1H 2024 to US$1,018.7 million in 1H 2025[38] - The company repurchased and cancelled 93 million shares at an average price of HK$1.76 for a total consideration of US$21 million under the 2025 share buyback programme[13] Liquidity and Balance Sheet - The company had net cash of US$66.4 million and available committed liquidity of US$549.9 million as of June 30, 2025[9] - A new US$250 million 7-year revolving credit facility was announced in July 2025, further increasing available committed liquidity[9, 45] - Total borrowings decreased from US$262.3 million as of December 31, 2024, to US$229.1 million as of June 30, 2025[45] Fleet and Operations - Handysize spot market rates in 1H25 averaged US$8,690, up 21% year-over-year[15] - Supramax spot market rates in 1H25 averaged US$8,750, up 34% year-over-year[15] - Handysize TCE was US$11,010 per day, down 7% year-over-year, while Supramax TCE was US$12,230 per day, down 11% year-over-year[22] - The company outperformed the average Handysize index by US$2,320 or 27% per day and the average Supramax index by US$3,480 or 40% per day in 1H 2025[25, 29]

| 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，概不對因 公告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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 太平洋航運集團有限公司* | | 股份代號 | 02343 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月的中期股息 | | 公告日期 | 2025年8月7日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 不適用 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.016 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.016 HKD | | 匯率 | 1 HKD : 1 HKD | | 除淨日 | 2025年8 ...

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。 * 截至2025年6月30日止六個月 的中期業績公布 太平洋航運集團有限公司（「太平洋航運」或「本公司」）董事會（「董事會」）欣然公布本公司及其附屬公司（統稱「本集團」）截至2025年6月30 日止六個月的未經審核簡明綜合業績如下： 業務摘要 在市況疲弱下展現財務韌性 業務表現 | | 截至6月30日止六個月 | | | --- | --- | --- | | 百萬美元 | 2025年 | 2024年 | | 營業額 | 1,018.7 | 1,281.5 | | 稅息折舊及攤銷前溢利 # | 121.5 | 157.9 | | 基本溢利 | 21.9 | 43.9 | | 股東應佔溢利 | 25.6 | 57.6 | | （港仙） 每股基本盈利 | 3.9 | 8.7 | | 每股中期股息 （港仙） | 1.6 | 4.1 | 稅息折舊及攤銷前溢利乃按毛利減間接一般及行政管理開支計算，不包括折 舊及攤銷、 ...

職權範圍 於2025年8月1日獲批准及採納 1. 整體目的及目標 提名委員會 提名委員會（「委員會」）獲太平洋航運集團有限公司 (「本公司」)董事會（「董事會」） 委任以協 助董事會履行其監督職責。委員會將監督董事會之董事提名以確保所有該等提名為公平和透明。 2. 權力 董事會授權委員會，於其職責範圍內： 3. 角色和職責 委員會應當履行下列責任： * 僅供識別 1 2.1 與準候選人進行面試； 2.2 聘用獨立專業顧問以協助物色合資格之董事候選人及履行其職責，費用由本公司支付； 2.3 不時與其他董事合作以履行其角色和職責；及 2.4 於適當情況下，將其執行權力轉授予指定董事或管理層之成員。 4. 提名政策 第 3.1 至 3.3 段的條文被視為本公司提名董事的主要提名標準和原則, 這些條文構成本公司的「提名政 策」。 5. 組織 成員 會議 2 3.4 支援本公司定期評估董事會表現； 3.5 評核獨立非執行董事之獨立性； 3.6 不時檢視此職權範圍及董事會多元化政策，並酌情向董事會提出建議； 3.7 每年檢討董事會多元化政策的實施及有效性，並酌情向董事會提出建議； 3.8 每年檢討本公司確保董事會可獲得獨 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 太平洋航運集團有限公司* 呈交日期: 2025年7月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02343 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 36,000,000,000 | USD | | 0.01 | USD | | 360,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 36,000,000,000 | USD | | 0.01 | USD | | 360,000,000 | 本月底 ...

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。 獨立非執行董事 : Irene Waage Basili、Stanley Hutter Ryan、Kirsi Kyllikki Tikka、莊偉林、Kalpana Desai 及王曉軍 非執行董事 : 張日奇及 Mats Henrik Berglund * 僅供識別 香港，二零二五年七月二十八日 於本公告刊發日期，本公司董事為: 執行董事 : Martin Fruergaard 董事會召開日期 太平洋航運集團有限公司 (「本公司」) 董事會 (「董事會」) 宣布，本公司將於二零二五年八 月七日召開董事會會議，除其他事項外，會上將考慮及批准本公司及其附屬公司截至二零二五 年六月三十日止之中期業績，及考慮會否派付中期股息。 承董事會命 太平洋航運集團有限公司 公司秘書 莫潔婷 ...