太平洋航运(02343) - 2021 - 中期财报

Financial Performance - The company recorded its best half-year performance in 13 years due to strong growth in dry bulk freight rates, declaring an interim dividend of HKD 0.14[9] - In the first half of 2021, the company recorded a basic profit of $150.4 million, with an EBITDA of $244.6 million, reflecting a 28% return on equity[12] - Revenue for the six months ended June 30, 2021, was $1,142.0 million, representing a 68% increase compared to $681.5 million in the same period of 2020[86] - The company reported a net profit attributable to shareholders of $160.1 million, compared to a loss of $222.4 million in the same period of 2020[88] - The basic earnings per share for the six months ended June 30, 2021, was $3.40, compared to a loss of $4.77 in the same period of 2020[99] Fleet and Operations - The fleet consists of 119 owned vessels and approximately 270 operated vessels, marking the largest fleet ever controlled by the company[10] - The company has increased the proportion of super handy bulk carriers in its fleet, benefiting from greater rental increases in a strong market[10] - The average daily net income for the company's small handy and super handy bulk carriers was USD 13,320 and USD 18,260 respectively, with a strong daily profit from operational activities of USD 9,080[9] - The average daily profit from operations during the first half was $1,320, with a total of 9,080 operational days[14] - The average age of the company's owned vessels is 10.9 years, which is considered optimal for capital returns while minimizing residual value risk amid the transition to new technology vessels[24] Market Outlook - The dry bulk shipping market reached its highest level in over a decade during the first half of 2021, with an optimistic outlook for 2021 and beyond[4] - The company anticipates continued strong demand for dry bulk shipping, particularly with the upcoming Northern Hemisphere grain export season, which typically boosts freight rates in Q3[11] - The average dry bulk freight rates for the second half of 2021 are expected to exceed those of the first half due to sustained demand and a slowdown in global fleet growth[11] - The supply growth of dry bulk carriers is slowing, with new orders at historical lows, suggesting that net growth in the global dry bulk fleet will remain below demand growth in the coming years[17] - The company is optimistic about the long-term outlook for the dry bulk shipping market, with newbuilding orders at historical lows and regulatory changes expected to limit supply growth[11] Financial Position and Liquidity - Total available liquid funds increased to USD 417.1 million, with a net debt ratio of 31%[10] - The company maintained a net debt ratio of 31% relative to the book value of owned vessels as of June 30, 2021, down from 37% at the end of 2020[51] - The total available liquidity, including cash and undrawn committed borrowing facilities, was $417.1 million as of June 30, 2021, an increase of 15% from $362.5 million at the end of 2020[51] - The company signed a six-year bilateral term loan of $45 million in April 2021, secured by two unencumbered vessels[52] - The company plans to keep the net debt to book value ratio below 50% across different shipping cycles[47] Operational Efficiency and Cost Management - The company maintains a competitive cost structure despite rising operational expenses related to crew changes and pandemic-related costs[14] - The average daily operating expenses for owned vessels were $970, while for chartered vessels, it was $520[45] - The company effectively controlled operating expenses for its owned vessels, contributing to the strong operational performance[31] - The average daily comprehensive expenses for small handy and ultra handy bulk carriers were reduced to $7,660 and increased to $9,200 respectively[43] - The average daily financial expenses for small and ultra handy bulk carriers decreased by 12% and 7% respectively, reflecting reduced borrowing and lower interest rates[40] Environmental and Social Responsibility - The company is committed to reducing its carbon emissions intensity in line with the International Maritime Organization's goal of a 40% reduction in EEOI by 2030[57] - The company received the Blue Circle Award from the Port of Vancouver for its voluntary investments in green technology and energy-saving initiatives[62] - The company aims to improve the carbon efficiency of the international shipping industry by at least 40% by 2030 and reduce total greenhouse gas emissions by at least 50% by 2050, compared to 2008 levels[68] - The company supports the Seafarers International Relief Fund to assist Indian seafarers and their families affected by the COVID-19 pandemic[66] - The company encourages female crew members to join the Women's International Shipping & Trading Association, promoting diversity and inclusion in the maritime industry[67] Governance and Compliance - The company has fully complied with the corporate governance code as per the Hong Kong Stock Exchange during the six months ended June 30, 2021[72] - The board confirmed that all directors adhered to the trading rules regarding securities transactions during the reporting period[72] - The company has established rules for senior management and employees regarding insider trading to ensure compliance with regulations[72] - The interim report was reviewed by the external auditor and the audit committee, ensuring compliance with the listing rules[72] - The company has demonstrated high transparency and governance performance, receiving top ratings among peers in ESG assessments[66]