太平洋航运(02343) - 2021 - 年度财报

Financial Performance - Pacific Basin's 2021 performance marked the best in 34 years, with a basic profit of $698 million and a net profit of $845 million, resulting in a strong return on equity of 58%[14] - Total revenue for 2021 reached $2,972.5 million, a significant increase from $1,470.9 million in 2020, representing a growth of 102%[16] - Net profit for 2021 was $844.8 million, compared to a loss of $208.2 million in 2020, marking a turnaround in profitability[16] - The company reported a net profit margin of 28% in 2021, improving from a negative margin of 14% in the previous year[16] - The total assets increased to $2,745.4 million in 2021 from $2,189.5 million in 2020, reflecting a growth of 25%[16] - The average return on equity for 2021 was 58%, a significant improvement from a negative return of 18% in 2020[16] - The company recorded a basic profit of $698.3 million, a significant improvement from a basic loss of $19.4 million in 2020, marking the strongest performance in its history[109] Operational Highlights - The company completed 4,000 cargo shipments in 2021, maintaining operations with 116 owned vessels and over 4,600 crew members during the pandemic[3] - The company recorded a contribution of $709 million from its 18,240 days of operational activity, maintaining competitive cost control[14] - The fleet consists of 249 vessels with a total deadweight tonnage of 5.2 million tons, showcasing the scale of operations[25] - The company added 11 modern second-hand vessels to its fleet while selling five of the smallest and oldest vessels[14] - The company has a diversified customer base with over 550 global clients, where the largest customer accounts for only 3% of the business[47] Market Conditions - The strong market conditions in 2021 were driven by robust global commodity demand and low fleet growth, despite challenges related to COVID-19[14] - The dry bulk shipping market in 2021 was the strongest since 2008, contributing to a solid start in 2022 with strong rental rates and stable contracted levels[62] - Global demand for minor bulk cargo grew by 5.6%, while the fleet of small and ultra-small bulk carriers only increased by 2.8%, tightening supply conditions and driving up charter rates[73] - The dry bulk shipping market is expected to remain strong in 2022 and beyond, supported by healthy economic growth and demand for small bulk and grain[83] Sustainability and Environmental Initiatives - The company has committed to achieving net-zero emissions by 2050 and is actively participating in the "Zero Emission Alliance" to promote policies for zero-emission vessels by 2030[58] - The company aims to achieve net-zero emissions by 2050, focusing on developing new zero-carbon vessels and fuel options[77] - The company launched a carbon-neutral voyage program to offset emissions from shipping activities[78] - The company is actively working towards transitioning to zero-carbon emission vessels and fuels to achieve long-term decarbonization goals[152] - The company has set a more aggressive carbon emission density and net-zero emission target, aiming for net-zero emissions by 2050 and an AER carbon emission density rating of C or higher for its vessels starting in 2024[189] Governance and Management - The company has a strong governance structure and a robust senior management team, enhancing confidence in future growth[53] - The board consists of 11 members, including 2 women, exceeding the requirement of at least one-third independent non-executive directors as per listing rules[171] - The company has fully complied with the Hong Kong Stock Exchange's corporate governance code for the year ending December 31, 2021[170] - The board has conducted self-assessments to ensure effective operation and is committed to monitoring succession planning closely[176] - The company encourages all directors to participate in ongoing professional development to update their knowledge and skills in compliance with the code[176] Safety and Crew Welfare - The company recorded its lowest injury frequency rate in history, with only five work-related injuries out of 19.9 million hours worked in 2021[61] - The company is committed to enhancing the well-being of its crew by providing financial support, mental health resources, and additional connectivity during the pandemic[59] - The company signed the Neptune Declaration on Seafarer Wellbeing and Crew Change, emphasizing its commitment to crew welfare[137] - The lost time injury frequency (LTIF) rate decreased to 0.25, marking the lowest key performance indicator in terms of workplace injuries in the company's history[146] Financial Position and Liquidity - The net debt ratio decreased to 7%, with committed available liquidity reaching $668 million by year-end[14] - Cash and cash equivalents totaled $128.4 million, with net borrowings at $1,831.2 million, indicating a strong liquidity position[16] - The company reported a cash flow of $668 million, with a net debt representing only 7% of the book value of owned vessels[53] - The company’s interest coverage ratio improved to 30.1 times from 5.1 times[130] Future Outlook - The outlook for 2022 remains optimistic, with strong rental rates continuing into the first quarter[14] - The company is optimistic about the dry bulk market over the next 3-5 years, citing stable demand and healthy growth in the small parcel segment[96] - The company anticipates that the implementation of decarbonization regulations starting in 2024 will lead to reduced sailing speeds for bulk carriers, further tightening supply and benefiting market trends[100] Digitalization and Innovation - The digitalization plan is evolving to optimize business processes and improve decision-making through data utilization[82] - The company is actively working on digitalization to capture and analyze data for better decision-making[97] Awards and Recognition - The company received multiple awards in 2021 for its excellence in safety, governance, environmental performance, and overall sustainability[60] - The company received the Best ESG Report Award (Mid-Cap) at the 2021 Hong Kong ESG Reporting Awards[154]