太平洋航运(02343) - 2022 - 中期财报

Financial Performance - Pacific Basin recorded its best interim performance in H1 2022, achieving a basic profit of $457.5 million and a net profit of $465.1 million, with EBITDA of $566.9 million, resulting in a strong return on equity of 48%[20] - The company reported a record interim profit of $457.5 million and a net profit of $465.1 million for the first half of 2022, achieving a strong return on equity of 48%[34] - Revenue for the six months ended June 30, 2022, reached $1,722.8 million, a 51% increase from $1,142.0 million in the same period of 2021[138] - Adjusted EBITDA for the period was $566.9 million, more than doubling from $244.6 million year-over-year[138] - Basic earnings per share increased to $9.53, up from $3.40 in the previous year, reflecting a significant growth in profitability[141] - The company reported a net profit attributable to shareholders for the six months ended June 30, 2022, was $465,128,000, a significant increase from $160,104,000 in the same period of 2021, representing a growth of approximately 190%[161] Dividends - The company declared an interim basic dividend of HKD 0.35 per share, representing 50% of the net profit, along with a special dividend of HKD 0.17 per share, totaling HKD 0.52 per share, equivalent to $348 million or 75% of net profit[20] - The board declared an interim dividend of 35 HKD cents per share, representing 50% of the net profit, along with a special dividend of 17 HKD cents, totaling 52 HKD cents per share[35] - The interim basic dividend declared for 2022 was 35.0 HK cents per share, totaling $234,226 thousand, compared to 14.0 HK cents per share, totaling $86,473 thousand in 2021, marking a significant increase[158] Fleet and Operations - The company operates a fleet of 240 owned and chartered vessels, including 117 small and ultra-small dry bulk carriers, and is committed to expanding its fleet with younger, larger, and more efficient vessels[20] - The company’s fleet operates with over 90% cargo utilization, primarily transporting non-fossil fuel commodities[24] - The average daily income for small and ultra-small bulk carriers was $26,370 and $33,840 respectively, contributing a total of $468.2 million (excluding management expenses) to the core business[20] - The average daily charter rate for small handy-sized bulk carriers was $22,000, while for super handy-sized bulk carriers it was $25,630, both significantly higher than previous years[54] - The company sold five older small handy bulk carriers during the period, while acquiring a new ultra handy bulk carrier, enhancing fleet efficiency and asset longevity[44] Market Conditions - The dry bulk shipping market in H1 2022 was driven by robust global commodity demand, despite concerns over global economic growth and geopolitical tensions[20] - The company anticipates a slowdown in dry bulk demand in H2 2022 due to a weakening global economy, but remains optimistic about long-term market potential supported by favorable supply dynamics[20] - The ongoing Ukraine conflict has positively impacted ton-mile demand for certain commodities, although the company will continue to monitor potential effects on trade flows[50] - The demand for dry bulk shipping is expected to remain relatively stable in the second half of the year, supported by seasonal factors in the grain market and increased coal demand for power generation[50] Financial Position - The company’s available liquid funds as of June 30, 2022, amounted to $698.6 million, with a net cash level indicating a strong financial position[20] - The company maintained a strong financial position with committed available liquidity of $698.6 million and a net cash position of $68.9 million as of June 30, 2022[35] - The company’s total assets increased to $2,884.5 million, up from $2,300.2 million year-on-year[34] - The company has a conservative balance sheet, reducing the amount of outstanding convertible bonds to $70.1 million[37] - The company’s equity totalled $2,036.7 million, an increase from $1,831.2 million at the end of the previous year[143] Compliance and Governance - The company is preparing to comply with the International Maritime Organization's emission reduction regulations effective in 2023, enhancing fleet optimization through technological upgrades and operational measures[20] - The company aims to achieve net-zero emissions by 2050, with ongoing efforts to improve fuel efficiency and develop zero-emission vessels[110] - The company emphasizes strong corporate governance and sustainable development, achieving an A+ sustainability rating from the Hong Kong Quality Assurance Agency[125] - The company has a low governance risk profile, as indicated by its top 10% governance quality rating from Institutional Shareholder Services (ISS)[125] Safety and Health - The recorded incident rate for health and safety increased slightly to 0.58 per million working hours in the first half of 2022, compared to 0.55 in the full year of 2021[43] - The company continues to prioritize safety and health standards for crew members, implementing online training and health support systems during the pandemic[42] - The injury frequency rate is 0.19 per million working hours, showing a 31% improvement[113] Future Outlook - The company anticipates increased demand for dry bulk shipping due to rising global infrastructure investments driven by the transition to green energy[75] - The overall dry bulk shipping market is expected to receive structural long-term support due to limited supply growth and healthy long-term demand prospects despite short-term adverse factors[60] - The company plans to maintain a strong balance sheet and cash position while expanding its fleet and operational scale[49] Shareholder Engagement - The company encourages shareholders to communicate directly with the board for any inquiries[129] - Major shareholders holding 5% or more of the company's issued share capital include Pzena Investment Management, LLC (6.15%), HSBC Holdings plc (6.32%), and Citigroup Inc. (5.69%) as of June 30, 2022[135]