2025-08-07 10:00Financial 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]