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Pacific Basin Shipping (2343) investor relations material
Pacific Basin Shipping Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary16 Oct, 2025
Executive summary
Q3 2025 saw mixed Handysize and Supramax freight rates, with Handysize down 1% and Supramax up 4% YoY; TCE earnings for Handysize decreased 15% and increased 10% for Supramax compared to Q3 2024.
Delivered resilient financial performance in 1H 2025, with EBITDA of $121.5M, net profit of $25.6M, and strong liquidity of $549.9M as of June 30, 2025.
Maintained a core fleet of 120 owned and long-term chartered vessels, with disciplined renewal and strategic expansion into low-emission vessels.
Proactive steps taken to mitigate new US and Chinese port tariffs, including structural changes to fleet ownership and management.
Continued capital returns through share buybacks and dividends, with a minimum 50% payout of annual net profit (excluding vessel disposal gains).
Financial highlights
Q3 2025 average TCE earnings: $11,680 for Handysize (down 15% YoY), $13,410 for Supramax (up 10% YoY); market spot rates: $11,590 (Handysize), $14,310 (Supramax).
1H 2025 revenue was $1,018.7M, EBITDA $121.5M, net profit $25.6M; interim dividend of HK1.6 cents per share declared.
Operating activity margin in Q3 was $750/day over 6,830 days; YTD margin $720/day over 21,020 days.
72% of Handysize and 87% of Supramax Q4 2025 days covered at $12,380 and $14,060 per day, respectively.
Positive cash position of $66.4M and available committed liquidity of $549.9M as of June 30, 2025.
Outlook and guidance
Minor bulk and grains expected to see healthy growth, especially bauxite, aluminum, manganese ore, and scrap steel; coal and iron ore volume growth forecast to remain weak.
Dry bulk market conditions expected to benefit from steady minor bulk demand and increased supply disruptions, supporting tighter trade markets.
Global Handysize and Supramax fleet growth forecast at 4.3% in 2025 and 3.9% in 2026, with newbuilding orders down sharply YoY due to decarbonization uncertainties.
8% and 24% of 2026 Handysize and Supramax days covered at $9,790 and $13,200 per day, respectively.
Company remains optimistic about the market for the rest of the year, with positive demand and manageable supply growth.
Clarify 25% rule impact on US port fees?
What is the plan for 2026 Handysize purchase options?
How will aging fleet impact future supply picture?
Detail Singapore restructuring for tariffs
What drives reduced vessel speed and its impact?
Future fleet composition and newbuilding plans?
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Next Pacific Basin Shipping earnings date
Q4 202526 Feb, 2026
Next Pacific Basin Shipping earnings date
Q4 202526 Feb, 2026
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Pacific Basin Shipping Limited is a global shipping company specializing in dry bulk shipping services. The company operates a fleet of Handysize and Supramax vessels, transporting commodities such as grains, minerals, and construction materials across international markets. The company is headquartered in Hong Kong, China, and its shares are listed on the HKEX.
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