Pacific Basin Shipping Limited (PB, 02343) reported a strong rebound for the six months ended 30 June 2026, lifted by firmer dry-bulk freight markets and sustained cost discipline.
Financial performance • Revenue rose 8.54% year on year to US$1.11 billion. • EBITDA surged 62.84% to US$197.80 million. • Underlying profit reached US$94.90 million, more than quadrupling the US$21.90 million recorded in H1 2025. • Net profit climbed to US$105.00 million (H1 2025: US$25.60 million), driving an annualised return on equity of 11%. • Basic EPS increased to HK16.1 cents from HK3.9 cents. • The Board declared an interim dividend of HK15.5 cents per share—about 100% of net profit excluding vessel disposal gains—payable on 3 September 2026.
Cash, leverage and shareholder returns • Net cash stood at US$157.20 million at period-end, with total available committed liquidity of US$673.60 million. • Aggregate borrowings and undrawn committed facilities fell 17.01% to US$516.40 million. • PB repurchased 9.48 million shares for US$3.50 million under its 2026 US$40 million buyback authorisation. • Capex reached US$57.30 million, including US$19.30 million for an Ultramax delivery and US$17.90 million in initial payments for six Handysize newbuildings. Forty-six vessels remain unmortgaged.
Operational highlights • Core Handysize and Supramax fleets generated TCE earnings of US$14,150 and US$16,550 per day, outpacing respective market indices by US$1,950 and US$2,370. • Operating activity delivered a margin of US$1,060 per day across 12,650 operating days, contributing US$13.40 million before overheads. • Cash break-even held below US$6,800 per day, more than 40% beneath average market rates. • Fleet-wide operating expenses averaged US$4,790 per day; overheads and financing costs were US$970 and US$110 per day, respectively.
Fleet profile and renewal • PB controlled about 254 vessels on the water, including 106 owned Handysize, Supramax and Ultramax ships as at 30 June 2026. • Estimated market value of the owned fleet was US$2.07 billion, exceeding net book value of US$1.56 billion. • One 22-year-old Supramax was sold for US$9.50 million; a second similar vessel is slated for disposal in August 2026. • Deliveries and option exercises added three vessels; the newbuilding pipeline now totals ten vessels (six Handysize, four Ultramax) for delivery between 2028 and mid-2029, with options on two dual-fuel Ultramax units.
Market and outlook Clarksons Research projects dry-bulk fleet growth to outpace demand for full-year 2026, yet PB notes that geopolitical disruptions—especially in the Arabian Gulf—are elevating tonne-mile demand and supporting rates. As at late July, 54% of Handysize and 60% of Supramax days for H2 2026 were fixed at US$14,850 and US$17,470 per day, respectively, providing earnings visibility.
Strategic focus Management priorities for 2026 include disciplined fleet expansion, fuel strategy evolution, digital voyage optimisation and continued cost efficiency to sustain returns through market cycles.