Dry-bulk carrier operator Pacific Basin (02343) reported a solid first-half 2026 performance, with net profit surging to US$105.00 million from US$25.60 million a year earlier. Revenue rose 8.54 % to US$1.11 billion, while underlying profit reached US$94.90 million and EBITDA climbed 62.9 % to US$197.80 million.

Time-charter equivalent (TCE) earnings averaged US$14,150 per day for Handysize vessels and US$16,550 for Supramax ships, outperforming the relevant Baltic indices by US$1,950 and US$2,370 per day respectively. Operating activity contributed US$13.40 million before overheads on a US$1,060 daily margin. Group net profit margin improved to 10 %, and annualised return on equity rose to 11 %.

Cost control remained firm: vessel operating expenses averaged US$4,790 per day and the blended cash break-even stayed below US$6,800, more than 40 % beneath average market index rates in the period.

The company maintained a strong balance sheet, ending June with US$206.53 million in cash and deposits, a net cash position of US$157.20 million and total committed liquidity of US$673.60 million. Capital commitments stood at US$297.71 million.

During the half-year Pacific Basin repurchased about 9.5 million shares for roughly US$3.50 million and completed the sale of one 22-year-old Supramax vessel. The board declared an interim dividend of HK 15.5 cents per share—equivalent to approximately 100 % of net profit excluding vessel disposal gains—payable on 3 September to shareholders on record 24 August.

Fleet renewal continued: as of 30 June, the company owned 106 Handysize, Supramax and Ultramax ships, with an estimated market value of US$2.07 billion against a net book value of US$1.56 billion. Including chartered tonnage, 254 vessels were in service. Pacific Basin also adjusted its orderbook to ten newbuildings, swapping four dual-fuel Ultramax orders for fuel-efficient conventional vessels and adding two Handysize units.

Looking ahead, Clarksons Research forecasts fleet growth outpacing demand for 2026, but Pacific Basin expects geopolitical disruptions and extended trade routes to underpin tonne-mile demand and freight rates. For 2H-2026, 54 % of Handysize and 60 % of Supramax days are fixed at average TCE rates of US$14,850 and US$17,470 per day, respectively.