Pacific Basin Shipping Limited · HKEX:2343
Pacific Basin Shipping — Q3 2026 Earnings Presentation
24 slides from Pacific Basin Shipping's earnings presentation, Oct 15, 2026
Slide 1: 3Q26 Trading Update
3Q26 TRADING UPDATE 15 OCTOBER 2026 #WithYouForTheLongHaul
Slide 2: Delivering More in a Continued Strong Market
DELIVERING MORE IN A CONTINUED STRONG MARKET Key Highlights US$ Handysize Supramax $16,020 $17,990 ▪ Freight market remained resilient, with 3Q 2026 BHSI +27% and BSI +28% YoY 3Q 2026 Average daily TCE earnings (+37% YoY) (+34% YoY) ▪ Disruptions persist across key shipping routes and chokepoints, i
Slide 3: Performance Highlights
PERFORMANCE HIGHLIGHTS
Slide 4: Market Freight Rates Maintained Momentum in Third Quarter of 2026
MARKET FREIGHT RATES MAINTAINED MOMENTUM IN THIRD QUARTER OF 202 6 ▪ Freight markets year to date were materially stronger than that in 2024 and 2025 across both Handysize and Supramax segments ▪ BHSI and BSI increased 27% and 28% respectively compared to the same period in 2025 ▪ With limited progr
Slide 5: Robust Pacific Basin TCE Earnings and Improving Operating Activity
ROBUST PACIFIC BASIN TCE EARNINGS AND IMPROVING OPERATING ACTIVITY (1) (1) Handysize Core Business TCE Supramax Core Business TCE Operating Activity Margin US$/day 37% US$/day 34% US$/day >100% Day (3) 18,000 YoY(2) (3) 20,000 19,070 YoY(2) 18,960 2,500 YoY (2) 7,000 16,210 16,480 17,990 16,020 2,19
Slide 6: Consistent TCE Outperformance Across Market Cycles
CONSISTENT TCE OUTPERFORMANCE ACROSS MARKET CYCLES US$/day Handysize Performance vs Index (BHSI)* US$/day Supramax Performance vs Index (BSI)* YTD Outperformance 20,000 20,000 US$1,440/day or 9% YTD Outperformance US$1,730/day or 13% 18,000 18,000 16,000 16,000 14,000 14,000 12,000 12,000 10,000 10,
Slide 7: Market Dynamics & Outlook
MARKET DYNAMICS & OUTLOOK
Slide 8: Geopolitical Disruption Tightened Market Conditions
GEOPOLITICAL DISRUPTION TIGHTENED MARKET CONDITIONS Ongoing geopolitical disruptions and trade inefficiencies resulted in longer voyage distances supporting tonne-mile demand Changes in Global Cargo Volumes by Commodity Changes in Global Dry Bulk Demand Mill tonnes YoY change in million tonnes Bill
Slide 9: Handysize & Supramax Net Fleet Growth Moderating
HANDYSIZE & SUPRAMAX NET FLEET GROWTH MODERATING Overall Dry Bulk Supply Development % of Total Fleet 5.0% (net) % of Total Fleet 6.0% 4.0% 4.4% 5.0% ▪ Global dry bulk net fleet growth is forecast to 3.0% 3.8% 4.0% increase to 3.8% in 2026 and 4.4% in 2027 2.9% 4.1% 4.1% 3.9% 3.1% 2.9% 3.0% 3.3% 3.8
Slide 10: Geopolitical Tensions and Climate Change Causing Continued Disruption
GEOPOLITCAL TENSIONS AND CLIMATE CHANGE CAUSING CONTINUED DISRUP TION US-China Arabian Gulf ▪ Relations between the US and China have appeared more ▪ Tensions in Arabian Gulf continue to create disruption stable in 2026, with US exports to China recovering but across global shipping markets remainin
Slide 11: Constructive Outlook Supported by Strong Fundamentals
CONSTRUCTIVE OUTLOOK SUPPORTED BY STRONG FUNDAMENTALS AND PERSISTENT TRADE INEFFICIENCIES IMF GDP forecast FFA Average for 4Q 2026 Projected tonne-mile demand Net fleet growth forecast for 2027 Minor bulk Overall dry bulk Minor bulk Overall dry bulk World 3.4% Handysize US$16,230 per day 2.7% 3.7% 3
Slide 12: Appendix
APPENDIX
Slide 13: Triangulated Trading Patterns to Enhance Utilisation and TCE Earnings
APPENDIX: TRIANGULATED TRADING PATTERNS TO ENHANCE OUR VESSELS’ UTILISATION AND TCE EARNINGS A Platform and Model for Enhanced Utilisation and Earnings The strong relationships we build with cargo customers around the world give us access to rare backhaul cargoes that are not widely available to mos
Slide 14: Pacific Basin Current Fleet
APPENDIX: PACIFIC BASIN CURRENT FLEET 106 13 139 258 12 Newbuildings Vessels LT ST Chartered Total on owned Chartered Order Vessels in Operation As at 30 September 2026 Total Average Long-term Sub- Short-term Capacity Age Owned Total Newbuildings Chartered total Chartered (1) on Order (million dwt)
Slide 15: Minor Bulk Tonne-Mile Forecast
APPENDIX: MINOR BULK TONNE -MILE FORECAST 2026F Dry Bulk Trade Volumes YOY 2027F Dry Bulk Trade Volumes YOY Million Tonnes Million Tonnes Coal 1,357 1.7% Coal -0.1% 1,356 Iron Ore 1,678 2.4% Iron Ore 1,706 2% Total (Iron Ore + Coal) 3,035 2.1% Total (Iron Ore + Coal) 3,062 0.9% Nickel Ore 73 17.7% B
Slide 16: Global Fleet Development
APPENDIX: GLOBAL FLEET DEVELOPMENT 2026 YTD Scrapping as % of Orderbook as 1 January 2026 % of Existing Fleet Average Age Over 20 Years Old Existing Fleet Handysize 8.7% 13.9 14.5% 0.5% (10,000–44,999 dwt) Supramax & Ultramax 13.6% 12.8 13.2% 0.3% (45,000–69,999 dwt) Panamax & Post -Panamax 13.7% 12
Slide 17: Secondhand Vessel Values
APPENDIX: SECONDHAND VESSEL VALUES Ultramax/Handysize Newbuild and 10-Year Old Secondhand Vessel Values US$m 40 Ultramax Newbuild (61-64.5K) Ultramax Secondhand 10YO (61K ECO)* Handysize Newbuild (38-42K) Handysize Secondhand 10YO (37K ECO) 36.00 35 31.00 30 30.00 25 24.00 20 15 10 5 0 2012 2013 201
Slide 18: Scrubbers Benefit
APPENDIX: SCRUBBERS BENEFIT ▪ Scrubber investment was made prior to implementation of the IMO 2020 sulphur cap, which allows us to comply with the rules while using High-Sulphur Fuel Oil (“HSFO”) ▪ Savings achieved by using HSFO and benefitting from the spreads between HSFO and Low-Sulphur Fuel Oil
Slide 19: Forward Cargo Cover
APPENDIX: FORWARD CARGO COVER Handysize Supramax US$/Day (net) US$/Day (net) $20,000 $18,960 * $18,000 $16,480 * ▪ We are strategically managing our forward cargo $16,000 $18,000 coverage alongside our spot market exposure $15,590 * $16,000 $14,000 $13,180 * $14,060 ▪ We have covered 65% and 76% of
Slide 20: Vessel Days and Long-term Chartered Commitments
2026 Interim Results APPENDIX: VESSEL DAYS AND LONG -TERM CHARTERED COMMITMENTS Vessel Days Future Long -term Chartered Vessel Costs The following table shows an analysis of our vessel days in 1H 2026 and FY2025: The following table shows the average daily charter costs for our long-term chartered v
Slide 21: Diversified Cargo Mix
2026 Interim Results APPENDIX: DIVERSIFIED CARGO MIX Diverse range of commodities reduces product risk Our Cargo Volumes 1H2026 VS 1H2025 Minerals 12% Agricultural Products & Related 28% Salt 5% -1pp Grains & Agricultural Products 16% -1pp Sand & Gypsum 5% +1pp Fertiliser 11% +1pp Soda Ash 2% +1pp S
Slide 22: 2026 Interim Results
2026 Interim Results APPENDIX: 2026 INTERIM RESULTS Profit and Loss US$million 1H 2026 1H 2025 EBITDA 197.8 121.5 Underlying profit 94.9 21.9 Net profit 105.0 25.6 Core Business Contribution Handysize 61.0 24.2 Supramax 62.7 26.5 Operating Activity Total contribution 13.4 10.1 Margin per day (US$) 1
Slide 23: On Track to Net Zero by 2050
APPENDIX: ON TRACK TO NET ZERO BY 2050 Carbon Intensity (EEOI) Grams CO2 per tonne-mile 15 14.1 ▪ We target net zero emissions by 2050 We target an interim 10 checkpoint EEOI of about 6.7 by 2030, ▪ We target an interim checkpoint EEOI of about 6.7 by 2030, which is over which is over 50% less than
Slide 24: Disclaimer
This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Pacific Basin and certain plans and objectives of the management of Pacific Basin. DISCLAIMER Such forward looking statements involve known and unknown risks,
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