標定航向 持續發展 太平洋航運 2024 年報 股份代號：2343 向每一位均是 海上英雄的 太平洋航運船員致敬 2024 年報 太平洋航運集團有限公司 年 報 2024 香港 黃竹坑 香葉道2號 One Island South 31樓 電話：+852 2233 7000 電郵：IR@pacificbasin.com www.pacificbasin.com #共邁遠途 * 僅供識別 業務 業務簡介 我們是乾散貨船船東及營運商，我們的航運業務本着以客戶及貨物為先的宗旨， 以現貨及長期貨運合約，為逾600名工業客戶及乾散貨商品貿易商及生產商提 供安全、可靠及具競爭力的貨運服務。太平洋航運總部設於香港並於香港上市， 並在主要地點設有當地辦事處以及在全球營運一支於世界各地進行貨運的龐 大船隊，為全球客戶提供服務 我們的船隊 我們營運全球最大型的現代化小靈便型及超靈便型乾散貨船船隊之一。我們配備起重 機的乾散貨船靈活通用及可自行裝卸貨物，並有90%以上的時間載有貨物，主要是非 化石燃料商品小宗散貨。小宗散貨運送業務具備分布於不同地區，客源及貨物種類多 樣化的裨益，能夠實現三角點貿易、高裝載率及更具碳效能 403 名 ...

Pacific Basin Shipping (02343) Q4 2024 Earnings Call February 28, 2025 04:17 PM ET Company Participants Martin Fruergaard - CEO & Executive Director​Cathy Huang - Equity Research Associate Conference Call Participants None - Analyst Martin Fruergaard gentlemen, and thank you for attending Pacific Basin's twenty twenty four Annual Results Earnings Call. My name is Martin Borgo, CEO of Pacific Basin. Assuming that you have already gone through the presentation, we will briefly highlight some of the key points ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公布的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不就因本公布全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 * 截至2024年12月31日止年度 的全年業績公布 太平洋航運集團有限公司（「太平洋航運」或「本公司」）董事會（「董事會」）欣然公布本公司及其附屬公司（統稱「本集團」）截至2024年 12月31日止年度的業績如下： 業務摘要 穩定的財務表現及強勁的資產負債水平 對我們的行業及業務樂觀 業務表現 我們的船隊 | | | 截至12月31日止年度 | | --- | --- | --- | | 百萬美元 | 2024年 | 2023年 | | 營業額 | 2,581.6 | 2,296.6 | | 稅息折舊及攤銷前溢利 # | 333.4 | 347.2 | | 基本溢利 | 114.1 | 119.2 | | 股東應佔溢利 | 131.7 | 109.4 | | 每股基本盈利 （港仙） | 19.9 | 16.5 | | 每股全年股息 （港仙） | 9.2 | 12.2 | 稅息折舊及攤銷前溢利乃按毛利減間接 ...

Financial Performance - In the first half of 2024, the company recorded a basic profit of $43.9 million and a net profit of $57.6 million, with EBITDA of $157.9 million, resulting in a return on equity of 6% and basic earnings per share of HKD 0.087[6]. - For the first half of 2024, the company reported a revenue of $1,281.5 million, an increase from $1,148.1 million in the same period of 2023, representing an increase of approximately 11.6%[11]. - The net profit for the first half of 2024 was $57.6 million, compared to $85.3 million in the first half of 2023, indicating a decrease of about 32.5%[11]. - The company achieved an EBITDA of $157.9 million for the first half of 2024, down from $189.1 million in the same period of 2023, reflecting a decline of approximately 16.4%[11]. - The company’s net profit margin for the first half of 2024 was 4%, down from 7% in the first half of 2023[11]. - The company’s basic earnings per share (EPS) for 2024 is 1.11 USD, down from 1.64 USD in 2023, representing a decrease of approximately 32.3%[131]. Operational Highlights - The company completed over 1,130 voyages in the first half of 2024, supported by a fleet of approximately 286 owned and chartered vessels[3]. - The average daily profit during operational days was $550, generating $7.8 million in revenue, excluding management expenses[7]. - The average daily operating days for the fleet in the first half of 2024 is projected to be 7,800,000[55]. - The average daily revenue for the company's large and ultra-large bulk carriers was $12,670, with a total of 76,800,000 in daily revenue, while the average indices for small and ultra-small bulk carriers were $9,780 and $11,030, respectively[26]. - The average daily performance of small bulk carriers exceeded the BHSI index by $840, while ultra-small bulk carriers outperformed the index by $410[52]. Fleet and Market Dynamics - The estimated market value of the small handy and super handy bulk carriers as of June 30, 2024, was $2.2 billion, significantly higher than the book value of $1.738 billion[7]. - The company’s fleet capacity was reported at 286 million tons with an average age of 13 years as of June 30, 2024[14]. - The global dry bulk cargo loading volume increased year-on-year, driven by rising demand for minor bulk, iron ore, and grains, despite concerns over global economic growth and geopolitical conflicts[39]. - The order book for new dry bulk carriers remains constrained, with the total order volume accounting for 9.7% of the existing fleet, and new orders for the first half of 2024 decreased by 13% compared to the same period last year[31]. - The net growth rate of the global dry bulk carrier fleet was 1.6% year-to-date, with a net growth rate of 2.1% for small and ultra-small bulk carriers[31]. Financial Position and Liquidity - The company maintained a healthy financial position with committed available liquidity of $537.4 million and a net debt ratio of only 2%[6]. - The total cash and deposits amounted to $215.0 million as of June 30, 2024, down from $261.5 million at the end of 2023[11]. - The company’s operating cash flow for the first half of 2024 was $133.6 million, compared to $184.8 million in the first half of 2023, a decrease of about 27.7%[11]. - The company has committed liquidity of $537,400,000 available for operational needs[26]. - The net debt as of June 30, 2024, was $32.2 million, a 17% decrease from $38.9 million at the end of 2023[66]. Dividend and Shareholder Returns - The company declared an interim dividend of HKD 0.041 per share, representing approximately 50% of net profit excluding gains from vessel sales[6]. - The interim dividend declared was 4.1 HK cents per share, representing approximately 50% of the net profit for the period[25]. - The company announced a share buyback program of up to $40 million, reflecting confidence in the long-term prospects of the dry bulk shipping market[25]. - The company repurchased a total of 42,716,000 shares at a cost of approximately HKD 113,800,000 (about USD 14,600,000) during the first half of 2024[87]. Environmental and Sustainability Initiatives - The company is committed to achieving significant progress in reducing carbon emissions and aims for net-zero emissions by 2050[34]. - The company is finalizing the design of dual-fuel low-emission vessels capable of operating on fuel and methanol, with a decision on construction expected in 2024[33]. - The company has implemented measures that are expected to reduce fuel consumption by approximately 8% through the application of silicone resin coatings on 22 owned vessels[76]. - The company is actively modernizing its existing fleet with the latest eco-friendly technologies, including low-friction silicone resin hull coatings[33]. - The company aims to enhance its governance and risk management practices to build stakeholder confidence and ensure sustainable value creation[83]. Employee and Community Engagement - The company is committed to attracting and retaining a diverse workforce, offering competitive compensation and training programs[108]. - The company emphasizes the importance of employee safety and well-being amid increasing threats in the maritime industry[36]. - The company has implemented community measures to support education and mental health, including an internship program for ethnic minorities in Hong Kong[82]. - The company is committed to improving employee health and safety standards, including additional psychological screening for crew members before boarding[77]. Governance and Risk Management - The company received a BBB rating from MSCI for its ESG performance in the first half of 2024[84]. - The company ranked in the top 10% for governance quality according to the Institutional Shareholder Services (ISS) assessment[84]. - The company emphasizes a strong governance and risk management framework to enhance stakeholder confidence and ensure effective implementation of sustainability strategies[33].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 2.90 [2]. Core Views - The company reported a net profit of USD 57.63 million for 1H24, a year-on-year decline of 32.5%, primarily due to low charter rates and increased charter costs. The company anticipates a recovery in profitability in the second half of the year due to seasonal demand and decreasing charter costs [4][5]. - The report has adjusted the net profit forecasts for 2024, 2025, and 2026 downwards by 34%, 16%, and 19% respectively, reflecting the lower charter rate assumptions [4]. Summary by Sections Financial Data - The closing price as of August 8 was HKD 2.16, with a market capitalization of HKD 11,343 million. The 52-week price range was HKD 1.98 to HKD 3.01 [3]. - The average daily trading volume over the past six months was HKD 69.06 million [3]. Performance Metrics - The average charter rates for the company's flexible and super-flexible vessels decreased by 9.4% and 0.1% year-on-year in 1H24, while the Baltic indices for these vessel types increased by 25% and 34% respectively [5]. - The company has locked in average daily charter rates for 3Q24 at USD 13,750 and USD 13,440 for flexible and super-flexible vessels, with a locking ratio of 87% and 98% respectively [5]. Market Outlook - The global bulk shipping volume increased by 2% year-on-year in 1H24, with specific increases in iron ore and grain shipments. The report anticipates a seasonal increase in shipping volumes in the second half of the year [5]. - The global supply of bulk carriers is expected to grow by 3.6% and 3.2% in 2024 and 2025, respectively, matching the demand growth of 3.6% and 1.2% [5]. Earnings Forecasts - The company's revenue is projected to be USD 2.398 billion in 2024, with a net profit forecast of USD 134 million, reflecting a 22.49% increase from the previous year [6]. - The report indicates a decrease in earnings per share (EPS) from USD 0.14 in 2022 to USD 0.02 in 2023, with a gradual recovery to USD 0.04 by 2026 [6][13].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公布的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示 概不就因本公布全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 * (於百慕達註冊成立之有限公司) 截至2024年6月30日止六個月 的中期業績公布 太平洋航運集團有限公司（「太平洋航運」或「本公司」）董事會（「董事會」）欣然公布本公司及其附屬公司（統稱「本集團」）截至2024年6月30 日止六個月的未經審核簡明綜合業績如下： | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------|------------------------|--------------|------------| | 業務摘要 \n增長溫和及現金流強勁 \n太平洋航運於 2024 年上半年錄得基本溢利 43,900,000 美元、淨溢 | | 截至 6 月 30 | 日 ...

智通财经APP获悉，太平洋航运(02343)现涨超7%，截至发稿，涨7.44%，报2.6港元，成交额3948.21万 港元。 消息面上，太平洋航宣布回购计划，用于购回股份的资金上限为4000万美元(相当于约3.12以港元)；股 份购回计划的期限：由2024年4月25日至2024年12月31日。此外，太平洋航运公布，今年第一季度，核 心业务录得的小灵便型及超灵便型干散货船按期租合约对等基准的日均收入分别为11,050美元及13,610 美元，小灵便型干散货船日均收入天比减少18%，而超灵便型干散货船日均收入并无升跌。于第1季 度，小灵便型及超灵便型干散货船的现货市场日均租金水平分别为10,510美元及12,310美元，同比分别 增加26%及27%。 中金发布研究报告称，考虑到干散货运输市场周期有望向上，上调公司2025年盈利38%至3.5亿美元， 维持2024年盈利不变，目标价上调10.5%至3.15港元。该行假设2024年公司按承诺最低分红率50%分 红，对应股息率7.9%，若2024年分红率维持去年的75%水平，对应股息率12.2%，公司股息具有吸引 力。 ...

智通财经APP获悉，中金发布研究报告称，予太平洋航运(02343)"跑赢行业"评级，考虑到干散货运输市 场周期有望向上，上调2025年盈利38%至3.5亿美元，维持2024年盈利不变，目标价上调10.5%至3.15港 元。该行假设2024年公司按承诺最低分红率50%分红，对应股息率7.9%，若2024年分红率维持去年的 75%水平，对应股息率12.2%，公司股息具有吸引力。 中金主要观点如下： 公司公布1Q24经营情况： 1Q24公司核心业务的小灵便型船和超灵便型船分别实现TCE运价11,050美元/天和13,610美元/天，同比 下降分别-18%/持平，分别超出市场现货指数540美元/天、1,300美元/天，主要受益于公司灵活的经营策 略和安装脱硫塔船舶占比高的船队结构，其中安装脱硫塔为公司的小灵便船和超灵便船分别贡献30美 元/天、940美元/天超额收益。 公告回购计划彰显经营信心。 公司公告拟实施自2024年4月25日开始到2024年12月31日的回购计划，回购资金上限为4,000万美元(约 3.12亿港元)若按照4月18日收盘价，回购份额最高占公司已发行股份2.45%。该行认为公司资产负债表 稳健、现 ...

Core Viewpoint - The company, Pacific Shipping (02343), plans to implement a share buyback program from April 25, 2024, to December 31, 2024, with a maximum funding limit of $40 million (approximately HKD 312 million) [1] Group 1: Share Buyback Program - The share buyback will be executed under the general authority granted by shareholders at the annual general meeting on April 19, 2024 [1] - If the full $40 million is utilized, approximately 2.45% of the total issued shares can be repurchased based on the closing price of HKD 2.42 on April 18, 2024 [1] Group 2: Company Valuation and Financial Health - The company's current stock price is perceived to be below its true value and does not fully reflect the group's business prospects, indicating that this is a good time for the buyback [1] - The company maintains a robust financial position, and the board believes that the buyback plan demonstrates confidence in the long-term business outlook and growth potential [1] - The implementation of the buyback program is expected to optimize the capital structure and enhance earnings per share, net asset value per share, and shareholder returns [1]

智通财经APP讯，太平洋航运(02343)发布公告，2024年第一季度小灵便型及超灵便型干散货船的市场货 运租金高于同期历史平均，这是由于船队增长可控、干散货装载量增加，以及苏伊士运河及巴拿马运河 持续受干扰，造成船队效率下降及航程延长。于第一季度，铁矿石、谷物及小宗散货的全球装载量增 加，当中包括破纪录的第一季度铁铝氧石装载量。 于2024年第一季度，小灵便型(BHSI 3.8万载重吨(经调整))及超灵便型(BSI 5.8万载重吨)干散货船的现货 市场日均租金水平分别为10510美元(净值)及12310美元(净值)，较2023年同期分别增加26%及27%。 集团的核心业务取得的小灵便型及超灵便型干散货船按期租合约对等基准的日均收入分别为11050美元 及13610美元。这意味小灵便型干散货船日均收入按年减少18%及超灵便型干散货船日均收入并无升 跌。 2024年第二季度的核心小灵便型及超灵便型干散货船已订约日数中，目前分别已有84%及96%按日均租 金12290美元及14610美元获订约(已订约日数不包括硫净化器所带来的得益及营运活动)。2024年下半年 的核心小灵便型及超灵便型干散货船日数中，目前分别已有 ...