太平洋航运(02343) - 2024 - 中期财报

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$1,281.5 million, an increase from $1,148.1 million in the same period of 2023, representing an increase of approximately 11.6$57.6 million, compared to $85.3 million in the first half of 2023, indicating a decrease of about 32.5$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$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$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$537,400,000 available for operational needs[26]. - The net debt as of June 30, 2024, was $32.2 million, a 17$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].