PACIFIC BASIN-太平洋航运(02343) - 2023 - 年度财报

Financial Performance - In 2023, the company recorded a basic profit of $119.2 million, a net profit of$ 109.4 million, and EBITDA of $347.2 million, resulting in a return on equity of 6% and basic earnings per share of HKD 0.165[3]. - Revenue for the period was HKD 2,296.6 million, a decrease from HKD 3,281.6 million in the previous period, representing a decline of approximately 30%[11]. - Basic earnings per share decreased to HKD 16.5 from HKD 109.1, reflecting a decline of about 84%[11]. - Net profit margin dropped to 5% from 21%, indicating a significant reduction in profitability[11]. - Total assets decreased to HKD 2,432.5 million from HKD 2,648.7 million, a decline of approximately 8%[11]. - Cash and cash equivalents fell to HKD 261.5 million from HKD 443.9 million, a decrease of about 41%[11]. - The company reported a basic profit of$ 119.2 million for 2023, a decrease of 83% compared to $714.7 million in 2022, primarily due to falling freight rates[52]. - The total compensation for the group in 2023 reached$ 195,247,000, down from $225,444,000 in 2022, representing a decrease of approximately 13.4%[170]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.016 per share and an additional special dividend of HKD 0.041 per share, totaling 75% of the annual net profit[4]. - The total dividend for 2023 is proposed at 12.2 HK cents per share, representing 75% of the annual net profit, resulting in a dividend yield of 5% based on the beginning of the year share price[24]. - The distribution policy mandates a minimum dividend payout of 50% of annual net profit, excluding gains from vessel sales[24]. - The company maintains a dividend policy of distributing no less than 50% of the annual net profit, with any additional distribution potentially as special dividends[150]. Fleet and Operational Strategy - The company sold eight vessels in 2023 and acquired eight modern second-hand vessels, including six ultra-large bulk carriers, to enhance its fleet[8]. - The company aims to expand its ultra-small and ultra-large bulk carrier fleet while optimizing its existing fleet to meet stricter environmental regulations[8]. - The company operates a fleet of modern small and ultra-small bulk carriers, with over 90% of the fleet carrying cargo at any given time[15]. - The company holds approximately 4% of the global ultra-small bulk carrier fleet and 5% of the global small bulk carrier fleet, both under 20 years of age[16]. - The company is actively securing more forward contracts for the first quarter of 2024 due to anticipated increases in freight rates[58]. - The company is focused on effective communication with stakeholders to address the higher operational costs associated with zero-emission vessels[41]. Market Outlook and Demand - The company is optimistic about the long-term potential of the dry bulk shipping market, driven by increased demand from China's economic activities and infrastructure investments[5]. - The long-term outlook for the dry bulk shipping industry remains positive due to favorable supply fundamentals and increasing demand for commodities, particularly coal, iron ore, and minor bulk goods[37]. - Demand for dry bulk commodities is expected to rise due to ongoing global economic development, urbanization, and green initiatives[42]. - The company expects strong demand for dry bulk shipping to persist, contributing to industry growth and its own operational success[38]. Environmental and Regulatory Compliance - The company is preparing to comply with the International Maritime Organization's emission reduction regulations effective from January 2023 through technological upgrades and fleet renewal[8]. - The company aims for full decarbonization by 2050 and is actively pursuing opportunities to transition to a low-carbon industry[25]. - The company is collaborating with Nihon Shipyard Co. and Mitsui & Co. to develop low-emission vessels capable of operating on methanol and fuel oil[25]. - The company achieved a 40% reduction in carbon emission intensity compared to the 2008 baseline year, with a target to reduce it by over 50% by 2030[31]. - The company is committed to reducing its fleet's carbon emissions density and environmental impact in accordance with stricter new regulations[91]. Governance and Leadership - The company has appointed two new directors, Mats Henrik Berglund and Alexandre Frederic Akira Emery, to strengthen its leadership team[25]. - The board consists of eight directors, including Martin Fruergaard as CEO and Executive Director, who joined in July 2021[160]. - The company emphasizes responsible investment and management strategies to benefit diverse stakeholders[160]. - The board is committed to governance, with a focus on sustainability and strategic oversight[162]. - The company has established a dedicated sustainability committee at the board level, consisting of two independent non-executive directors and one non-executive director, to oversee long-term sustainable development matters[143]. Safety and Employee Welfare - The company is committed to maintaining high standards in safety, health, and welfare for its crew and shore staff, with a focus on avoiding workplace injuries[25]. - The company recorded 14 work-related injuries resulting in lost time out of approximately 21 million working hours in 2023, emphasizing its commitment to safety[90]. - The company is focused on supporting mental health initiatives for crew members, including additional psychological screening before boarding[101]. - The company has implemented a PB Families Programme to support the families of Filipino crew members, enhancing overall employee well-being[90]. Financial Management and Capital Structure - The company maintained a low net debt ratio of 2%, reflecting its strong balance sheet while supporting growth plans[3]. - The capital structure remains healthy with available liquidity of$ 549.2 million, supporting ongoing growth[24]. - The company has committed available liquidity of $287.7 million, an increase of 68% from$ 171.1 million in 2022, enhancing its financial flexibility[67]. - The company has established internal controls for handling insider information and ensures compliance with disclosure regulations[150]. Risk Management - The company has established a risk management framework to ensure sufficient liquidity and compliance with loan covenants, actively managing cash and borrowings[149]. - The risk management committee is responsible for enhancing the company's risk management culture and ensuring alignment with business and market developments[122]. - The company has strengthened its corporate risk management culture, emphasizing ethical values, transparency, and risk tolerance[123]. Awards and Recognition - The company has received multiple awards in 2023, including "Best Dry Bulk Operator" at the International Bulk Journal Awards for the second consecutive year[24]. - The company received the Blue Circle Award from the Vancouver Port Authority for the sixth consecutive year, recognizing its commitment to sustainability[75]. - The company was awarded three major awards at the 2023 Hong Kong Environmental, Social and Governance Reporting Awards, including Best ESG Report Award[80].