Pacific Basin Shipping Limited (2343.HK), one of the world’s leading owners and operators of modern Handysize and Supramax bulk carriers, has reported resilient results for the first half of 2025 despite the weakest dry bulk market in the past four years.
Key 1H 2025 results:
Net profit: US$25.6m
Underlying profit: US$21.9m
EBITDA: US$121.5m
Revenue: US$1.02bn
Interim dividend: HK1.6 cents per share (50% payout ratio)
Net cash position: US$66.4m, with committed liquidity of US$549.9m
No net debt
Pacific Basin’s core fleet significantly outperformed the market:
Handysize daily TCE earnings: US$11,010/day, +US$2,320 above market index (+27%)
Supramax daily TCE earnings: US$12,230/day, +US$3,480 above market index (+40%)
The company has also secured a new US$250m sustainability-linked 7-year revolving credit facility, tied to carbon intensity (EEOI) and crew safety performance, ensuring flexibility for its low-emission newbuilding program and potential counter-cyclical growth.
Market outlook:
While acknowledging short-term market risks, Pacific Basin remains optimistic:
“We do not foresee any significant market decline in the near term. Longer term, geared bulk carriers will benefit from rising demand for minor bulks and grains, driven by global green energy infrastructure and continued urbanisation in developing economies.” — Martin Fruergaard, CEO
With tight shipyard capacity, aging conventional-fuel vessels, and environmental regulations putting pressure on older ships, Pacific Basin sees strong potential for a structurally tighter supply in the minor bulk segment.
Pacific Basin continues to position itself as a nimble, resilient, and high-performing partner — aiming to be the first choice for all stakeholders in the dry bulk shipping sector.
by Xinde Marine News Chen Yang
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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