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Visual22 Oct 2025
Epiroc's cash spent on M&A
Pacific Basin Shipping (2343) investor relations material
Pacific Basin Shipping Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary16 Oct, 2025
Executive summary
Handysize and Supramax market freight rates showed upward momentum post-Chinese New Year, with Supramax rates rising sharply in Q3 2025 compared to the previous year.
Delivered resilient financial performance in 1H 2025, with EBITDA of $121.5M, net profit of $25.6M, and underlying profit of $21.9M, despite softer market rates and lower revenue year-over-year.
Dry bulk freight markets rallied in Q3 2025, with improved vessel TCE earnings driven by market disruptions and inefficiencies amid flat demand.
Proactive steps were taken to mitigate the impact of new US and Chinese port fees, with structural changes to fleet ownership and management.
The company remains committed to disciplined fleet renewal, growth, and maximizing shareholder value.
Financial highlights
Revenue for 1H 2025 was $1,018.7M, down from $1,281.5M in 1H 2024.
Q3 2025 average Handysize and Supramax daily TCE earnings were $11,680 (-15% YoY) and $13,410 (+10% YoY), up 6% and 10% from 1H25 respectively.
Core business contributed $50.7M before overheads; operating activity margin per day was $710 for Handysize and $550 for Supramax.
Operating activity generated a margin of $750 per day over 6,830 days in Q3 and $720 per day over 21,020 days YTD.
Positive cash position of $66.4 million and available committed liquidity of $549.9 million as of 30 June 2025.
Outlook and guidance
Minor bulk and grains are expected to see healthy growth, especially bauxite, alumina, manganese ore, and scrap steel, while coal and iron ore volume growth remains weak.
Dry bulk market expected to remain firm in 2026, with minor bulk growth offsetting declines in coal.
72% and 87% of Q4 2025 Handysize and Supramax vessel days covered at $12,380 and $14,060 per day, respectively.
Near-term market conditions are expected to benefit from steady minor bulk demand growth and increased supply disruptions, supporting tighter freight market conditions.
Longer-term, minor bulk shipping may face structural undersupply due to aging fleet and limited newbuilding orders.
Clarify 25% rule impact on US port fees?
What is the plan for 2026 Handysize purchase options?
How will aging fleet impact future supply picture?
Detail Singapore restructuring for tariffs
What drives reduced vessel speed and its impact?
Future fleet composition and newbuilding plans?
How do port tariffs affect market supply/efficiency?
How do high vessel values impact fleet growth?
How do decarbonization rules affect vessel speed?
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Next Pacific Basin Shipping earnings date
Q4 202526 Feb, 2026
Next Pacific Basin Shipping earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Pacific Basin Shipping Limited is a global shipping company specializing in dry bulk shipping services. The company operates a fleet of Handysize and Supramax vessels, transporting commodities such as grains, minerals, and construction materials across international markets. The company is headquartered in Hong Kong, China, and its shares are listed on the HKEX.
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