Pacific Basin Shipping (2343) Q3 2026 earnings summary

Executive summary

• Q3 2026 dry bulk markets strengthened; Handysize and Supramax TCE earnings rose 37% and 34% YoY, respectively.

• Resilient tonne-mile demand, route disruptions and vessel-supply inefficiencies supported freight rates and a constructive outlook into 2027.

Financial highlights

• Q3 average daily TCE earnings were $16,020 for Handysize and $17,990 for Supramax.

• Operating activity generated a $2,190/day margin across ~6,610 operating days; the margin more than doubled YoY while activity days declined 3%.

• H1 dividends totaled $102 million, equal to 100% of H1 2026 net profit excluding vessel disposal gains.

Outlook and guidance

• Q4 2026 FFA averages were $16,230/day for Handysize and $18,980/day for Supramax; Q4 cover was 65% and 76%, at $16,480/day and $18,960/day, respectively.

• 2027 cover was 7% of Handysize days at $13,180/day and 19% of Supramax days at $15,590/day; 2027 FFA averages were $12,640/day and $14,940/day, respectively.

• Management favored spot exposure over discounted forward cover; open days retain market upside.

• Disruptions, longer-haul trade and El Niño effects are expected to support markets into 2027, alongside uncertainty over global economic growth and trade policy.