Pacific Basin (02343) has announced its interim results for the six months ended June 30, 2026. The group recorded revenue of $1.105 billion, an increase of 8.52% year-on-year. Net profit attributable to shareholders reached $105 million, marking a substantial 310.35% increase from the same period last year. Basic earnings per share stood at 2.06 US cents, with an interim dividend declared at 15.5 HK cents per share.
The company reported that its core business contributed $124 million (before management expenses) during the first half of 2026, representing a 144% increase compared to the first half of 2025. The average daily TCE (time charter equivalent) earnings for the group's Handysize and Supramax dry bulk vessels were $14,200 and $16,600, respectively, outperforming market indices by $1,950 and $2,370 per day. This exceptional performance highlights the value of the group's integrated platform and extends its long-standing track record of outperforming freight market benchmarks.
The group optimizes trading patterns by combining scarce backhaul cargoes with more common front-haul cargoes, reducing empty sailing legs and improving vessel utilization. Additionally, the group leverages high-value breakbulk, deck cargo, and other bulk cargo operations to further enhance utilization rates, average daily TCE earnings, and overall returns.
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