Slides
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P Pacific Basin DELIVERING MORE FROM EVERY VOYAGE INTERIM RESULTS 2026 6 AUGUST 2026 #WithYouForTheLongHaul
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2 14,180 2,370 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 1H22 1H23 1H24 1H25 1H26 BSI Outperformance 12,200 1,950 - 5,000 10,000 15,000 20,000 25,000 30,000 1H22 1H23 1H24 1H25 1H26 BHSI Outperformance OUTPERFORMING IN STRONGER MARKET CONDITIONS Pacific Basin 2026 Interim Results EBITDA Underlying Profit Net Profit US$197.8m US$94.9m US$105.0m Key Financial Highlights ▪ Continue to outperform the strengthening market ▪ Net profit increased by over 300% YoY ▪ Robust balance sheet with net cash position ▪ Strong operating cashflow Net Cash Available Committed Liquidity Operating Cashflow US$157.2m US$673.6m US$143.5m *Excludes 5% commission / BHSI 38k dwt (tonnage adjusted) / BSI 58k dwt 14,150 16,550 63% YoY 310% YoY333% YoY 17% 31 Dec 2025: US$134m 15% YoY11% 31 Dec 2025: US$756.1m Handysize Performance vs Index (BHSI)* Supramax Performance vs Index (BSI)*
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3 98.6 122.1 50.6 20.6 102.2 10.8 9.6 7.6 5.0 2.8 0 20 40 60 80 100 120 140 160 2023 2024 2025 1H 2025 1H 2026 82.3 60.9 50.5 10.7 102.2 40.0 40.0 21.0 3.5 84% 83% 179% 153% 103% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% DISTRIBUTING 100% OF NET PROFIT, EXCLUDING VESSEL DISPOSAL GAINS Notes: (1) Represents the combination of US$3.5m share buyback completed in 1H2026 and dividend declared for 1H2026 of US$102.2m (2) Completed share buyback and cancelled 9.5 million shares for a total consideration of about US$3.5 million (3) Calculated based on the share price movement in 1H2026 and dividend paid during the period - Dividend yield for the period was 5%, which was calculated based on the dividend declared in 1H2026 and average share price for the six months ended 30 June 2026 - Return on equity (annualised) was 11% in 1H 2026 US$m Payout Revised Dividend Policy (as announced in March 2026): Pay dividends of 50% of annual net profit, excluding vessel disposal gains, increasing to up to 100% of net profit (also excluding vessel disposal gains) when the Company is in a net cash position at year end # Share Buyback Programme: Buy back up to US$40m for 2026 #The Board may decide to make additional distributions in the form of special dividends and/or share buyback Pacific Basin 2026 Interim Results Total Dividend Declared (US$m) Vessel Disposal Gains (US$m) Net Profit (excl. vessel disposal gain) (US$m) Share Buyback Consideration (US$m) Payout Ratio 105.0 105.7 US$3.5m HK15.5 cents Interim Dividend per share Share Buyback Completed YTD(2) Total Distribution in Value(1) US$105.7m Total Shareholder Return(3) 18% 2023 2024 2025 1H 2025 1H 2026 31.7 25.6 90.5 58.2 100.9 131.7 82.3 109.4 869% YoY 233% YoY
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4 Owned vessels: ▪ Our orderbook of 10 newbuilding vessels comprises 6 Handysize and 4 Ultramax vessels with expected delivery between 2028 and 1H 2029 ▪ Secured an option on 2 dual-fuel Ultramax newbuildings ▪ Completed the sale of one 22-year old Supramax vessel and we have committed to sell another with completion in August 2026 Long-term chartered vessels (“LTC”): ▪ Purchase options on 12 of our 13 LTC, of which we have already declared 2 options ▪ Looking ahead, 3 LTC (all with purchase options) will be delivered into our fleet between 2H 2026 and 2027 ▪ We currently have a total of 13 purchase options that can be declarable between 2026 and 2031 (excluding the 2 purchase options that have already been declared) DISCIPLINED FLEET GROWTH WITH MAXIMUM OPTIONALITY Our Growth Strategy: ▪ Disciplined approach to cash, debt and capital allocation, balancing fleet investment, financial strength and returns to shareholders ▪ Take a long-term, counter-cyclical approach to fleet investment, renewal and disposal ▪ Flexible approach to fleet ownership and chartering enables us to shift between owned vessels, long-term charters and short-term charters as market conditions evolve ▪ The fleet we operate today has been assembled through many years of disciplined investment, creating substantial earnings capacity and underlying asset value Pacific Basin 2026 Interim Results Vessel sold in 1H 2026 Owned vessels (1) Long-term chartered (2) Newbuildings 107 13 1 Supramax Short-term chartered 134 Purchase options declarable 13 Notes: (1) The Company owns one Capesize vessel which is chartered out on a bareboat charter (2) Number of long-term chartered vessels includes all chartered-in vessels of more than 1 year 254 Vessels in Operation (as at 30 June 2026) 48 4 86 Supramax: 138 58 9 48 Handysize: 115 10+2 optional Long-term CharteredOwned Short-term Chartered
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PERFORMANCE & FINANCIAL REVIEW
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6 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec PROGRESSIVELY IMPROVING MARKET FREIGHT RATES IN THE FIRST HALF OF 2026 Data as at 27 July 2026 ^ Spot market rates adjusted downward for better TCE earnings benchmarking given that the average deadweight tonnage of our Core Handysize fleet is lower than the Baltic Exchange benchmark of 38,000 dwt Excludes 5% commission and tonnage adjusted Source: Baltic Exchange 2025 2026 2026 (FFA)2024 US$/day net*US$/day net* Handysize Market Spot Rates (BHSI) 38k dwt (tonnage adjusted^) Supramax Market Spot Rates (BSI) 58k dwt FFA Average* $15,170 1H26 Average: $12,200 40% YoY ▪ Geopolitical disruptions remained the primary driver of market dynamics in 1H 2026 ▪ Market conditions remained volatile, largely impacted by the conflict in Arabian Gulf and disruptions in the Strait of Hormuz, route diversions and bunker price fluctuations FFA Average* $18,640 $14,480 27 July 2026 $18,120 27 July 2026 Pacific Basin 2026 Interim Results 1H26 Average: $14,180 62% YoY
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7 820 600 750 1,130 340 1,760 6,000 6,500 7,000 7,500 - 400 800 1,200 1,600 2,000 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Operating Activity Margin Operating Activity Days 12,210 12,240 13,410 13,540 13,970 19,070 18,680 14,670 - 4,000 8,000 12,000 16,000 20,000 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Supramax Core Business TCE 10,940 11,080 11,680 12,310 12,130 16,210 15,810 11,790 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Handysize Core Business TCE 1H: $11,010 IMPROVED PB TCE EARNINGS AND CONTINUED OUTPERFORMANCE US$/day US$/day Operating Activity Margin Day Pacific Basin 2026 Interim Results US$/day (3) ▪ In 1H 2026, our operating activity generated a margin of US$1,060 per day, an increase of 49% YoY ▪ Our operating activity days a decrease of 11% YoY to 12,650 days in 1H 2026 (1H 2025: 14,200 days) (1) Values of scrubber benefits are approximately US$81 and US$217 per day across our Core Handysize and Supramax fleet respectively as of the end of June 2026. When a vessel with a scrubber is assigned a cargo, its TCE rate may be higher due to the added benefit of the scrubber (2) YoY = 1H 2026 vs 1H 2025. (3) As at 27 July 2026, indicative TCE rates only as voyages are still in progress (4) FFA=Forward Freight Agreement; Source from Baltic Exchange, data as at 20 July 2026, exclude 5% commission and Handysize FFA pricing are tonnage adjusted US$ Handysize Supramax Indicative Core Fleet Cash Break-even Level incl. G&A $6,790 (44% below index) $6,760 (52% below index) Outperformance vs market index vs. BHSI 38k dwt ton adj by US$1,950/day or 16% vs. BSI 58k dwt by US$2,370/day or 17% Current FFA(4) Pricing 3Q 2026 $15,710 $19,130 4Q 2026 $14,800 $18,140 Cover 78% of days (3) (3) (3) FY: $11,490 2H: $14,850 1H: $16,550 2H: $17,470 1H: $1,060 1H: $12,230 1H: $710 (1) (1) 29% YoY(2) 35% YoY (2) 49% YoY (2) FY: $12,850 FY: $820 Cover 25% of days Cover 82% of days Cover 32% of days 1H: $14,150
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8 4,720 8,920 4,680 8,850 3,440 12,490 3,490 12,650 100 100 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Owned Long-Term Chartered Blended Owned Long-Term Chartered Blended MAINTAINING OUR COST COMPETITIVENESS ▪ Average Handysize and Supramax daily OPEX were largely stable at US$4,790. Our Opex remained at competitive industry levels, reflecting effective cost management, scale benefits and procurement efficiencies ▪ Handysize and Supramax daily depreciation costs +1% and +5% respectively, primarily attributable to higher drydocking costs ▪ Average Handysize and Supramax daily finance costs -15% to US$110, mainly due to decrease in average borrowings ▪ Long-term chartered vessel daily costs: ▪ Handysize: +1% to US$12,650, remained largely the same as last year ▪ Supramax: +5% to US$15,040, reflecting the combined impact of the exercise of purchase option on a lower-cost chartered vessel and the delivery of a higher-cost chartered vessel during the period Supramax # of vessels 48 4 52 48 4 52 Avg. DWT 58,790 63,640 59,170 59,030 63,710 59,390 # of vessels 58 9 67 58 9 67 Avg. DWT 35,390 39,570 35,960 35,390 39,570 35,960 Pacific Basin 2026 Interim Results FY 2025 1H 2026 Handysize 4,850 9,460 4,920 9,750 4,080 14,310 4,270 15,040 170 130 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Owned Long-Term Chartered Blended Owned Long-Term Chartered Blended Indicative Core Fleet Cash Break-even Level incl. G&A US$/Day 8,260 9,100 8,270 9,320 Daily Vessel Costs US$/Day US$/Day Our cash break-even levels have remained competitive over the years 7,270 6,550 6,680 6,880 6,790 7,740 7,860 6,940 6,540 6,760 6,000 6,500 7,000 7,500 8,000 2022 2023 2024 2025 1H 2026 Handysize Supramax FY 2025 1H 2026
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9 Owned vessel costs 1H 2026 1H 2025 OPEX (92.6) (92.6) Depreciation (76.8) (75.6) Finance (2.3) (2.4) Chartered vessel costs 1H 2026 1H 2025 Non-capitalised (336.6) (304.4) Capitalised (19.5) (19.9) Derivatives M2M and one-off items 1H 2026 1H 2025 Derivative M2M 8.5 (1.3) Net vessel disposal gains 2.8 5.0 Project expenses (1.2) - ROBUST PERFORMANCE IN A STRONGER MARKET US$million 1H 2026 1H 2025 Change* Revenue 1,105.5 1,018.7 +9% Voyage expenses (439.8) (462.2) +5% Time-charter equivalent ("TCE") earnings 665.7 556.5 +20% Owned vessel costs (171.7) (170.6) -1% Chartered vessel costs (356.1) (324.3) -10% Operating performance before overheads 137.9 61.6 >+100% Adjusted total G&A overheads (42.8) (39.4) -9% Taxation & others (0.2) (0.3) +33% Underlying profit 94.9 21.9 >+100% Derivatives M2M and one-off items 10.1 3.7 >+100% Profit attributable to shareholders 105.0 25.6 >+100% EBITDA 197.8 121.5 +63% *Positive changes represent an improving results and negative changes represent a worsening result Pacific Basin 2026 Interim Results
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10 US$million 30 June 2026 31 Dec 2025 PP&E 1,610.4 1,642.1 Total assets 2,281.5 2,278.4 Total borrowings (49.3) (136.5) Total liabilities (399.4) (453.4) Total equity 1,882.1 1,825.0 Net cash 157.2 134.0 Net cash to net book value of owned vessels 10% 8% Available committed liquidity 673.6 756.1 FINANCIAL FLEXIBILITY ENABLES OPTIONALITY FOR FUTURE GROWTH As at 30 June 2026, we had 46 unmortgaged vessels As at 30 June 2026 Number of vessels Total Net Book Value (US$ Million) Estimated Market Value* (US$ Million) Handysize 58 747.4 952.6 Supramax 48 795.7 1,100.0 Capesize 1 13.9 18.0 107 1,557.0 2,070.6 * Estimated market value reflects the latest estimated vessel values of our owned fleet based on composite broker valuations Net Book Value and Estimated Market Value of Owned Vessels Pacific Basin 2026 Interim Results Available committed liquidity 30 June 2026 30 June 2025 Cash and deposits 206.5 270.6 Available undrawn committed facilitates 467.1 485.5
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11 756 692 143 10 89 57 40 20 3 1 7 - 200 400 600 800 1,000 Opening at 1 Jan 2026 Operating cash inflow Vessel sales Change in borrowings Capex Dividends Financing lease liabilities Share Buyback Net interest Others- Closing at 30 Jun 2026 The information on this slide considers charter-hire payment STRONG CASH GENERATION ABILITY US$m Pacific Basin 2026 Interim Results 271 207 467 2 485 1 3 4 5 ▪ Operating cash inflow was US$143 million, inclusive of all long and short-term charter hire payments ▪ Realised US$9.5 million from sale of one Supramax vessel ▪ Due to the strong operating cash flow, we prepaid certain loans during the period, which increased our net cash outflow from borrowings to US$88.9 million ▪ Incurred capital expenditure of US$57.3 million, including: ▪ US$19.3 million for one Ultramax vessel which was delivered into our fleet in January 2026 ▪ US$20.1 million for dry dockings and other additions ▪ In January and April, we paid an initial US$17.9 million out of a total consideration of US$178.8 million for six contracted conventional-fuel Handysize newbuilding vessels 2025 final dividends paid of HK6.0 cents per share, amounting to US$39.5 million 1 3 4 5 Cash and deposits balance Available undrawn committed facilities Cash inflow Cash outflow 2756 674
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MARKET DYNAMICS & STRATEGY
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13 GEOPOLITICAL DISRUPTION TIGHTENED MARKET CONDITIONS Source: Indicative loading data and material from Oceanbolt, all rights reserved. Data as at July 2026, subject to revision 2026 Jan – Jun Loadings (by cargo volume) 2017-2021 2023 2024 2025 2026 Minor Bulk -6% YOY Grain +14% YOY Pacific Basin 2026 Interim Results 150 170 190 210 230 250 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 30 35 40 45 50 55 60 65 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 110 120 130 140 150 160 170 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 110 120 130 140 150 160 170 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Coal -2% YOY Iron Ore +3% YOY -800 -600 -400 -200 - 200 400 600 800 1,000 1,200 1,400 1H21 1H22 1H23 1H24 1H25 1H26 Changes in Global Dry Bulk Demand Iron Ore Coal Grains Bauxite Minor Bulk +17% +16% +1.0% +6% -1% tonne-miles ▪ Minor Bulk: Trade was led lower by aggregates, cement and fertilisers to/from the Arabian Gulf in 1H. New licensing rules slowed steel trade from China in Q1 but were adapted to by Q2 ▪ Grain: Global trade strengthened as exports rose across most regions on favourable harvests (led by East Coast South America), while China drove import growth and Ukraine and Russia continued to decline ▪ Coal: As the closure of the Strait of Hormuz constrained LNG deliveries to Asia, spiking prices, and prompting dual-fuel power utilities to switch to cheaper coal ▪ Iron Ore: Chinese iron ore imports rose on a stronger RMB and stockpiling, supporting exports from Australia and Brazil while supply recovered from weather-related disruptions last year Mill tonnes Mill tonnes Mill tonnes Mill tonnes (by tonne-miles) Ongoing geopolitical disruptions and trade inefficiencies resulted in longer voyage distances supporting tonne-mile demand
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14 - 20 40 60 80 100 120 <2001 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 13% of the fleet is 20 years or older 14% of the fleet is on order MODERATING FLEET GROWTH Source: Clarksons Research, data as at July 2026 Handysize/Supramax Fleet Age ProfileTotal Dry Bulk Fleet Age Profile In 2026: ▪ Global dry bulk net fleet growth is forecast to increase to 3.9% ▪ Combined Handysize and Supramax net fleet is forecast to increase to 4.2% ▪ The total dry bulk orderbook currently stands at 14% of the existing fleet, while the combined Handysize and Supramax orderbook is at 12% of existing fleet; both remain moderate by historical standards and are significantly lower than orderbook levels in the tanker and containership sectors ▪ A large pool of potential scrapping candidates remains; approximately 14% of Handysize and Supramax capacity is over 20 years old, and a large wave of middle-ages vessels will follow New Deliveries Deliveries Forecast Scrapping Scrapping Forecast Net Fleet Growth - 5 10 15 20 25 30 35 40 <2001 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 14% of the fleet is 20 years or older 12% of the fleet is on order 3.1% 3.0% 3.0% 3.9% 3.9% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 2023 2024 2025 2026F 2027F Overall Dry Bulk Supply Development (net)% of Total Fleet 3.4% 4.1% 4.1% 4.2% 3.6% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 2023 2024 2025 2026F 2027F Handysize/Supramax Supply Development (net)% of Total Fleet Pacific Basin 2026 Interim Results
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15 UPDATES ON ARABIAN GULF CONFLICT Pacific Basin 2026 Interim Results 0.1% 1.4% 0.9% 1.1% 1.0% 1.1% 0.1% 1.3% 0.9% 1.1% 0.7% 1.1% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6%% of Fleet Trapped in Inner Persian Gulf % of Fleet in Inner Persian Gulf Numbers of Ships Deadweight Capacity 0 2 4 6 8 10 12 14 16 18 20 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sept-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Number of Vessels Transiting Strait of Hormuz Bulker Transits, Eastbound Transits 14 per. Mov. Avg. (Transits) 0 200 400 600 800 1,000 1,200 1,400 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 $ per ton Global Bunker Prices Singapore Fujairah NOLA Gibraltar Shanghai Santos 14 15 16 17 18 19 20 21 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Million Tons (14-day moving average) Global Loaded Volumes of Dry Bulk Cargo Range (2018 to 2022) 2023 2024 2025 2026 Bunker prices spiked and came down quickly Demand swung from +1.4% YoY before the conflict to -0.8% YoY since mid-April About 1.1% of the sub-Capesize fleet remains trapped Strait of Hormuz transits went back down Capesize Panamax/ Kamsamax Supramax/ Ultramax Handysize Total Dry Bulk Carrier Fleet Sub-Capesize Fleet 14-day moving average ▪ Strait of Hormuz closes again after brief reopening, with 1% of sub-Cape fleet still trapped ▪ ~2% of the sub-Cape fleet already added back to a rising market, and will likely be absorbed with limited negative impact ▪ Bunker prices came down after the spike at the beginning of the conflict but remains volatile ▪ Demand growth softened after the short uptake in global volumes at the beginning of the conflict ▪ Both natural gas and coal prices spiked. While window for coal was short-lived in Europe, a widening premium for gas over coal is seen in Asia and prompted power utilities to buy coal ▪ PB currently does not have any vessels trapped in the Arabian Gulf and the direct impact on our operations has been immaterial Sources: Oceanbolt, Clarksons, Pacific Basin Shipping
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16 LOOKING AHEAD Pacific Basin 2026 Interim Results IMF GDP forecast for 2026 World China 4.6% 3.0% Projected tonne-mile demand in 2026 Overall dry bulk Minor bulk 3.0% 3.1% Net fleet growth forecast Overall dry bulkMinor bulk 2026 2027 4.2% FFA Average for remainder of 2026 SupramaxHandysize US$15,170 per day US$18,640 per day Growing and renewing our fleet through selective second- hand acquisitions, new buildings and long-term charters, prioritising opportunities that enhance our growth optionality Transforming our fuel strategy, improving access to conventional and alternative fuels while capturing value from fuel optimisation, efficiency and carbon markets Advancing voyage optimisation, leveraging digital and AI capabilities as well as our expertise in both bulk and breakbulk activity to drive performance and capture additional value Refining our cost structure and operational efficiency, and strengthening our cost competitiveness through productivity initiatives and strong in-house capabilities Enhancing performance and shareholder returns through the cycle, supported by disciplined performance management and capital allocation Market Outlook for 2026 Our Strategic Priorities The conflict in Arabian Gulf is weighing on energy importers and vulnerable economies, while AI-driven demand is lifting countries integrated into the global technology value chain. Longer voyage distances continue to support dry bulk demand, while slower vessel speeds and special survey off-hire time help balance the market. Overall, the bulker market outlook remains positive into 2H 2026, despite supply growth exceeding demand in 2026. Despite supply growth exceeding demand growth, freight markets continue to be supported by disruption-related inefficiencies, including higher bunker prices, fuel supply disruptions, longer voyage distances, weather and congestions. The dry bulk market is likely to improve in the later part of 2026 as seasonal improvement materialises. Source: IMF World Economic Outlook, July 2026 3.9% 3.6% 3.9%
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17 HOW WE OUTPERFORM AND CREATE VALUE Pacific Basin 2026 Interim Results Capital Allocation Managing capital for growth, resilience and shareholder returns ▪ Disciplined approach to cash, debt and capital allocation, balancing fleet investment, financial strength and returns to shareholders ▪ Take a long-term, counter-cyclical approach to fleet investment, renewal and disposals ▪ Flexible approach to fleet ownership and chartering enables us to shift between owned vessels, long-term charters and short-term charters as market conditions evolve ▪ The fleet we operate today has been assembled through many years of disciplined investment, creating substantial earnings capacity and underlying asset value Net Cash US$157.2M Estimated market value of owned fleet US$2.1B Operational Excellence Capturing the full value of every voyage ▪ Comprehensive in-house capabilities, digitalisation and AI-enabled optimisation ▪ Class-leading in-house fleet management function ▪ Cost discipline and strong in-house capabilities help maintain competitive vessel operating costs and overheads Handysize 16% Supramax 17%Outperformance/day Cash Break-even Level incl. G&A $6,790 (44% below index) $6,760 (52% below index) Commercial Excellence Securing more and better employment for our fleet ▪ Global network and close customer relationships ▪ Ability to read freight and asset cycles helps us optimise fleet deployment ▪ A large, homogeneous and interchangeable fleet ▪ Established expertise in higher-value, operationally intensive niche geared breakbulk trades ▪ Operating Activity enhances service and earnings by supporting customers even when our core vessels are unavailable 254 Vessels 13 Offices ~450 Cargo Customers (1H 2026) Platform for Outperformance & Resilience Available Committed Liquidity US$673.6M
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Pacific Basin 2024 Annual Results DISCLAIMER This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Pacific Basin and certain plans and objectives of the management of Pacific Basin. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of Pacific Basin to be materially different from any future results or performance expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding Pacific Basin's present and future business strategies and the political and economic environment in which Pacific Basin will operate in the future. Contact Us E-mail: ir@pacificbasin.com | Tel: +852 2233 7000 \\pbgroup.local\Public\fileshare\RedirectedFolders\elau\Desktop\social medias.gif \\pbgroup.local\Public\fileshare\RedirectedFolders\elau\Desktop\social medias.gif \\pbgroup.local\Public\fileshare\RedirectedFolders\elau\Desktop\social medias.gif \\pbgroup.local\Public\fileshare\RedirectedFolders\elau\Desktop\social medias.gif \\pbgroup.local\Public\fileshare\RedirectedFolders\elau\Desktop\social medias.gif Follow Us
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APPENDIX
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20 ▪ We operate one of the world’s largest fleets of interchangeable modern Handysize and Supramax vessels, equipping us for efficient trading and reliable service any time and anywhere ▪ The Company operates around 250 dry bulk vessels globally, comprising 107 owned vessels, 13 long-term chartered vessels and over 130 short- term chartered vessels ▪ 13 worldwide office locations, with 10 commercial offices and 5 technical & crewing offices ▪ Strong balance sheet with US$673.6 million available committed liquidity as of 30 June 2026 ▪ Our vision is to be the leading vessel owner-operator in dry bulk shipping, and the first-choice partner for customers, investors, employees and other stakeholders APPENDIX: PACIFIC BASIN OVERVIEW Pacific Basin 2026 Interim Results
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21 APPENDIX: UNDERSTANDING OUR CORE MARKET The dry bulk industry carries dry commodities and other non- containerised cargo. Larger vessels including Capesize and Panamax carry mainly iron ore, coal and grain. We specialise in the versatile, mid-size, geared Handysize and Supramax vessels that carry a wide range of minor bulks and grains which offers significant benefits of diversification in terms of geography, customers and cargoes. Bulk Carrier Vessel Types Percentage of Global Dry Bulk Dwt Capacity Versatility Main Commodities Carried 12% 24% 25% 39% Minor Bulks With cranes Major Bulks Without cranes Capesize 100,000+ dwt Handysize 10,000-44,999 dwt Supramax incl. Ultramax 45,000-69,999 dwt Panamax incl. Post-Panamax 70,000-99,999 dwt More VersatileLess Versatile Major Bulks Grains Coal Iron Ore Grains Sugar Fertiliser Salt Ores Concentrates Alumina Sand & Gypsum Logs/ Forest Products Cement & Clinker Steel Scrap Bauxite Coal/Coke Petcoke Our Focus Few ports, few customers, few cargo types, low scope for triangulation Many ports, many customers, many cargo types, high scope for triangulation Minor Bulks 44% Bulk Carriers for dry bulk commodities Tankers for oil, gas & chemicals Containerships for containerised goods 31% 16% 9% Other Shipping Sectors Distribution of vessel types by deadweight carrying capacity (sources: Clarksons Research) Pacific Basin 2026 Interim Results
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22 APPENDIX: MINOR BULK TONNE - MILE FORECAST Source: Clarksons Research, data as at July 2026 -5% 5% 0.2% 31.0% 17.0% 11.4% 9.3% 3.0% 2.6% 2.4% 3.8% 3.3% 3.3% 3.0% 0.9% 1.3% 0.0% 1.0% -1.1% -9.7% 4.5% 2.3% Coal Iron Ore Total (Iron Ore + Coal) Bauxite + Alumina Nickel Ore Cement Manganese Ore Soybean Copper Concentrates Others Agribulks Salt Steel Products Stone & Aggregate Coke & Petcoke Forest Products Wheat / Grains Fertiliser Scrap Steel Sugar PB focus cargo Total Dry Bulk 2025 Dry Bulk Trade Volumes YOY 5,941 1,678 1,320 PB Focus 91 65 266 62 147 47 170 40 174 213 63 412 169 108 322 378 212 2,943 2,998 Pacific Basin 2026 Interim Results Million Tonnes Million Tonnes -1.0% 2.5% 0.9% 14.3% 11.3% 11.2% 6.4% 5.0% 2.8% 2.6% 1.9% 1.8% 1.6% 1.2% 1.1% 0.7% 0.6% -1.0% -1.5% -4.7% 2.8% 1.9% Coal Iron Ore Total (Iron Ore + Coal) Bauxite + Alumina Nickel Ore Soybean Manganese Ore Copper Concentrates Coke & Petcoke Wheat / Grains Forest Products Agribulks Salt Stone & Aggregate Scrap Steel Cement Others Steel Products Sugar Fertiliser PB focus cargo Total Dry Bulk 304 69 189 50 42 111 388 328 221 64 171 92 148 175 1,678 1,302 2,998 64 202 408 3,026 6,024 2026F Dry Bulk Trade Volumes YOY PB Focus (Total dry bulk tonne-mile effect = 2.1%) (minor bulk tonne-mile effect = 5.6%) (Total dry bulk tonne-mile effect = 3.1%) (minor bulk tonne-mile effect = 3.0%)
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23 Vessels in Operation Total Capacity (million dwt) Owned Average Age Owned Owned Long-term Chartered Sub-total Short-term Chartered (1) Total Substantially fixed costs Costs fluctuate with market Handysize 58 9 67 48 115 2.0 13 Supramax/Ultramax (2) 48 4 52 86 138 2.9 13 Capesize (3) 1 - 1 - 1 0.1 15 Total 107 (4) 13 (5) 120 134 254 5.0 13 APPENDIX: PACIFIC BASIN CURRENT FLEET 107 Vessels owned 13 LT Chartered 134 ST Chartered 254 Total 120 Total Pacific Basin 2026 Interim Results Notes: 1 Average number of short-term and index-linked vessels operated in June 2026 2 Supramax vessels in excess of 60,000 dwt are generally referred to as Ultramax 3 The Company owns one Capesize vessel which is chartered out on a bareboat charter 4 Excludes 6 Handysize and 4 Ultramax newbuildings on order and excludes purchase options we hold on 12 existing and 3 coming long-term chartered vessels 5 Excludes 2 Handysize and 1 Supramax vessels to be delivered into our long-term chartered fleet As at 30 June 2026
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24 APPENDIX: TRIANGULATED TRADING PATTERNS TO ENHANCE OUR VESSELS’ UTILISATION AND TCE EARNINGS Pacific Basin 2026 Interim Results A Platform and Model for Enhanced Utilisation and Earnings The strong relationships we build with cargo customers around the world give us access to rare backhaul cargoes that are not widely available to most other operators. By combining these backhaul cargoes with more widely available fronthaul cargoes, we develop a global cargo system and triangulated trading patterns that reduce ballast legs, increase laden days, and enhance our vessels’ utilisation and TCE earnings for outperformance throughout market cycles. Global Reach The excellent relationships we have with cargo customers are made possible by locating our experienced commercial colleagues in our offices close to customers around the world. Examples of Key Minor Bulk Trade Routes “Fronthaul” refers to shipping routes where there is high demand for vessels to transport commodities to areas where those commodities are needed. Conversely, “backhaul” refers to shipping routes where vessels transport commodities from areas with low demand for shipping services back to areas with higher demand.
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25 1H2026: 36.5 Million Tonnes Metals 16% Construction Materials 27% Energy 17% Minerals 12% Agricultural Products & Related 28% Diverse range of commodities reduces product risk Our Cargo Volumes 1H2026 VS 1H2025 APPENDIX: DIVERSIFIED CARGO MIX Salt 5% -1pp Sand & Gypsum 5% +1pp Soda Ash 2% +1pp Coal 12% -2pp Petcoke 4% +2pp Wood Pellets 1% +1pp Ores 10% +2pp Concentrates 3% -3pp Alumina 2% - Others 1% -1pp Grains & Agricultural Products 16% -1pp Fertiliser 11% +1pp Sugar 1% -1pp Cement & Cement Clinkers 12% -2pp Steel & Scrap 10% +2pp Logs & Forest Products 5% +1pp 600+ Pacific Basin 2026 Interim Results
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26 APPENDIX: GLOBAL FLEET DEVELOPMENT Orderbook as % of Existing Fleet Average Age Over 20 Years Old 1H 2026 Scrapping as % of 1 January 2026 Existing Fleet Handysize (10,000–44,999 dwt) 8.7% 13.9 14.6% 0.4% Supramax & Ultramax (45,000–69,999 dwt) 13.2% 12.8 13.1% 0.2% Panamax & Post-Panamax (70,000–99,999 dwt) 14.0% 12.6 15.9% 0.1% Capesize (100,000+ dwt) 15.9% 12.3 7.2% 0.1% Total 13.9% 13.0 11.8% 0.2% Source: Clarksons Research, data as at July 2026 Pacific Basin 2026 Interim Results
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27 APPENDIX: SECONDHAND VESSEL VALUES 35.25 29.00 31.00 24.00 0 5 10 15 20 25 30 35 40 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 US$m Ultramax/Handysize Newbuild and 10-Year Old Secondhand Vessel Values Ultramax Newbuild (61-64.5K) Ultramax Secondhand 10YO (61K ECO)* Handysize Newbuild (38-42K) Handysize Secondhand 10YO (37K ECO) *61K (eco) since Jan 24, 58K pre-Jan 24 Newbuilding prices vary by country of build, delivery and ship specification Source: Clarksons Research, data as at July 2026 Pacific Basin 2026 Interim Results
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28 APPENDIX: 2026 INTERIM RESULTS Profit and Loss US$million 1H 2026 1H 2025 EBITDA 197.8 121.5 Underlying profit 94.9 21.9 Net profit 105.0 25.6 Core Business Contribution Handysize 61.0 24.2 Supramax 62.7 26.5 Operating Activity Total contribution 13.4 10.1 Margin per day (US$) 1,060 710 Returns Return on average equity (annualised) 11% 3% Dividend (HK cents) 15.5 1.6 Total shareholder return 18% 26% Balance Sheet US$million 30 Jun 2026 31 Dec 2025 Total cash and deposits 206.5 270.6 Available committed liquidity 673.6 756.1 Net cash 157.2 134.0 Pacific Basin 2026 Interim Results
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29 APPENDIX: VESSEL DAYS AND LONG - TERM CHARTERED COMMITMENTS Handysize Supramax Days FY2025 1H 2026 FY2025 1H 2026 Core business revenue days 24,660 11,870 18,940 9,420 – Owned revenue days 20,730 10,270 17,590 8,710 – Long-term chartered days 3,930 1,600 1,350 710 Short-term core days 1 8,890 4,120 12,940 5,520 Operating activity days 9,840 4,060 18,010 8,590 Owned off-hire days 650 220 470 130 Total vessel days 44,040 20,270 50,360 23,660 Handysize Supramax Year Vessel days Average cost (US$) Vessel days Average cost (US$) 2H2026 1,380 13,070 740 14,890 2027 2,650 13,220 1,670 14,660 2028 2,510 12,870 1,830 14,320 2029 1,660 12,720 1,780 13,960 2030+ 1,680 12,890 1,980 13,830 Total 9,880 8,000 Vessel Days Future Long-term Chartered Vessel Costs The following table shows an analysis of our vessel days in 1H 2026 and FY2025: 1 Short-term chartered vessels used to support our Core business The following table shows the average daily charter costs for our long-term chartered vessels during their remaining charter period by year: Pacific Basin 2026 Interim Results
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30 APPENDIX: FORWARD CARGO COVER Handysize Supramax *As at late July 2026, indicative TCE rates only as voyages are still in progress 56% of days 100% of days 56% of days 100% of days 100% of days 100% of days 56% of days 56% of days Pacific Basin 2026 Interim Results ▪ We are strategically managing our forward cargo coverage alongside our spot market exposure, anticipating seasonally stronger activity that is expected to bolster freight rates in the third quarter of 2026 ▪ We have covered 78% and 82% of our Handysize and Supramax committed vessel days currently contracted for the third quarter of 2026 at US$15,810 and US$18,680 per day respectively ▪ We have covered 54% and 60% of our Handysize and Supramax committed vessel days currently contracted for the second half of 2026 at US$14,850 and US$17,470 per day respectively ▪ Our cash break-even remained below US$6,800 per day – over 40% below average market index rates in the first half of 2026 and our costs remain well controlled and competitive in our sector $13,950 $13,480 $18,680* $17,470* - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 3Q25 2H25 3Q26 2H26 99% of days 74% of days 82% of days 60% of days US$/Day (net) $11,940 $11,680 $15,810* $14,850* - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 3Q25 2H25 3Q26 2H26 78% of days 54% of days 87% of days 60% of days US$/Day (net)
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31 APPENDIX: SCRUBBERS BENEFIT ▪ Scrubber investment was made prior to implementation of the IMO 2020 sulphur cap, which allows us to comply with the rules while using High-Sulphur Fuel Oil (“HSFO”) ▪ Savings achieved by using HSFO and benefitting from the spreads between HSFO and Low-Sulphur Fuel Oil (“LSFO”) are referred to scrubber benefits ▪ When a vessel with a scrubber is assigned a cargo, its TCE rate may be higher due to the added benefit of the scrubber Quarterly Average Price Spread between HSFO and LSFO Fuel US$/tonne Pacific Basin 2026 Interim Results 103 105 - 50 100 150 200 250 300 350 400 Quarterly Supramax Scrubber Benefit (across our entire Core Supramax fleet) 316 171 - 500 1,000 1,500 2,000 2,500 3,000 Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24Q2-24Q3-24Q4-24Q1-25Q2-25Q3-25Q4-25Q1-26Q2-26 US$/day
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32 PB Vessels by AER Carbon Intensity Rating Note that the AER carbon intensity metric does not consider actual cargo volume carried (only DWT design capacity), so does not reflect the benefit of our fleet’s high utilisation rate as is reflected in the EEOI carbon intensity indicator which our customers usually use to assess the carbon intensity of vessels they charter ▪ We target net zero emissions by 2050 ▪ We target an interim checkpoint EEOI of about 6.7 by 2030, which is over 50% less than our 2008 baseline ▪ We target for our fleet to comprise only low-emission vessels by about 2050 ▪ Continued Uncertainty about Maritime Decarbonisation ▪ In October 2025, International Maritime Organisation (IMO) failed to adopt the previously agreed Net-Zero Framework, and at MEPC 84 in May 2026, member states remained divided on the economic element of the proposed framework ▪ We foresee protracted renegotiations, with the details and timing of an eventual global measure still very unclear ▪ With global rules uncertain, IMO’s Carbon Intensity Indicator and the European Union’s FuelEU and EU ETS continue driving emission reduction efforts, with more regional GHG regulations likely ▪ We continue to invest in energy efficiency and fuel savings, while positioning ourselves for priority access to alternative fuels in readiness for tightening and new GHG reduction regulations to come APPENDIX: ON TRACK TO NET ZERO BY 2050 19 22 35 39 42 32 10 11 2 2025 1H2026 A B C D E 106 106 88% 00 5 10 15 7.73 EEOI 2008 1H2026 2050 5.06 AER 2030 Our target of net zero by 2050 We target an interim checkpoint EEOI of about 6.7 by 2030, which is over 50% less than our 2008 baseline 14.1 Carbon Intensity (EEOI) Grams CO2 per tonne-mile Pacific Basin 2026 Interim Results