Slides
Page 1
3Q26 TRADING UPDATE 15 OCTOBER 2026 #WithYouForTheLongHaul
Page 2
2 DELIVERING MORE IN A CONTINUED STRONG MARKET Pacific Basin 2026 Third Quarter Trading Update Key Highlights US$ Handysize Supramax 3Q 2026 Average daily TCE earnings $16,020 (+37% YoY) $17,990 (+34% YoY) Outperformance vs market index(1) vs. BHSI 38k dwt ton adj vs. BSI 58k dwt ▪ 3Q2026 + US$1,350/day / +9% - US$300/day / -2% ▪ YTD + US$1,730/day / +13% + US$1,440/day / +9% Cover in 4Q 2026 65% @$16,480 76% @$18,960 Cover in 2027 7% @$13,180 19% @$15,590 ▪ Freight market remained resilient, with 3Q 2026 BHSI +27% and BSI +28% YoY ▪ Disruptions persist across key shipping routes and chokepoints, including the Red Sea, Strait of Hormuz and Black Sea, alongside renewed Panama Canal transit restrictions due to low water levels ▪ Extreme weather conditions such as hot, dry summers and typhoons impacting trade flows and causing congestions During 3Q 2026: ▪ Exercised purchase option on one long-term chartered Handysize vessel, which joined our owned fleet ▪ Took delivery of one long-term chartered Handysize vessel ▪ Completed the sale and delivery of two Supramax vessels ▪ Declared purchase option on one Handysize vessel with delivery in 4Q 2026 Notes: (1) Excludes 5% commission / BHSI 38k dwt (tonnage adjusted) (2) Number of long-term chartered vessels includes all chartered-in vessels of more than 1 year Our Fleet Owned vessels Long-term chartered (2) 106 13 Short-term chartered 139 Total 258 vessels in operation as of 30 September 2026 Purchase options on LTC Newbuildings 14 1 12 Fleet renewal pipeline 2 11 Declared in 3Q 2026 with delivery in 4Q 2026 Declarable between 2027 and 2031 Newbuilding vessels with purchase options to be delivered in 2027 2 4 Handysize with delivery in 2028 Ultramax with delivery between 2028 and 1H 2029 Purchase options on dual-fuel Ultramax declarable in February 2027 6
Page 3
PERFORMANCE HIGHLIGHTS
Page 4
4 Data as at 14 October 2026 ^ Spot market rates are adjusted 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 MARKET FREIGHT RATES MAINTAINED MOMENTUM IN THIRD QUARTER OF 202 6 Pacific Basin 2026 Third Quarter Trading Update 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 Jan Feb Mar Apr May Jun Jul Aug Sep 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 Sep Oct Nov Dec 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* $16,190 3Q26 Average: $14,670 27% YoY FFA Average* $18,970 $16,120 14 October 2026 3Q26 Average: $18,290 28% YoY $20,230 14 October 2026 ▪ Freight markets year to date were materially stronger than that in 2024 and 2025 across both Handysize and Supramax segments ▪ BHSI and BSI increased 27% and 28% respectively compared to the same period in 2025 ▪ With limited progress in US-Iran relations, the reopening of the Strait of Hormuz remains uncertain
Page 5
5 13,410 13,540 13,970 19,070 17,990 18,960 15,590 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 2027 Supramax Core Business TCE 11,680 12,310 12,130 16,210 16,020 16,480 13,180 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 2027 Handysize Core Business TCE 750 1,130 340 1,760 2,190 5,500 6,000 6,500 7,000 - 500 1,000 1,500 2,000 2,500 3Q25 4Q25 1Q26 2Q26 3Q26 ROBUST PACIFIC BASIN TCE EARNINGS AND IMPROVING OPERATING ACTIVITY US$/day US$/day Operating Activity Margin Day Pacific Basin 2026 Third Quarter Trading Update (3) ▪ In 3Q 2026, our operating activity generated a margin of US$2,190 per day, an increase of over 100% YoY ▪ Our operating activity days noted a decrease of 3% YoY to about 6,610 days in 3Q 2026 (3Q 2025: 6,830 days) (1) Values of scrubber benefits are approximately US$131 and US$764 per day across our Core Handysize and Supramax fleet respectively as of 12 October 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 = 3Q 2026 vs 3Q 2025 (3) As at 12 October 2026, indicative TCE rates only as voyages are still in progress (4) FFA = Forward Freight Agreement; Source from Baltic Exchange, data as at 14 October 2026, excludes 5% commission and Handysize FFA pricing are tonnage adjusted Handysize Supramax Current FFA(4) Pricing 4Q 2026 $16,230 $18,980 2027 $12,640 $14,940 (3) (3) (3) (1) (1) 37% YoY(2) Cover 65% of days Cover 7% of days US$/day Cover 76% of days Cover 19% of days 34% YoY(2) >100% YoY (2)
Page 6
6 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Supramax Performance vs Index (BSI)* PB Supramax BSI - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Handysize Performance vs Index (BHSI)* PB Handysize BHSI ▪ For 3Q 2026, our Handysize daily TCE outperformed BHSI by US$1,350/day or 9% whereas our Supramax daily TCE was US$300/day or 2% below BSI, primarily reflecting Atlantic-Pacific rate differentials and our deliberate backhaul positioning into the higher-paying Atlantic market ahead of the typically stronger fourth quarter ▪ For YTD 2026, our Handysize and Supramax daily TCE earnings outperformed the BHSI and BSI by 13% and 9% respectively ▪ Earnings remained above the BHSI and BSI benchmarks, demonstrating the strength and resilience of our commercial platform in the highly cyclical market CONSISTENT TCE OUTPERFORMANCE ACROSS MARKET CYCLES Pacific Basin 2026 Third Quarter Trading Update 2023 2024 2025 2026 2023 2024 2025 2026 US$/day US$/day *Excludes 5% commission / BHSI 38k dwt (tonnage adjusted) YTD Outperformance US$1,730/day or 13% YTD Outperformance US$1,440/day or 9%
Page 7
MARKET DYNAMICS & OUTLOOK
Page 8
8 GEOPOLITICAL DISRUPTION TIGHTENED MARKET CONDITIONS -800 -600 -400 -200 - 200 400 600 800 1,000 2023 2024 2025 2026 Changes in Global Dry Bulk Demand YoY change in billion tonne-miles +11% +12% +1% +5% -2% Bill tonne- miles ▪ Strong seaborne dry bulk trade volumes, supported by growth across several major and minor bulk commodities as China’s buying power rose with the strengthening RMB. Strong long-haul Atlantic-to-Asia trade flows such as Brazilian iron ore, Guinean bauxite and American grain exports to Asia, continued to support tonne-mile demand ▪ Minor bulk trade volumes were lower year on year, while tonne-mile demand remained broadly stable. Growth in metal ore shipments was partly offset by weaker fertilisers trade, as reduced exports from the Arabian Gulf weighed on overall activity ▪ Grain trade has seen stronger exports from Argentina with record soybean harvest and increased US and Brazilian grain shipments, yet offset by lower Black Sea exports as disrupted by attacks on ports and merchant shipping ▪ Iron ore trade remained well supported, underpinned by strong seaborne supply and robust Chinese demand with higher volume of Chinese steel exports ▪ Coal trade continued to prove resilient amid ongoing energy market disruption (Jan-Sep) Ongoing geopolitical disruptions and trade inefficiencies resulted in longer voyage distances supporting tonne-mile demand -200 -150 -100 -50 - 50 100 150 2023 2024 2025 2026 Changes in Global Cargo Volumes by Commodity YoY change in million tonnes (Jan-Sep) Mill tonnes Pacific Basin 2026 Third Quarter Trading Update +11% +3% +11% -2% -5% Source: Indicative loading data and material from Oceanbolt, all rights reserved. Data as at 12 October 2026, subject to revision YoY % change YoY % change
Page 9
9 3.1% 2.9% 2.9% 3.8% 4.4% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 2023 2024 2025 2026F 2027F - 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 15% of the fleet is on order HANDYSIZE & SUPRAMAX NET FLEET GROWTH MODERATING Source: Clarksons Research, data as at September 2026 Handysize/Supramax Fleet Age ProfileTotal Dry Bulk Fleet Age Profile ▪ Global dry bulk net fleet growth is forecast to increase to 3.8% in 2026 and 4.4% in 2027 ▪ Combined Handysize and Supramax net fleet growth is forecast to slow to 3.9% in 2026 and 3.8% in 2027 ▪ The total dry bulk orderbook currently stands at 15% of the existing fleet, while the combined Handysize and Supramax orderbook is at 13% of existing fleet (8% for Handysize and 16% for Supramax); both remain moderate by historical standards and are significantly lower than orderbook levels in the tanker and containership sectors ▪ Approximately 14% of Handysize and Supramax capacity is over 20 years old, and a large wave of middle-aged vessels built in 2009-2012 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 13% of the fleet is on order % of Total Fleet Pacific Basin 2026 Third Quarter Trading Update 3.3% 4.1% 4.1% 3.9% 3.8% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 2023 2024 2025 2026F 2027F Overall Dry Bulk Supply Development (net) % of Total Fleet
Page 10
10 GEOPOLITCAL TENSIONS AND CLIMATE CHANGE CAUSING CONTINUED DISRUP TION Pacific Basin 2026 Third Quarter Trading Update US-China Arabian Gulf El Niño IMO ▪ Relations between the US and China have appeared more stable in 2026, with US exports to China recovering but remaining below pre-2025 levels ▪ US-China truce extended to January 2027; the suspension of USTR Section 301 reduced near-term uncertainty, although broader uncertainties and their implications for shipping remain ▪ El Niño conditions could affect agricultural output in key exporting regions and alter global trade flows ▪ Pacific coal volumes are benefiting from stronger power demand in 2026, while hot and dry conditions may reduce Atlantic grains volumes in 2027 ▪ Adverse weather-related disruptions may affect trade patterns and increase volatility across grain and other minor bulk trades ▪ Tensions in Arabian Gulf continue to create disruption across global shipping markets ▪ Disruptions to established trade routes have contributed to longer voyage distances and higher freight market volatility ▪ Re-opening of the Strait of Hormuz remains uncertain ▪ Details and future of IMO Net-Zero Framework remain uncertain ▪ Global and regional regulatory developments will continue to influence future investment decisions and fuel strategies ▪ Further updates are expected to be announced towards the end of 2026
Page 11
11 CONSTRUCTIVE OUTLOOK SUPPORTED BY STRONG FUNDAMENTALS AND PERSISTENT TRADE INEFFICIENCIES Pacific Basin 2026 Third Quarter Trading Update IMF GDP forecast for 2027 World China 4.0% 3.4% FFA Average for 4Q 2026 Supramax Handysize US$16,230 per day US$18,980 per day Net fleet growth forecast Minor bulk 2026 2027 3.9% 3.8% 3.8% 4.4% Overall dry bulk ▪ Geopolitical disruptions and trade inefficiencies are expected to continue, leading to strong market outlook for the remainder of 2026 and into 2027 ▪ El Niño, weather-related disruptions and shifting seaborne trade patterns may continue to affect tonne-mile demand ▪ GDP forecast remains constructive, suggesting improving global economy ▪ Dry bulk trade is expected to continue expanding into 2027, driven by iron ore, grain and minor bulk cargoes, with disruption and increasingly longer-haul trade routes continue to support tonne-mile demand ▪ Ageing fleet profile and continuous disruptions will narrow market imbalance in longer term Source: IMF World Economic Outlook October 2026, Clarksons, Baltic Exchange Projected tonne-mile demand Minor bulk 2026 2027 2.7% 3.7% 3.1% 3.0% Overall dry bulk
Page 12
APPENDIX
Page 13
13 APPENDIX: TRIANGULATED TRADING PATTERNS TO ENHANCE OUR VESSELS’ UTILISATION AND TCE EARNINGS 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. Pacific Basin 2026 Third Quarter Trading Update
Page 14
14 Vessels in Operation Total Capacity (million dwt) Owned Average Age Owned Newbuildings on Order Owned Long-term Chartered Sub- total Short-term Chartered (1) Total Substantially fixed costs Costs fluctuate with market Handysize 59 9 68 57 125 2.1 13 7 Supramax/Ultramax (2) 46 4 50 82 132 2.7 12 5 Capesize 1 - 1 - 1 0.1 15 - Total 106 (3) 13 119 139 258 4.9 13 12 (4) APPENDIX: PACIFIC BASIN CURRENT FLEET 106 Vessels owned 13 LT Chartered 12 Newbuildings on Order Notes: 1 Short-term and index-linked vessels operated as at 30 September 2026 2 Supramax vessels in excess of 60,000 dwt are generally referred to as Ultramax 3 Excludes 7 Handysize and 5 Supramax newbuildings on order and excludes purchase options we hold on 12 existing long-term chartered vessels 4 Includes 1 Handysize and 1 Supramax vessels to be delivered into our long-term chartered fleet As at 30 September 2026 Pacific Basin 2026 Third Quarter Trading Update 139 ST Chartered 258 Total
Page 15
15 APPENDIX: MINOR BULK TONNE - MILE FORECAST Source: Clarksons Research, data as at 13 October 2026 -0.1% 2% 0.9% 7.2% 5.5% 3.8% 3.1% 2.7% 2.5% 2.4% 2.4% 2.0% 1.8% 1.8% 1.6% 1.5% 1.1% 0.9% -0.2% -0.5% 2.0% 1.5% Coal Iron Ore Total (Iron Ore + Coal) Bauxite + Alumina Nickel Ore Manganese Ore Agribulks Soybean Fertiliser Others Copper Concentrates Cement Stone & Aggregate Coke & Petcoke Salt Sugar Scrap Steel Forest Products Steel Products Wheat / Grains PB focus cargo Total Dry Bulk 2027F Dry Bulk Trade Volumes YOY 6,212 1,706 1,356 PB Focus 329 77 55 232 191 206 170 43 153 224 114 65 68 93 326 3,150 3,062 Million Tonnes (Total dry bulk tonne-mile effect = 3.0%) (minor bulk tonne-mile effect = 3.1%) 404 400 Million Tonnes 1.7% 2.4% 2.1% 17.7% 15.4% 12.8% 9.4% 5.0% 3.7% 3.7% 3.1% 3.1% 2.8% 2.0% 1.6% 1.1% 0.3% -1.5% -1.9% -5.2% 3.2% 2.7% Coal Iron Ore Total (Iron Ore + Coal) Nickel Ore Bauxite + Alumina Manganese Ore Soybean Copper Concentrates Coke & Petcoke Agribulks Others Wheat / Grains Stone & Aggregate Cement Salt Scrap Steel Forest Products Sugar Steel Products Fertiliser PB focus cargo Total Dry Bulk 73 307 53 186 42 112 225 166 402 220 150 64 92 323 1,678 1,357 3,035 405 201 67 3,088 6,123 2026F Dry Bulk Trade Volumes YOY PB Focus (Total dry bulk tonne-mile effect = 3.7%) (minor bulk tonne-mile effect = 2.7%) Pacific Basin 2026 Third Quarter Trading Update
Page 16
16 APPENDIX: GLOBAL FLEET DEVELOPMENT Orderbook as % of Existing Fleet Average Age Over 20 Years Old 2026 YTD Scrapping as % of 1 January 2026 Existing Fleet Handysize (10,000–44,999 dwt) 8.7% 13.9 14.5% 0.5% Supramax & Ultramax (45,000–69,999 dwt) 13.6% 12.8 13.2% 0.3% Panamax & Post - Panamax (70,000–99,999 dwt) 13.7% 12.7 16.2% 0.2% Capesize (100,000+ dwt) 17.6% 12.5 7.5% 0.1% Total 14.5% 13.1 12.0% 0.2% Source: Clarksons Research, data as at 30 September 2026 Pacific Basin 2026 Third Quarter Trading Update
Page 17
17 APPENDIX: SECONDHAND VESSEL VALUES 36.00 30.00 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 13 October 2026 Pacific Basin 2026 Third Quarter Trading Update
Page 18
18 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$/tonne Quarterly Supramax Scrubber Benefit (across our entire Core Supramax fleet) US$/day Pacific Basin 2026 Third Quarter Trading Update 103 105 160 - 50 100 150 200 250 Q1-23Q2-23Q3-23Q4-23Q1-24Q2-24Q3-24Q4-24Q1-25Q2-25Q3-25Q4-25Q1-26Q2-26Q3-26 316 171 342 - 200 400 600 800 1,000 1,200 1,400 1,600 Q1-23Q2-23Q3-23Q4-23Q1-24Q2-24Q3-24Q4-24Q1-25Q2-25Q3-25Q4-25Q1-26Q2-26Q3-26
Page 19
19 $12,380 $9,790 $16,480 * $13,180 * $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 4Q25 2026 4Q26 2027 APPENDIX: FORWARD CARGO COVER Handysize Supramax *As at 12 October 2026, indicative TCE rates only as voyages are still in progress ▪ We are strategically managing our forward cargo coverage alongside our spot market exposure ▪ We have covered 65% and 76% of our Handysize and Supramax committed vessel days currently contracted for the fourth quarter of 2026 at US$16,480 and US$18,960 per day respectively ▪ We have covered 7% and 19% of our Handysize and Supramax committed vessel days currently contracted for 2027 at US$13,180 and US$15,590 per day respectively US$/Day (net) 65% of days US$/Day (net) Pacific Basin 2026 Third Quarter Trading Update 7% of days 72% of days 8% of days $14,060 $13,200 $18,960 * $15,590 * $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $20,000 4Q25 2026 4Q26 2027 76% of days 19% of days 87% of days 24% of days
Page 20
20 APPENDIX: VESSEL DAYS AND LONG - TERM CHARTERED COMMITMENTS Handysize Supramax Days FY2025 1H 2026 FY2025 1H 2026 Core business revenue days 24,660 11,870 18,940 9,420 – Owned revenue days 20,730 10,270 17,590 8,710 – Long-term chartered days 3,930 1,600 1,350 710 Short-term core days 1 8,890 4,120 12,940 5,520 Operating activity days 9,840 4,060 18,010 8,590 Owned off-hire days 650 220 470 130 Total vessel days 44,040 20,270 50,360 23,660 Handysize Supramax Year Vessel days Average cost (US$) Vessel days Average cost (US$) 2H2026 1,380 13,070 740 14,890 2027 2,650 13,220 1,670 14,660 2028 2,510 12,870 1,830 14,320 2029 1,660 12,720 1,780 13,960 2030+ 1,680 12,890 1,980 13,830 Total 9,880 8,000 Vessel Days Future Long - term Chartered Vessel Costs The following table shows an analysis of our vessel days in 1H 2026 and FY2025: 1 Short-term chartered vessels used to support our Core business The following table shows the average daily charter costs for our long-term chartered vessels during their remaining charter period by year: Pacific Basin 2026 Third Quarter Trading Update 2026 Interim Results
Page 21
21 1H2026: 36.5 Millio n Tonnes Metals 16% Construction Materials 27% Energy 17% Minerals 12% Agricultural Products & Related 28% Diverse range of commodities reduces product risk Our Cargo Volumes 1H2026 VS 1H2025 APPENDIX: DIVERSIFIED CARGO MIX Salt 5% -1pp Sand & Gypsum 5% +1pp Soda Ash 2% +1pp Coal 12% -2pp Petcoke 4% +2pp Wood Pellets 1% +1pp Ores 10% +2pp Concentrates 3% -3pp Alumina 2% - Others 1% -1pp Grains & Agricultural Products 16% -1pp Fertiliser 11% +1pp Sugar 1% -1pp Cement & Cement Clinkers 12% -2pp Steel & Scrap 10% +2pp Logs & Forest Products 5% +1pp 600+ Pacific Basin 2026 Third Quarter Trading Update 2026 Interim Results
Page 22
22 APPENDIX: 2026 INTERIM RESULTS Profit and Loss US$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 Third Quarter Trading Update 2026 Interim Results
Page 23
23 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 ▪ Continued Uncertainty about Maritime Decarbonisation ▪ At MEPC 84 in May 2026, Member States remained divided over the economic element of the proposed framework. MEPC 85 will be key to determining whether a political compromise can be reached on the IMO Net-Zero Framework in December ▪ 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 23 35 37 42 38 10 7 1 2025 Sep-26 A B C D E 106 106 92% 00 5 10 15 7.71 EEOI 2008 Q326 2050 5.04 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 Third Quarter Trading Update
Page 24
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