Summary by Moomoo AI
In the first half of 2024, Pacific Basin recorded a basic surplus of $43,900,000, a net surplus of $57,600,000, and a profit before tax, interest, depreciation, and amortization of $157,900,000. The company is one of the largest fleets of modern handy and supramax dry bulk carriers in the world, providing safe, reliable, and competitive freight services. During the period, Pacific Basin's fleet completed 1,130+ voyages, serving 460+ industrial customers. The company is headquartered in Hong Kong and listed in Hong Kong. In the first half of 2024, the company's market freight rates were driven by increased commodity demand, disruptions to the Suez Canal and Panama Canal leading to lower fleet efficiency, and controlled delivery volumes of newly constructed cargo ships. Despite concerns about global economic growth and high interest rates, global dry bulk cargo volumes have increased annually, supported by the growth in minor bulks, iron ore, and grain demand. The board of directors declared a basic interim dividend of HK$0.041 per share, representing approximately 50% of the net surplus for the period.
