Summary by Futu 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 pre-tax profit of $157,900,000 before interest, taxes, depreciation, and amortization. The company is one of the largest modern Handy and Ultramax dry bulk fleets in the world, providing safe, reliable, and competitive freight services. During the period, Pacific Basin's fleet completed 1,130+ voyages and served 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 in the Suez Canal and the Panama Canal leading to decreased fleet efficiency, and controlled delivery of newly built cargo ships. Despite concerns about global economic growth and high interest rates, global dry bulk cargo volumes have increased year-on-year due to growth in minor bulk, 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.
