Pacific Basin - Best ever result in the company’s history
Pacific Basin (2343.HK) recently announced its 2021 results, which were the best ever in the company’s history. The dry bulk freight market was the strongest since 2008, driven by robust global demand for commodities and limited fleet growth, aided by fleet inefficiencies. Average earnings of the company’s Handymax and Supramax vessels surged by 160.3% and 163.5% YoY to USD 20,460pd and USD29,350pd, respectively. Operating revenue jumped by 102.1% YoY to USD 2,972.5mn. Voyage expenses moved up by 25.4% YoY to USD 881mn primarily because of higher bunker prices. As a result, TCE revenue surged by 172.2% YoY to USD 2,091.5mn. Operating expenses moved up by 55.9% YoY to USD 2,246.1mn primarily due to higher bunker costs and charter-hire expenses. Pacific Basin’s
EBITDA increased more than five-folds to USD 842.6mn from USD 156.9mn a year ago, and the company reported net income of USD 844.8mn compared to a net loss of USD 208.2mn in 2020. Accordingly, the company reported an EPS of USD 0.1790 per share in 2021 compared to a loss of USD 0.0445 per share. Pacific Basin’s EBITDA margin averaged 11.5% between 2017 and 2020 and thereafter surged to 28.3% in 2021 on the back of the stronger market. It is expected to remain ~27% in 2022 amid firm vessel earnings before normalising in outer years.
Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.
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