Pacific Basin Shipping Limited

Welcome to today's Pacific Basin 2025 Third Quarter Trading Update Conference Call. I'm pleased to present Chief Executive Officer, Mr. Martin Fregard, and Chief Financial Officer, Mr. Jimmy Ng. For the first part of this call, all participants will be in listen-only mode, and afterwards, there will be a question and answer session. Mr. Fregard, please begin.

Thank you. Yeah, and welcome, ladies and gentlemen. Thank you for attending Pacific Basin's third quarter trading update call. My name is Martin Forber, CEO of Pacific Basin, and I'm joined by our CFO, Jimmy Ng. At this time, we are with you from our office in Singapore. Assuming you have already gone through the presentation, we will highlight the points discussed in it before we proceed to Q&A. I'll first hand over to Jimmy for a quick overview of the third quarter performance and market performance.

Thank you, Martin. Good evening, ladies and gentlemen. I will share with you some observations on the market and a snapshot of our business performance for the third quarter. Please turn to slide three. In the third quarter of 2025, 10-size and Supermax market freight rates showed good upward momentum post-Chinese New Year, especially sharply in the Supermax segment. Market spot rates for head size and supermax vessels averaged about $11,600 and $14,300 net per day, respectively, representing a decrease of 1% and an increase of 4% compared to the same period in 2024. The voting average head size FFA for the remainder of 2025 is $13,019 net per day, and the average Superman FFA rate is $14,140 net per day. Please turn to slide 4. In the first nine months of the year, global mined bulk loadings rose 4% compared to the same period last year, mainly driven by bulk sites, fertilizers, mined oils and concentrates. Chinese steel exports were up 10% year-to-date, as demand from emerging markets remains resilient. Bauxite loadings from Guinea into China continue to be strong. If we exclude bauxite loadings, year-on-year growth of minor bulk would be around 3%. Grain loadings, on the other hand, decreased 9% year-on-year. Grain imports to China dropped by 15% on the back of China's record-high domestic harvest. China has switched soybean sourcing from U.S. towards Brazil, at the same time reducing corn purchases. Even so, U.S. grain exports were up 12% year-on-year as they were biased in the Middle East, North Africa, Southeast Asia, and also Latin America. Next, let me look at coal. Coal earnings reduced 6% year-on-year due to weaker demand from China, South Korea, Taiwan, and India. China's C1 coal imports fell by 15% because of higher stock levels, migration to renewables, as well as overland trade from Mongolia. The drop in imports to North Asia and India was partially offset by increase in coal imports into other emerging Asian countries such as Bangladesh, Vietnam, and Malaysia. Finally, on the rightmost column, iron ore loadings also dropped 3% year-on-year, with bad weather impacting Australian imports in the first quarter, as well as a reduction in exports from India. Although Australia has been trying to catch up with its targets in exports, Australian exports were still down 3% year-on-year. India also saw exports dropping by 27% in the third quarter. Please turn to slide 5. Our core business generated average daily TCE earnings of $11,680 for Hennysides and $13,410 for Supramax in the third quarter, representing a year-on-year decrease of 15% for Hennysides and an increase of 10% for Supramax. When compared to the market, our average daily TCE earnings outperformed the BHSI Hennysides index by $90 per day in the period, but we underperformed the BSI Supermax index by $900 per day. This was mainly because of the strong uptick in market rates in the third quarter, especially in the Supermax sector. We typically underperform in fast-rising trade markets due to the time lag between spot market fixtures and 4-H execution. However, when we compare our year-to-year performance with the market, of wage, our average handy size, and Supermax TCE earnings have outperformed by $1,540 and $1,960 per day, respectively. For a four-quarter of 2025, we are currently covered with 72% and 87% of our committed festival days for our handy size and Supermax cost hint at $12,380. and $14,060 per day respectively. In addition to our core business, our operating activity generates a daily average margin of $750 per day, over 6,870 operating days in the third quarter. Our operating activity complements our core business by matching our customers' sports casuals with shops and chartered vessels, making a margin and contributing positively to our results throughout the cycle. I will now hand you back to Martin for market updates and strategies. Thank you.