Hong Kong-based dry bulk owner Pacific Basin Shipping reported a net profit of $105 million on revenue of $1.11 billion for the six months ended June 30, 2026.
The results compare with a net profit of $25.6 million and revenue of $1.02 billion in the corresponding period of 2025, with the company citing geopolitical disruption that tightened global shipping capacity.
Average daily time charter equivalent earnings for the company's core Handysize and Supramax fleets reached $14,150 and $16,550, respectively, exceeding their market benchmark indices by $1,950 and $2,370 per day.
The core business generated a contribution before overheads of $123.7 million, while operating activities produced an additional margin of $1,060 per day across 12,650 operating days.
Pacific Basin's owned fleet of 106 Handysize, supramax and Ultramax bulk carriers had an estimated market value of $2.07 billion as of June 30, compared with a net book value of $1.56 billion.
The company operated a combined fleet of around 254 owned and chartered vessels during the period, with average daily cash break-even costs remaining below $6,800.
During the first half, the company completed the sale of a 22-year-old supramax bulk carrier and agreed to sell a second vessel, with delivery expected in August.
Pacific Basin also revised its fleet renewal programme by replacing four dual-fuel Ultramax newbuilding orders with four conventionally fuelled, fuel-efficient Ultramax vessels and ordering two additional Handysize newbuildings.
Chief Executive Officer Martin Fruergaard said dry bulk freight markets strengthened during the period as trade inefficiencies tightened vessel availability and lifted freight rates to their highest levels since the second half of 2022.
He added that geopolitical, macroeconomic, regulatory and weather-related developments are expected to keep market conditions volatile, creating both risks and opportunities for the sector.