Our robust cargo-focused business model, large owned fleet, healthy cash position and competitive cost structure position us well for the future
GROUP
We recorded significantly stronger results in 2018 due to better dry bulk market conditions and initiatives we took to position ourselves for a recovery
We booked an EBITDA of
US$216 million and net profit of
US$72 million
The Board recommends a final
dividend per share of
HK3.7 cents
giving full-year dividends of
HK6.2 cents
Our Handysize and Supramax
TCE earnings outperformed
the market indices by
22% and 12%
We closed revolving credit
and term loan facilities
amounting to
US$365 million
Our year-end cash position was
US$342 million
with net gearing of 34%
FLEET
We acquired seven modern vessels including four funded 50% by issuing shares, and have sold one older vessel
We currently own 111 ships and, including chartered vessels, we typically operate over 200 ships overall
We have covered 44% and 63% of our Handysize and Supramax revenue days for 2019 at US$9,370 and US$10,570 per day net respectively
Our blended Handysize and Supramax vessel operating expenses averaged US$3,850 per day and we maintain a competitive cost structure overall, primarily through scale benefits and good cost control
OUTLOOK
The US-China trade conflict has undermined dry bulk sentiment and compounded the seasonal market weakness in early 2019
However, the seasonal recovery is now underway and global dry bulk trade is expected to continue to grow in 2019, though at a slower pace
We expect to see increased volatility in 2019 influenced by uncertainty about the trade conflict, but also by environmental regulations contributing to tighter supply
We see upside in secondhand vessel values and continue to look opportunistically at attractive secondhand ship acquisitions