Business Highlights

Our robust cargo-focused business model, large owned fleet, healthy cash position and competitive cost structure position us well for the future


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%


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


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

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