Pacific Basin announces buyback, dividend amid stable earnings

Pacific Basin Shipping (HKEX: 2343) announced a new share buyback program and final dividend alongside its 2024 annual results. The company intends to repurchase up to US$40 million of its shares between March 3 and December 31, 2025, and recommends a final dividend of HK5.1 cents per share, bringing the total dividend for the year to HK9.2 cents per share, or approximately 50% of net profits. This distribution follows a year in which Pacific Basin generated an underlying profit of US$114.1 million, net profit of US$131.7 million, and EBITDA of US$333.4 million. Despite these solid results, the company noted that geopolitical and climate-related events flattened the usual seasonal volatility of the dry bulk market. Pacific Basin expects shipping market volatility to return in 2025.