Pacific Basin Shipping Limited reported unaudited consolidated earnings results for the six months ended June 30, 2018. For the period, the company reported revenue of USD 795.6 million against USD 702.9 million a year ago. Underlying profit was USD 28.0 million against underlying loss of USD 6.7 million a year ago. Profit attributable to shareholders was USD 30.8 million or 0.70 cents per basic and diluted share against loss attributable to shareholders of USD 12.0 million or 0.30 cents per basic and diluted share a year ago. EBITDA was USD 99.3 million against USD 56.6 million a year ago. Return on average equity employed was 3% compared to negative return on average equity employed of 1% a year ago. Finance income was USD 1.218 million against USD 1.645 million a year ago. Profit before taxation was USD 31.308 million against loss before taxation of USD 12.528 million a year ago. Operating cash inflow further improved to USD 72 million, as compared with USD 48 million in the first half of 2017. Net borrowings were USD 657.1 million. CapEx of USD 78 million during the period included cash payments for the 5 vessel acquisitions.

The company has further CapEx commitments in the second half of 2018 of USD 36 million of which USD 22.5 million will be paid in shares and USD 13.5 million in cash.

In 2019, the company has CapEx commitments of USD 14 million will be settled fully with shares.