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One of the world's largest owner-operators of dry-bulk carriers shipping commodities like grain, coal and minerals.
One of the world's largest owner-operators of dry-bulk carriers shipping commodities like grain, coal and minerals.
Earns freight and charter hire by carrying bulk cargoes such as grain, coal and minerals, partly under contracts to carry agreed volumes over time and partly on the spot market, so income swings with freight rates. It mixes ships it owns with ships hired from other owners, which lets it adjust capacity without buying more vessels.
In one line: A leading global dry-bulk shipping operator.
Moat: narrow (scale, installed base). One of the largest, most efficient minor-bulk fleets globally, though dry-bulk freight remains a commoditized, cyclical market.
Headquarters: Hong Kong · Founded: 1987 · Employees: 4,712
Size Pacific Basin Shipping (2343.HK) is a Hong Kong Industrials company (Marine Shipping) with a market value of $2.22B, the 395th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$3.45 on 6 Nov 2026.
Performance Over six months the shares gained 6.5%, against +2.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 6.2% over the last twelve months (peer median +10.9%); the operating margin is 6.3% (peer median 25.1%).
Valuation It trades at 9.0× forward earnings against a peer median of 8.0× (7th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.1 points below its cost of capital (9.4% WACC).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$16.9B | HK$16.2B | HK$20.1B | HK$18.0B | HK$25.7B |
| Revenue growth | — | -19% | +12% | -30% | — |
| Gross profit | HK$1.11B | HK$636M | HK$996M | HK$974M | HK$5.53B |
| EBITDA | HK$2.57B | HK$2.07B | HK$2.59B | HK$2.63B | HK$6.99B |
| Net income | HK$1.08B | HK$454M | HK$1.03B | HK$856M | HK$5.50B |
| Free cash flow | HK$1.18B | HK$1.15B | HK$1.39B | HK$762M | HK$6.60B |
| Capital expenditure | HK$1.04B | HK$908M | HK$1.00B | HK$1.97B | HK$663M |
| Total debt | n/a | HK$1.79B | HK$2.67B | HK$2.86B | HK$3.68B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Pacific Basin Shipping 2343.HK | $2.22B | +6% | -6% | 6% | 9.0× | 7.9% |
| Star Bulk Carriers SBLK | $2.99B | 0% | +6% | 28% | 5.7× | -0.1% |
| Genco Shipping & Trading GNK | $1.13B | 0% | +26% | 17% | 10.2× | n/a |
| Safe Bulkers SB | $809M | +1% | +11% | 33% | 9.4× | 3.6% |
| Diana Shipping DSX | n/a | -14% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2343.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.5% | -8.8% | 8th lowest of 21 |
| 6-month return | +6.5% | +2.9% | 8th highest of 21 |
| Distance from 52-week high | -22.5% | -17.1% | 6th lowest of 21 |
| Revenue growth (TTM) | -6.2% | +10.9% | 3rd lowest of 20 |
| Operating margin | 6.3% | 25.1% | 2nd lowest of 21 |
| Forward P/E | 9.0× | 8.0× | 7th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 7.9% | -3.5% | 4th most demanding of 17 |
| Growth delivered (Del g) | +7.3% | +10.1% | 4th lowest of 17 |
| Hurdle (Req g minus delivered) | +0.6 pp | -14.8 pp | 3rd most demanding of 17 |
| ROIC minus cost of capital | -3.1 pp | +1.8 pp | 3rd lowest of 21 |
| EV / EBITDA | 6.6× | 6.4× | 8th cheapest of 15 |
| Net debt / EBITDA | -0.2× | 1.5× | 5th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pacific Basin Shipping 2343.HK | Hong Kong | $2.22B | +6% | -6% | 6% | 9.0× | 7.9% | +7.3% |
| Great Eastern Shipping GESHIP.NS | India | $2.16B | -8% | +24% | 42% | 5.1× | 8.2% | +10.1% |
| Wisdom Marine Lines 2637.TW | Taiwan | $2.13B | +28% | +10% | 33% | 9.1× | -1.8% | +7.2% |
| Navios Maritime Partners LP NMM | United States | $2.42B | +14% | +19% | 39% | 3.9× | n/a | n/a |
| T.S. Lines 2510.HK | Hong Kong | $2.48B | +38% | -4% | 19% | 5.8× | -6.9% | +9.8% |
| Nanjing Tanker 601975.SS | China | $2.50B | -21% | +12% | 26% | 9.0× | -8.4% | +7.6% |
| Capital Tankers CAPT.OL | Norway | $2.57B | +45% | n/a | 37% | 7.3× | n/a | n/a |
| PanOcean 028670.KS | South Korea | $1.91B | -12% | +24% | 9% | 5.0× | n/a | n/a |
| Clarkson CKN.L | United Kingdom | $1.90B | -5% | +15% | 14% | 13.9× | 5.2% | +12.0% |
| Sumitomo Warehouse 9303.T | Japan | $1.87B | +4% | +2% | 6% | 16.3× | 11.3% | +0.4% |
| CSSC (Hong Kong) Shipping 3877.HK | Hong Kong | $1.85B | -4% | -10% | 60% | 7.2× | -3.2% | +14.9% |
| Danaos DAC | United States | $2.70B | +10% | +2% | 48% | 5.3× | -8.7% | +17.7% |
| Stolt-Nielsen SNI.OL | Norway | $1.82B | +4% | -5% | 11% | 8.8× | -4.5% | +9.5% |
| Shanghai Jinjiang Shipping (Group) 601083.SS | China | $2.75B | +17% | +11% | 24% | 11.3× | -18.7% | +15.2% |
| U-Ming Marine Transport 2606.TW | Taiwan | $1.70B | +6% | +13% | 29% | 8.7× | -3.8% | +12.8% |
| Shenzhen Yan Tian Port 000088.SZ | China | $2.97B | +2% | +19% | 12% | 16.5× | 21.8% | +10.1% |
| Star Bulk Carriers SBLK | United States | $2.99B | 0% | +6% | 28% | 5.7× | -0.1% | +8.5% |
| Ningbo Ocean Shipping 601022.SS | China | $1.58B | -7% | +13% | 11% | n/a | n/a | n/a |
| NS United Kaiun Kaisha,Ltd 9110.T | Japan | $1.58B | +39% | +11% | 11% | n/a | -5.0% | +10.7% |
| Costamare CMRE | United States | $1.54B | -28% | -42% | 44% | 5.2× | -6.9% | +13.0% |
| MITSUI-SOKO 9302.T | Japan | $1.52B | -22% | +6% | 7% | 17.8× | -1.6% | +3.4% |