The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Cathy Huang - HSBC - Analyst
: This is Cathy from HSBC. So we would like to check your outlook on the dividend and this is the first question. And the second question is that
Trump announced 10% more tariff on Chinese imports overnight. So can you assess the impact on Pacific Basin's operation?
Question: Sandeep Verma - - Analyst
: Congratulations, Martin, on decent set of numbers. I wanted to understand what percentage of your owned fleet is Chinese-built? And I have a
follow-up after that.
Question: Sandeep Verma - - Analyst
: No, no. So I wanted to understand, in case if it is less than 25%, then would you be using this opportunity to buy some of the Chinese -- I mean,
would you be using this opportunity to kind of contract some of the Chinese shipyards for some of the ships because these may be available at a
bargain price? I'm talking about a scenario if these proposals by USTR goes through. Thank you.
Question: Sandeep Verma - - Analyst
: Understood. Very, very helpful. I'm just thinking of a possibility, I mean, for example, if your company has 20% of its fleet, which is Chinese-built,
then probably you'd like to take it to 25% to take the advantage of probably cheap -- I mean, probably cheaper ships available at Chinese yards
than it would be another -- it would be otherwise. And one clarification I'm looking for, when you say that 25% of your fleet is Chinese-built, you're
talking about your operating fleet or owned ships? Thank You.
Question: Sandeep Verma - - Analyst
: Understood. If I can ask one more follow-up, which is, what is the ratio of Chinese-built ships in your operating fleet? Because if this regulation goes
through, that will be applicable for the operating fleet, not just for the owned ships. And if you have higher proportion of Chinese-built ship, higher
than 25% of your operating fleet is Chinese-built, then you may be looking for, I mean, kind of exiting some of the charters, or chartering more
Japanese-built ships to kind of benefit from this regulation.
Question: Sandeep Verma - - Analyst
: Understood. Thank you so much. One clarification. For this proposed rules, so your company will be falling under Chinese shipping company? I
mean, will it qualify as a Chinese shipping company or non-Chinese shipping company because your incorporation is not in China?
Question: Sandeep Verma - - Analyst
: Understood. Thank you so much.
Question: Cathy Huang - HSBC - Analyst
: Hi, Martin, I have another question. So we noticed that the cover ratio and rates in this year -- in the first quarter of 2025 are lower versus the same
last year. So is it in anticipation of freight rates to improve? How does this position Pacific Basin if there are more headwinds to demand? And as
you mentioned, there will be oversupply?
Question: Cathy Huang - HSBC - Analyst
: Yes, thank you. That's very clear.
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