GROUP KEY PERFORMANCE INDICATORS

Underlying profit decreased 17% mainly due to i) a 23% decrease in daily charter earnings of our Handysize vessels, offset in part by 11% lower blended daily vessel operating costs, and ii) a strong US$37.7 million contribution from PB Towage.

14.0% remains well below our net gearing limit of no greater than 50%. This is due to our continued substantial cash resources offsetting our gross debt obligations.

Dividend per share was down 50% due to the decrease in profit eligible for dividends, which was impacted by the RoRo impairment and difficult dry bulk market. However, our strong operating cash flow justifies a proposed final dividend above our policy minimum of 50% of attributable profits.