08:58     PACIFIC BASIN<02343> - Results Announcement (1)                     

    Pacific Basin Shipping Limited announced on 01/03/2005:                   
    (stock code: 02343 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: USD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 234,266            54,188            
    Profit/(Loss) from Operations      : 111,718            27,507            
    Finance cost                       : (10,215)           (4,821)           
    Share of Profit/(Loss) of                                                 
      Associates                       : (10)               0                 
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : 2,504              0                 
    Profit/(Loss) after Tax & MI       : 103,512            22,686            
    % Change over Last Period          : +356.3    %                          
    EPS/(LPS)-Basic (in dollars)       : 0.0959             0.0285            
             -Diluted (in dollars)     : 0.0955             N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 103,512            22,686            
    Final Dividend                     : US$0.02            N/A               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
    B/C Dates for                                                             
      Final Dividend                   : 27/04/2005         to 29/04/2005 bdi.
    Payable Date                       : 06/05/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 27/04/2005         to 29/04/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    1       Reorganisation and basis of preparation                           
                                                                              
    The Company was incorporated in Bermuda on 10 March 2004 as an exempted   
    company with limited liability under the Companies Act 1981 of Bermuda.   
                                                                              
    Pursuant to the transfer of PB Vessels Holding Limited and all its        
    subsidiaries into the Company through an exchange of shares (the "Exchange
    of Shares"), as detailed in the prospectus of the Company dated 30 June   
    2004 (the "Prospectus"), which was completed on 30 March 2004, the Company
    became the holding company of those companies.                            
                                                                              
    The Exchange of Shares is accounted for using merger accounting as        
    permitted by the Hong Kong Statement of Standard Accounting Practice ("   
    SSAP") No. 27 "Accounting for group reconstructions" issued by the Hong   
    Kong Institute of Certified Public Accountants ("HKICPA").  The accounts  
    of the Group for the year ended 31 December 2004, including comparative   
    figures, are prepared as if the Company had been the holding company of   
    the Group from the beginning of the earliest period presented.            
                                                                              
    Subsequent to the Exchange of Shares, the Company entered into further    
    transactions (the "Further Acquisitions") to complete the group           
    reorganisation (the "Reorganisation") in preparation for the Listing of   
    the shares of the Company.  These transactions comprise primarily         
    acquisitions of interests in certain vessel holding companies and ship    
    management companies as set out in the Prospectus.  The results of these  
    companies are included in the consolidated profit and loss account from   
    the effective date of acquisition, 31 March 2004.                         
                                                                              
    The shares of the Company were listed on the Main Board of the Stock      
    Exchange of Hong Kong Limited (the "Stock Exchange") on 14 July 2004 (the 
    "Listing Date").                                                          
                                                                              
    The accounts have been prepared under the historical cost convention, in  
    accordance with accounting principles generally accepted in Hong Kong, and
    comply with accounting standards issued by the HKICPA.