OceanPact: Straight from the Call

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

07 August 2026

OceanPact

Straight from the Call

Overweight

OPCT3.SA, OPCT3 BZ

Price (06 Aug 26):R$10.99

Latam Oil, Gas & Petrochemicals

OceanPact just hosted its 2Q26 results conference call. Overall, the tone was

constructive, with management reinforcing improving vessel fundamentals

through higher utilization and day rates, while expecting the CBO transaction to

close soon. For more details on the reported figures, refer to OceanPact: 2Q26

Results: Solid Services and New Contracts at Higher Day Rates Drive Strong

Quarter, as Expected. More details from the call below:

Milene Clifford Carvalho AC

Vessels segment remains on an improving trend, supported by higher

utilization and day rates. Management highlighted that 2Q26 EBITDA

reached a record R$256M (+57.1% q/q), but noted that the quarter benefited

from particularly strong contributions from the Services segment. As a result,

the company indicated that 3Q26 EBITDA could come in below 2Q26 levels

(mainly driven by Services), however with continued improvement in the

Vessels segment, supported by higher utilization rates and the contribution

from new contracts at higher day rates. Looking further ahead, management

expects 4Q26 EBITDA to settle between 2Q26 and 3Q26 levels as vessel

utilization continues to improve.

(55-11) 4950-3888

Banco J.P. Morgan S.A.

Utilization rate guidance of 78% maintained for 2026. Utilization improved

meaningfully to 76% in 2Q26, from 64% in 1Q26, though the quarter was still

impacted by 6 p.p. of vessels without contracts, 7 p.p. of mobilizations, 4 p.p.

of dockings, and 7 p.p. of operational downtime. Looking ahead, management

reiterated a positive utilization trend for the remainder of the year, guiding for

average utilization of 83% in 3Q26 and 90% in 4Q26 as the fleet normalization

process continues.

M&A initiatives remain on track, with CBO merger nearing

closing. Management highlighted that the Brazilian Antitrust Authority

superintendent approved the OceanPact/CBO business combination on July 27

without restrictions. Management recalled that the approval remains subject to

…