HK Stock Market Move | The Pacific Shipping (02343) rose more than 3% after the performance results, with annual profit attributable to shareholders increasing by 20.4% to 1.32 billion US dollars.

The stock of Pacific Shipping (02343) rose more than 3% after the performance report, with a 2.55% increase to HKD 1.61 at the time of writing, with a trading volume of HKD 37.6251 million. On the news side, on February 28, Pacific Shipping released its annual performance for the year ended December 31, 2024, with a revenue of USD 2.582 billion, an increase of 12.41% year-on-year; a net profit attributable to shareholders of USD 132 million, an increase of 20.4% year-on-year; basic earnings per share of 2.54 cents; and a proposed final dividend of 5.1 HK cents per share. It is reported that the group's core business, with a large scale, contributed USD 178.4 million to the group (excluding management expenses). The daily average income of the group's handy and ultramax bulk carriers under time charter contracts was USD 12,840 and USD 13,630, respectively, compared to a 5% increase and a 1% decrease from 2023, and the daily average index for the handy and ultramax bulk carriers (BHSI 38,000 DWT (adjusted) and BSI 58,000 DWT) was higher by USD 1,720 and USD 710, respectively. This reflects the challenges faced by the group in 2024 in optimizing the configuration of the ultramax bulk carrier fleet and maintaining the excellent performance of the ultramax bulk carriers.