HK Stock Market Move | The Pacific Shipping (02343) rose more than 6% in the morning session, with daily income from core dry bulk cargo ships in the first quarter increasing by more than 10% compared to equivalent benchmark lease contracts.

The Pacific Shipping (02343) rose more than 6% in the morning session, rising 6.48% as of the time of writing to HK$3.13, with a turnover of HK$13.7559 million. On the news front, The Pacific Shipping announced that in the first quarter, the level of dry bulk freight rates increased compared to the same period last year, mainly due to disruptions in routes and operational efficiency caused by geopolitical factors, which increased demand for ton-mile distances and restricted effective supply. The company's core business recorded daily average revenues for Handysize and Supramax dry bulk vessels on time charter equivalent basis at $12,100 and $14,000 respectively, representing an increase of 11% and 14% respectively compared to the previous year. Freight rates in the first quarter of 2026 were stable and stronger than the same period last year.