HK Stock Market Move | Pacific Shipping (02343) rises over 3% in the morning, with optimistic operating data performance in the first quarter. Institutions expect freight rates to be slightly higher than long-term curve levels in the second half of the year.

The Pacific Shipping (02343) rose more than 3% in the morning session, rising by 3.34% to HK$3.09 as of the time of writing, with a turnover of HK$16.0138 million. In terms of news, recently, The Pacific Shipping disclosed its operational data for the first quarter of 2026. In the first quarter of 2026, the company's core business recorded average daily revenues of $12,100 and $14,000 for handysize and supramax dry bulk vessels operating on time charter equivalent basis, respectively, representing year-on-year increases of 11% and 14%. The average daily revenues surpassed the BHSI (adjusted) and BSI spot market indices of $1,030 and $2,050 in the same period. For the second quarter of 2026, the company has already locked in daily rates of $14,000 and $17,080 for 70% and 90% of the handysize and supramax dry bulk vessel days, respectively. Bank of America Securities pointed out that The Pacific Shipping's first quarter operational data performed well, and with strong rates locked in for the second quarter, the company's earnings per share forecast for this year has been raised by 24%. The bank believes that The Pacific Shipping's management is optimistic about the outlook for the second half of the year, mainly due to potential shifts from natural gas to coal demand. With the coal substitution effect and the macroeconomic situation still needing further clarification, the current forecast for freight rates in the second half of the year will be slightly above the forward curve level.