HK Stock Market Move | The Pacific Shipping (02343) rose by over 4%, with the Baltic Dry Index hitting a two-year high.

The Pacific Shipping (02343) rose more than 4%, as of the time of writing, it increased by 4.01%, reaching HK$3.37, with a turnover of HK$52.69 million. On the news front, on May 7th, the Baltic Dry Index reported 3034 points, reaching a new high since December 5, 2023, with an increase of 1.44% from the previous value and rising for the fifth consecutive day. Industry analysts pointed out that the Baltic Dry Freight Index hit a new high in over two years, the core reason being the strong demand for various types of vessels. On the demand side, strong demand for core bulk cargo such as iron ore and coal supported the rise in shipping rates for various types of vessels. Bank of America Securities previously pointed out that the operational data of The Pacific Shipping in the first quarter was optimistic, and with strong rates locked in for the second quarter, the company's EPS forecast for this year was raised by 24%. The report mentioned that The Pacific Shipping management is optimistic about the outlook for the second half of the year, mainly due to the potential shift in demand from natural gas to coal.