此外，华泰证券表示，针对10月14日生效的中美互征港口费的规定，管理层表示，截至目前，公司未有 25%或以上股权由美国或中国实体或个人直接或间接持有，因为管理层认为中美港口费规定均不适用于 太平洋航运，公司经营情况正常。展望4Q，该行认为中美贸易摩擦及港口费或将影响全球船舶运力部 署和港口挂靠，造成供应链扰动，推升市场运价。预计公司4Q日均收入环比将进一步上涨，维持"买 入"。 消息面上，太平洋航运近日公告，2025年第三季度，集团的核心业务取得小灵便型及超灵便型干散货船 按期租合约对等基准的日均收入分别为11680美元及13410美元，其按年变动分别为减少15%及增加 10%，与上半年的按期租合约对等基准日均收入相比则分别为增加6%及增加10%。汇丰环球研究指，公 司在即期费率上涨时通常落后，基于租船合约与航程执行滞后效应。该行曾对潜在产能过剩持谨慎态 度，但即期费率因小型散货贸易韧性反弹，该贸易在今年首三季按年升4%。供应中断及船速减缓进一 步抵销船队增长影响。公司第四季更高的合约覆盖率，意味下半年盈利将强于上半年。 太平洋航运(02343)涨超4%，截至发稿，涨4.03%，报2.58港元，成交额2295 ...

此外，华泰证券表示，针对10月14日生效的中美互征港口费的规定，管理层表示，截至目前，公司未有 25%或以上股权由美国或中国实体或个人直接或间接持有，因为管理层认为中美港口费规定均不适用于 太平洋航运，公司经营情况正常。展望4Q，该行认为中美贸易摩擦及港口费或将影响全球船舶运力部 署和港口挂靠，造成供应链扰动，推升市场运价。预计公司4Q日均收入环比将进一步上涨，维持"买 入"。 智通财经APP获悉，太平洋航运(02343)涨超4%，截至发稿，涨4.03%，报2.58港元，成交额2295.66万港 元。 消息面上，太平洋航运近日公告，2025年第三季度，集团的核心业务取得小灵便型及超灵便型干散货船 按期租合约对等基准的日均收入分别为11680美元及13410美元，其按年变动分别为减少15%及增加 10%，与上半年的按期租合约对等基准日均收入相比则分别为增加6%及增加10%。汇丰环球研究指，公 司在即期费率上涨时通常落后，基于租船合约与航程执行滞后效应。该行曾对潜在产能过剩持谨慎态 度，但即期费率因小型散货贸易韧性反弹，该贸易在今年首三季按年升4%。供应中断及船速减缓进一 步抵销船队增长影响。公司第四季更高的合约 ...

Core Viewpoint - The Pacific Shipping has announced measures in response to the U.S. Trade Representative's (USTR) 301 investigation, which will impose port fees on Chinese-owned or operated vessels starting October 14, 2025. The company believes these fees will not apply to its operations and has taken steps to mitigate their impact [3][5]. Group 1: Regulatory Response - The USTR will impose port fees on Chinese maritime, logistics, and shipbuilding industries starting October 14, 2025 [3]. - The Chinese Ministry of Transport has announced a "special port fee" for U.S. vessels effective the same date [3]. - Pacific Shipping has proactively taken measures to reduce the impact of the USTR 301 port fees and has sought clarifications from U.S. and Chinese authorities regarding its vessels [3][5]. Group 2: Structural Changes - To mitigate the USTR 301 port fees, Pacific Shipping is implementing structural changes, including expanding its Singapore company structure and transitioning half of its owned vessels to Singapore-flagged ships [5]. - The company has completed the flag change for several vessels and will deploy only Singapore-flagged vessels for calls at U.S. ports during the fee's enforcement period [5]. - The strategic leadership and technical management of the Singapore-flagged fleet will be handled by the Singapore team, while maintaining a decentralized operational management structure globally [5]. Group 3: Financial Performance - In Q3 2025, the average net charter rate for the company's flexible vessels was $11,680, a decrease of 15% year-on-year, while the average rate for super-flexible vessels was $13,410, an increase of 10% year-on-year [7]. - The owned fleet, primarily fixed-cost, remains a key driver of profit growth, with cash break-even levels for flexible and super-flexible fleets at approximately $7,210 and $6,540, respectively [9]. - For Q4 2025, the company has locked in 72% and 87% of its operational day revenue for flexible and super-flexible fleets at average rates of $12,380 and $14,060, respectively [9]. - For 2026, 8% and 24% of operational day revenue for flexible and super-flexible fleets have been locked in at average rates of $9,790 and $13,200, respectively [9]. - The company's OP business performed well, achieving an average profit of $750 per operational day over 6,830 operational days in Q3 [9]. Group 4: Fleet Overview - Currently, Pacific Shipping operates 120 flexible and super-flexible vessels, controlling approximately 259 vessels on average, including leased ships [10].

Financial Data and Key Metrics Changes - In Q3 2025, the average market spot rates for Handysize and Supramax vessels were approximately $11,600 and $14,300 net per day, reflecting a decrease of 1% and an increase of 4% respectively compared to the same period in 2024 [5] - The average TCE earnings for Handysize and Supramax vessels were $11,680 and $13,410, representing a year-on-year decrease of 15% for Handysize and an increase of 10% for Supramax [8] - The company has utilized approximately $26 million of its announced $40 million share buyback program, completing about 65% of the targeted buyback [20] Business Line Data and Key Metrics Changes - The core business generated average TCE earnings of $11,680 for Handysize and $13,410 for Supramax in Q3 2025, with performance against market indices showing a $90 per day outperformance for Handysize but a $100 per day underperformance for Supramax [8][9] - Operating activities generated a daily average margin of $750 over 6,830 operating days in Q3 [10] Market Data and Key Metrics Changes - Global mined bulk loadings rose 4% year-on-year, driven by bauxite, fertilizers, and mined ores, while grain loadings decreased by 9% [5][6] - Coal earnings reduced by 6% year-on-year due to weaker demand from major markets, with China’s coal imports falling by 15% [7] - The combined global fleet of Handysize and Supramax vessels is estimated to grow by 4.3% in 2025, with newbuilding deliveries accounting for 4.4% of this growth [13] Company Strategy and Development Direction - The company aims to strategically renew and grow its fleet, maintaining fixed price purchase options on 13 long-term chartered vessels and planning to take delivery of newbuildings in 2026 [15] - The focus remains on expanding growth optionality while managing fleet renewal in a disciplined manner [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk market, anticipating steady minor bulk demand growth and potential supply disruptions that could support tighter freight market conditions [21] - The company is prepared for ongoing macroeconomic and industry uncertainties, leveraging its financial strength and agile business model to navigate challenges [21] Other Important Information - The company has taken proactive steps to comply with new port tariffs, including transferring vessels to Singapore ownership to mitigate potential impacts [16][18] - The company does not believe it is subject to special tariffs under U.S. and Chinese regulations, as it maintains a diverse shareholder base [17][18] Q&A Session Summary Question: Can you elaborate on congestion and disruptions related to port tariffs? - Management noted that while there are concerns about congestion, the market has improved since summer, and strategic leadership has shifted to Singapore to align with regulatory definitions [28][29] Question: What is the expectation from the ongoing IMO meeting regarding supply dynamics? - Management expressed hope for regulations on decarbonization, which could positively impact the business and support new building initiatives [33] Question: How is the company managing disruptions from new port fees? - Management acknowledged that disruptions create inefficiencies, which could positively impact the market in the short term, while emphasizing the need for clarity on regulations [39][84] Question: What is the outlook for the spot market and outperformance in Q4? - Management indicated a positive outlook for the market, driven by demand growth and seasonal factors, while acknowledging the typical lag in performance during rising markets [56][58] Question: What are the CapEx plans and new building market expectations? - Management outlined a cautious approach to CapEx, focusing on share buybacks and monitoring the secondhand market, while noting that newbuilding orders remain low due to market uncertainties [72][76]

Market Overview - Handysize市场现货价格在2025年第三季度平均为每天11602美元，同比增长1%[4] - Supramax市场现货价格在2025年第三季度平均为每天14345美元，同比增长4%[4] - 2025年小宗散货贸易量预计增长2.7%，2026年预计增长1.8%[30] - 中国海运干散货进口量在25年第一季度急剧放缓，但随着年份的推移，损失有所缩小[63] - 2025年9个月，中国铁矿石、谷物和煤炭进口量同比分别下降4%、26%和16%[63] Fleet and Operations - 截至2025年9月30日，核心船队包括121艘Handysize和Supramax船舶[43] - 截至2025年10月中旬，Handysize和Supramax船队中超过20年的船舶分别占现有船队的14%和12.9%[54] - 2025年第四季度，72%的Handysize船舶日已覆盖，价格为每天12380美元，87%的Supramax船舶日已覆盖，价格为每天14060美元[123] - 2026年全年，8%的Handysize船舶日已签约，净价为每天9790美元，24%的Supramax船舶日已签约，净价为每天13200美元[123] Financial Performance - 2025年上半年，EBITDA为1.215亿美元，基本利润为2190万美元，净利润为2560万美元[97] - 截至2025年6月30日，净现金为6640万美元，可用承诺流动性为5.499亿美元[97] - 董事会已宣布中期股息为每股1.6港仙，相当于1040万美元，占该期间净利润的50%[99] - 2025年上半年，以平均每股1.76港元的价格回购并注销了9300万股股票，总代价为2100万美元[104]

Group 1 - The core business of Pacific Shipping (02343) achieved average daily charter rates for small and ultra-small bulk carriers of $11,680 and $13,410 respectively in Q3 2025, representing a year-on-year decrease of 15% and an increase of 10%, while compared to the first half of the year, there was an increase of 6% and 10% respectively [1] - In Q3 2025, the spot market average daily charter rates for small (BHSI 38,000 dwt) and ultra-small (BSI 58,000 dwt) bulk carriers were $11,590 and $14,310 respectively, with a year-on-year change of -1% and +4%, and a significant increase of 33% and 64% compared to the first half of 2025 [1] Group 2 - The company exercised purchase options for two existing small bulk carriers and one yet-to-be-delivered ultra-large bulk carrier under long-term charter agreements at attractive prices in Q3 2025 [2] - The company received delivery of two newly built 64,000 dwt ultra-small bulk carriers constructed in Japan under long-term charter agreements, which include options for fixed rent and price extensions [2] - The company is reviewing the 301 tariff plan announced by the U.S. Trade Representative in April 2025, taking proactive measures to protect its business and ensure competitive pricing and access to ports in China and the U.S. for global customers [2]

Group 1 - The core business of the company achieved average daily charter rates for small and ultra-small bulk carriers of $11,680 and $13,410 respectively in Q3 2025, representing a year-on-year change of -15% and +10%, and an increase of 6% and 10% compared to the first half of the year [1] - The spot market average daily charter rates for small (BHSI 38,000 dwt) and ultra-small (BSI 58,000 dwt) bulk carriers were $11,590 and $14,310 respectively in Q3 2025, with a year-on-year change of -1% and +4%, and a significant increase of 33% and 64% compared to the first half of 2025 [1] Group 2 - The company exercised purchase options for two existing small bulk carriers and one yet-to-be-delivered ultra-large bulk carrier under long-term charter agreements at attractive prices in Q3 2025 [2] - The company received delivery of two newly built 64,000 dwt ultra-small bulk carriers constructed in Japan under long-term charter agreements, which include options for fixed rent and price extensions [2] - The company is reviewing the 301 tariff plan announced by the U.S. Trade Representative in April 2025, taking proactive measures to protect its business and ensure competitive pricing and access to ports in China and the U.S. for global customers [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 股東及投資者務請注意，此份季度交易活動公告，乃根據本集團的內部記錄及管理賬目編製，並未獲外聘核數師審閱 或審核。本公司謹此提醒股東及投資者，不應過份依賴本交易活動公告，並務請彼等於買賣本公司股份時審慎行事。 * 2025年第三季度交易活動公告 乾散貨運市場回暖，且本公司於2025年第三季度的貨船按期租合約對等基準收入提升，原因是各種干擾及效率下降， 結合本已平淡的需求，致使市況更加緊縮。 美國貿易代表署（「USTR」）依據301條款而對中國貨船的船東及營運商加徵額外的港口費規定已於2025年10月14日 生效，對此，於2025年10月10日，中國交通運輸部宣布於2025年10月14日開始對美國貨船船東及營運商徵收特別港 務費。誠如第4頁所述，我們已主動在所有可控範圍內採取措施，務求減低USTR的301條款對我們貨船的約束，而根 據向香港聯合交易所有限公司（「聯交所」）提交的公開的股權披露通知，我們不認為本公 ...

太平洋航运(02343)发布公告，(1)Kristian Helt先生已获委任为公司执行董事;及(2)张日奇先生已辞任公司 非执行董事。两项变动均自2025年10月13日起生效。 ...

Group 1 - The company announced the appointment of Mr. Kristian Helt as an executive director [1] - Mr. Zhang Riqi has resigned from his position as a non-executive director [1] - Both changes will take effect on October 13, 2025 [1]