大和上调太平洋航运今明两年每股盈利预测5%至13%，重申"买入"评级，因估值不高且持续回购股 份；并基于今明两年1倍市净率(原本0.9倍)，12个月目标价从2.65港元上调至3港元。 大和发表研报指，太平洋航运公布2025年第三季营运数据，主要亮点包括：公司的小灵便型干散货船日 均净租金(TCE)按年下降15%至每日11680美元，而超灵便型则按年增长10%，至每日13410美元。 大和看好公司小灵便型干散货船及超灵便型船只，在2025年第四季日均净租金按季度分别提升至每日 12380及14060美元(分别已有72%及87%的营运日被锁定)。另外，大和视中国港口费用增加为推动干散 货运价上升的积极推动因素，并认同公司在应对不确定营运环境的积极主动性。 ...

Core Viewpoint - Bank of America Securities reports that Pacific Shipping's third-quarter performance was generally in line with expectations, with slightly weak freight rates, but an improvement in locked-in freight rates for the fourth quarter [1] Group 1: Financial Performance - The company is expected to be exempt from paying port fees in the US and China, but regulatory uncertainty remains until further discussions with regulatory bodies occur [1] - The average earnings per share forecast for Pacific Shipping from 2025 to 2027 has been raised by 7% to reflect strong performance in the spot market for the fourth quarter of this year [1] Group 2: Ratings and Valuation - The rating remains "Neutral" due to reasonable current valuation levels, despite the target price being raised from HKD 2.4 to HKD 2.75 [1] - The outlook for the dry bulk market in 2026 remains unclear, contributing to the cautious stance on the company's rating [1]

（文章来源：每日经济新闻） 每经AI快讯，太平洋航运(02343.HK)涨超4%，截至发稿，涨4.03%，报2.58港元，成交额2295.66万港 元。 ...

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]

$14,064 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Handysize Market Spot Rates (BHSI) 38k dwt (tonnage adjusted^) US$/day net* 3Q25 Average: $11,602 1%YoY $15,093 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Supramax Market Spot Rates (BSI) 58k dwt US$/day net* 3Q25 Average: $14,345 4%YoY 2023 2024 2025 2025 (FFA) FFA Average* FFA Average* $13,090 $14,140 Data as at 10 October 20 ...

太平洋航运(02343)发布公告，于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%。 于2025年第三季度，集团以具吸引力的价格行使两艘以长期期租合约租入的现有小灵便型干散货船及一 艘以长期期租合约租入但尚未交付的超大灵便型干散货船的购买权。集团亦于本季度获交付两艘在日本 建造并以长期期租合约租入的新建造、64000载重吨超灵便型干散货船。上述货船均在日本建造，并附 带以固定租金及价格延长租赁期及购买的选择权。于2026年，集团可选择行使四艘小灵便型干散货船的 购买选择权，而按当前市场价值计算，这将有助集团以具吸引力的价格更新自有船队。 集团一直在外聘顾问的协助下，检视美国贸易代表署于2025年4月制定并公布的301条款计划，包括附件 一涉及对中国拥有或经营的船隻加征港口费的条款。集团已主动在可控范围内采取措施，务求保护集团 的业务，并确保太平洋航运能继续以具竞争力的价格自由无阻地进出及通过包括中国及美国在内的所有 ...

于2025年第三季度，集团以具吸引力的价格行使两艘以长期期租合约租入的现有小灵便型干散货船及一 艘以长期期租合约租入但尚未交付的超大灵便型干散货船的购买权。集团亦于本季度获交付两艘在日本 建造并以长期期租合约租入的新建造、64000载重吨超灵便型干散货船。上述货船均在日本建造，并附 带以固定租金及价格延长租赁期及购买的选择权。于2026年，集团可选择行使四艘小灵便型干散货船的 购买选择权，而按当前市场价值计算，这将有助集团以具吸引力的价格更新自有船队。 集团一直在外聘顾问的协助下，检视美国贸易代表署于2025年4月制定并公布的301条款计划，包括附件 一涉及对中国拥有或经营的船隻加征港口费的条款。集团已主动在可控范围内采取措施，务求保护集团 的业务，并确保太平洋航运能继续以具竞争力的价格自由无阻地进出及通过包括中国及美国在内的所有 安全港口及国家，以为全球客户提供服务。 太平洋航运(02343)发布公告，于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 ...