智通财经网·2025-09-23 03:48Core Viewpoint - Morgan Stanley initiates coverage on Pacific Basin Shipping (02343) with an "Overweight" rating and a target price of HKD 3.2, citing potential demand recovery by 2026 despite short-term pressure on TCE prices due to U.S. tariffs [1] Company Analysis - The company is positioned defensively in the small vessel segment, benefiting from a diverse cargo mix and flexible port access, which enhances profitability visibility [1] - Fuel cost stability is expected to further improve profit visibility for the company [1] - The company is less affected by disruptions in the Red Sea, with only about 3% of dry bulk passing through the region, significantly lower than the 10% for crude oil and 15% for refined products [1] Industry Insights - The global fleet expansion rate has slowed to approximately 3%, and the aging fleet is leading to an increase in the scrapping of old vessels [1] - The company is viewed more favorably than Cosco Shipping Energy (01138) due to lower exposure to geopolitical risks, stable capital expenditures, and limited exposure to U.S. Section 301 tariff risks [1]