Ge Long Hui·2025-10-20 07:24Core Viewpoint - Pacific Shipping reported its operational data for Q3 2025, highlighting a 15% year-on-year decline in daily net charter rates for small handy bulk carriers to $11,680, while ultra handy vessels saw a 10% increase to $13,410 [1] Group 1: Operational Performance - The daily net charter rate (TCE) for small handy bulk carriers decreased by 15% year-on-year to $11,680 [1] - The daily net charter rate for ultra handy vessels increased by 10% year-on-year to $13,410 [1] - For Q4 2025, the company expects the daily net charter rates to rise to $12,380 and $14,060 for small handy and ultra handy vessels respectively, with 72% and 87% of operational days already locked in [1] Group 2: Market Outlook - Increased port fees in China are viewed as a positive factor driving up bulk shipping rates [1] - The company is recognized for its proactive approach in addressing uncertainties in the operational environment [1] Group 3: Financial Projections - The earnings per share forecast for the company has been raised by 5% to 13% for the next two years [1] - The target price has been adjusted from HKD 2.65 to HKD 3 based on a revised price-to-book ratio of 1 times, up from the previous 0.9 times [1] - The "Buy" rating is reaffirmed due to low valuation and ongoing share buybacks [1]