Core Viewpoint - Pacific Shipping (02343) shows a near 3% increase in stock price, with a current price of HKD 2.54 and a trading volume of HKD 25.52 million, following the release of its Q3 2025 operational data [1] Group 1: Operational Performance - The company's small handy-sized bulk carrier time charter equivalent (TCE) daily net rental decreased by 15% year-on-year to USD 11,680, while the ultra-handy-sized bulk carrier TCE increased by 10% year-on-year to USD 13,410 [1] - For Q4 2025, the company expects the daily net rental for small handy-sized bulk carriers and ultra-handy-sized vessels to improve to USD 12,380 and USD 14,060 respectively, with 72% and 87% of operational days already locked in [1] Group 2: Market Outlook - Daiwa Securities views the increase in port fees in China as a positive factor driving up bulk freight rates and acknowledges the company's proactive approach in dealing with uncertain operational environments [1] - Bank of America Securities notes that the Q3 performance of Pacific Shipping was generally in line with expectations, with slightly weak freight rates, but an improvement in locked freight rates for Q4 [1] - The company is expected to be exempt from paying port fees in the US and China, although regulatory uncertainties remain until further discussions with regulatory bodies are concluded [1] - Bank of America has raised the earnings per share forecast for Pacific Shipping for 2025 to 2027 by an average of 7% to reflect strong performance in the spot market for Q4 [1]

Group 1: Company Performance and Forecast - Daiwa has raised the earnings per share forecast for Pacific Basin Shipping (02343) by 5% to 13% for the next two years, maintaining a "Buy" rating due to low valuation and ongoing share buybacks [1] - The 12-month target price has been increased to HKD 3 from HKD 2.65, based on a price-to-book ratio of 1 times (previously 0.9 times) [1] - In Q3 2025, the average net charter rate for Handysize vessels decreased by 15% year-on-year to USD 11,680 per day, while Supramax vessels saw a 10% increase to USD 13,410 per day [1] Group 2: Market Trends and External Factors - Daiwa views the increase in port fees for US-related vessels announced by China on October 10 as a significant potential impact on the dry bulk market, given that China accounts for 40% of global dry bulk imports in 2024 [2] - The increase in port fees is seen as a positive factor for driving up dry bulk freight rates, and the company acknowledges the proactive measures taken by Pacific Basin Shipping in response to the uncertain operating environment [2]

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 12,380及14,060美元(分别已有72%及87%的营运日被锁定);2025年前九个月次要散货及谷物运输需求改 善，同比分别增长4%及下降9%(对比2025年上半年的同比增长3%及下降13%)。对于2026年，其小灵便 型干散货船及超灵便型船只营运日合约分别只有8%及24%被锁定，相关合约日均净租金为每日9,790及 13,200美元。 大和表示，中国于10月10日宣布对美国相关船只增加港口费用，认为干散货市场将面对来自中国港口费 用增加的最大潜在影响，因为中国于2024年占全球干散货进口40%(受影响船只范围尚未明确，因美国 相关船只定义不明)。总体而言，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。 智通财经APP获悉，大和发布研报称，上调太平洋航运(02343)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)，上调12个月目标价 至3港元，原本目标价为2.65港元。 太平洋航运 ...