这两种船型灵活多变、可自行装卸货物(拥有起重机)以便用于全球许多受浅水、水闸、狭窄的航道及河 湾限制的港口。此外，公司在全球设立14个办事处来更好地满足客户需求，整合航程的三角点范围(如 优化顺逆航程组合)，发挥网络效应，进而实现了超过90%的高装载率以及持续跑赢市场的等价期租租 金。 小宗散运市场保持韧性，降息与大船联动或继续推动行业复苏 1、需求端：粮食及小宗散货运需中长期较为稳定，短期粮食增长亮眼。受益于中美大豆贸易恢复，克 拉克森预计26年粮食海运量增速为4.4%、吨海里增速为7.2%;26年小宗散货吨海里需求增速为2.0%，好 于铁矿石与煤炭需求增速。 智通财经APP获悉，华创证券发布研报称，首次覆盖，给予太平洋航运(02343)"推荐"评级。太平洋航运 是经营稳健、穿越周期的小宗散运龙头船东，有望受益于行业持续复苏。预计公司2025~2027年归母净 利润分别为0.98、1.6、2.2亿美元，增速分别为-25%、+59%、+39%。考虑到未来小宗散运市场稳健中 仍有向上潜力，公司重置价值或将上升至24.5亿美元，P/NAV为0.84，按照1倍P/NAV给予公司目标市值 区间171亿人民币/191亿 ...

Core Viewpoint - Pacific Shipping (02343) has shown a nearly 3% increase in stock price, attributed to the release of its operational data for Q3 2025, which highlights both challenges and opportunities in the dry bulk shipping market [1] Group 1: Operational Performance - The average time charter equivalent (TCE) for small handy bulk carriers decreased by 15% year-on-year to $11,680 per day, while the TCE for ultra handy bulk carriers increased by 10% to $13,410 per day [1] - For Q4 2025, the company expects TCE for small handy bulk carriers and ultra handy bulk carriers to rise to $12,380 and $14,060 per day, 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 for driving up dry bulk freight rates and acknowledges the company's proactive approach in navigating uncertain operational environments [1] - Bank of America noted that the Q3 performance was generally in line with expectations, with slightly weak freight rates, but improvements in locked-in rates for Q4 are anticipated [1] Group 3: Regulatory Environment - The company is expected to be exempt from paying port fees in the U.S. and China; however, Bank of America highlighted ongoing uncertainties in the regulatory environment that need further clarification through discussions with regulatory bodies [1] - Bank of America has raised its 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]

Core Viewpoint - Pacific Shipping (02343) has shown a nearly 3% increase in stock price, reflecting positive operational data for Q3 2025, despite some challenges in freight rates [1] Group 1: Operational Highlights - The average time charter equivalent (TCE) for small handy bulk carriers decreased by 15% year-on-year to $11,680 per day, while the TCE for super handy vessels increased by 10% to $13,410 per day [1] - For Q4 2025, the company expects TCE for small handy bulk carriers and super handy vessels to rise to $12,380 and $14,060 per day, respectively, with 72% and 87% of operational days already locked in [1] Group 2: Market and Regulatory Insights - Increased port fees in China are viewed as a positive factor for driving up dry bulk freight rates, and the company is recognized for its proactive approach in navigating uncertain operational environments [1] - Bank of America noted that while Q3 performance was generally in line with expectations, freight rates were slightly weak, but improvements in locked-in rates for Q4 are anticipated [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]