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]