Pacific Shipping (02343) rose by nearly 7%. As of press time, it rose 6.9% to HK$2.79, with a turnover of HK$70.91 million.
The Zhitong Finance App learned that Pacific Shipping (02343) rose by nearly 7% and rose 6.9% at press time to HK$2.79, with a turnover of HK$70.91 million.
CICC said that the core business of 1Q24 achieved TCE freight rates of 11,050 US dollars/day and 13,610 US dollars/day, respectively, with year-on-year declines of -18%/day, exceeding the market spot index of 540 US dollars/day and 1,300 US dollars/day respectively, mainly benefiting from the company's flexible business strategy and fleet structure with a high proportion of ships equipped with desulfurization towers. Among them, the installation of desulfurization towers contributed 30 US dollars/day and 940 US dollars/day of excess revenue for the company's Xiaoling Express and Super Easy boats, respectively.
Furthermore, the bank believes that due to restrictions on traffic in the Red Sea and the Panama Canal, the effective capacity of dry bulk carriers declined, compounded by improvements in global economic activity in 2024. BSI was +25.6% year to date, and BHSI was +22.7% year over year. The bank believes that traffic restrictions in the Red Sea and Panama will continue until the second half of 2024, thus providing support for dry bulk freight prices. Considering that the dry bulk transportation market cycle is expected to improve, the company's profit in 2025 was raised by 38% to US$350 million, keeping the profit unchanged in 2024, and the target price was raised by 10.5% to HK$3.15.