The Zhitong Finance App learned that Pacific Shipping (02343) is now down more than 4%. As of press release, it is down 4.17% to HK$2.76, with a turnover of HK$23.22,600.
SDIC Anxin Futures pointed out that in the past two weeks, due to the impact of European holidays, the pace of shippers' bookings has slowed down. Coupled with the gradual accumulation of capacity from previous ballast shipments, BDI freight rates have been pressured downward. In the Pacific market, demand led to a simultaneous recovery in freight rates after Labor Day, but the rise in freight rates also suppressed the willingness of shippers to book ships to a certain extent, compounding the weak drag of the Atlantic market. Therefore, although demand continues to be released steadily, the upward momentum of freight rates is limited.
HSBC released a research report saying that the rating of Pacific Shipping was lowered to “reduced holdings”, and the target price was also lowered to HK$2.55. The rise in BDI driven by the Cape of Good Hope shipping rates will slow down. There is a difference between the stock price in 2021 due to the increase in freight rates for lightweight extreme and lightweight vessels. The bank believes that limited room for upward shipping rates, the risk of declining demand and increased ship supply will lay the groundwork for the risk that profits fall short of expectations and downside in performance forecasts for the first half of the year.