Pacific basin (02343) rose by over 3% again, as of the time of publication, it increased by 3.1% to HK$2.33, with a turnover of 49.0794 million Hong Kong dollars.
According to the Securities Times APP, Pacific basin (02343) rose by over 3% again, increasing by 3.1% to HK$2.33 as of the time of publication, with a turnover of 49.0794 million Hong Kong dollars.
On the news front, Pacific basin recently announced that in the third quarter, the company's core business recorded daily average revenues of $13,740 for handysize and $12,220 for supramax dry bulk vessels under on-time charter contracts. This means that the daily average revenues for handysize and supramax dry bulk vessels increased by 35% and 6% respectively year-on-year. Operational activities also made a positive contribution, with profits once again showing quarterly improvement. In the third quarter of 2024, the company's 6,950 operating days recorded a daily average profit of $1,300.
Daiwa's research report pointed out that the investment rating of Pacific basin has been upgraded from "hold" to "outperform the market", with the target price raised from HK$2.25 to HK$2.4. The bank noted that benefited from a strong spot market, operational profits increased by 12% to a daily average of $1,300, surpassing expectations. In the fourth quarter, handysize and supramax accounted for 74% and 84% of operating days, with revenues locked in at $12,570 and $12,190 respectively.