Pacific Basin (02343) surged nearly 4% before the midday break, trading up 3.68% at HK$3.94 with turnover reaching HK$78.2854 million as of press time. The recent release of the company's interim results triggered the rally. Bank of America Securities highlighted that Pacific Basin's core net profit of US$105 million for the first half of 2026 significantly surpassed the bank's forecast of US$76 million and market consensus of US$63 million. This was primarily driven by an average daily charter rate of US$15,300 during the period, exceeding the bank's estimate of US$14,100.

Locked-in average daily charter rates for the third quarter are over US$4,000 higher than the same period last year, with the forward curve indicating strong momentum extending into the fourth quarter. The bank now expects Pacific Basin's full-year earnings per share for this year to reach 38 HK cents, which is 70% above market consensus. Bank of America Securities noted that dry bulk supply pressure remains relatively mild, while geopolitical disruptions and the impact of El Ni帽o have caused blockages in the Panama Canal and increased coal trade, supporting demand. The firm anticipates robust dry bulk shipping earnings will continue into next year. In response to the better-than-expected first-half results and strong locked-in Q3 charter rates, the bank has raised its average earnings per share forecasts for Pacific Basin for 2026 to 2028 by approximately 31%.