Pacific Basin Shipping Ltd (02343) saw its stock climb nearly 4% during the morning session, with shares currently trading up 2.76% at HK$3.905, as turnover reached HK$85.61 million. BofA Securities recently issued a research report noting that Pacific Basin's core net profit for the first half of 2026 came in at US$105 million, significantly surpassing the brokerage's forecast of US$76 million and the market consensus of US$63 million.

This strong performance was primarily driven by daily average charter rates reaching US$15,300 during the period, exceeding BofA's estimate of US$14,100. For the third quarter, locked-in daily average charter rates are already more than US$4,000 higher than the same period last year, with the forward curve indicating sustained momentum extending into the fourth quarter. The brokerage now projects Pacific Basin's full-year earnings per share for this year to reach 38 HK cents, which is 70% above the broader market consensus. BofA Securities has raised its price target for the stock from HK$3.7 to HK$4.5 and upgraded its rating from "neutral" to "buy."