A recent report from Bank of America Securities highlights that PACIFIC BASIN (02343) posted a core net profit of $105 million in the first half of 2026, significantly exceeding the firm's forecast of $76 million and the market consensus of $63 million. This outperformance was driven by a daily average charter rate of $15,300, surpassing the bank's estimate of $14,100.

For the third quarter, locked-in daily charter rates are already over $4,000 higher than the same period last year, with the forward curve indicating strong momentum extending into the fourth quarter. The bank now projects full-year earnings per share for PACIFIC BASIN (02343) at HK$0.38, a 70% premium above broader market expectations. The price target has been lifted from HK$3.70 to HK$4.50, and the rating upgraded from "neutral" to "buy."

The bank attributes the positive outlook to moderate supply pressure in dry bulk shipping, along with demand support from geopolitical disruptions and El Niño effects, which have disrupted the Panama Canal and boosted coal trade. Strong dry bulk shipping earnings are expected to persist into next year. Following the better-than-expected first-half results and robust third-quarter charter rates, Bank of America Securities has raised its average earnings per share forecast for PACIFIC BASIN (02343) for 2026 to 2028 by approximately 31%.