PACIFIC BASIN (02343) shares rose more than 7% during the morning session. At the time of writing, the stock was up 7.14%, trading at HK$3.15, with a turnover of HK$22.964 million.

The company announced that dry bulk freight rates in the first quarter were higher compared to the same period last year. This increase was primarily driven by disruptions to shipping routes and reduced operational efficiency due to geopolitical factors, which boosted demand for tonnage and limited effective supply.

The company's core business reported average daily earnings for Handysize and Supramax dry bulk vessels on a time charter equivalent basis of US$12,100 and US$14,000, respectively. These figures represent year-on-year increases of 11% and 14%. Freight rates in the first quarter of 2026 remained robust and were stronger than the same period last year.