Pacific Basin (02343) surged more than 9% during the morning session, reaching a high of HKD 2.96 and marking its highest level since April 2023. At the time of writing, the stock was up 9.26%, trading at HKD 2.95 with a turnover of HKD 101 million.

The Baltic Dry Index (BDI) climbed to a two-week high on Wednesday, buoyed by a collective rebound in freight rates across all vessel segments. The index rose by 74 points, or 4.3%, to reach 1803 points, its highest level since January 6th.

China Merchants Securities previously noted that for dry bulk shipping, looking ahead to 2026, with the expected Federal Reserve interest rate cuts and the production ramp-up at the Simandou iron ore project, the freight rate benchmarks for the Capesize and Handysize markets are anticipated to rise, with a probability of another spike in rates during the peak season.