智通财经APP获悉，摩根大通发布研报称，首次覆盖太平洋航运(02343)，予“增持”评级，目标价3.2港元。 该行认为，美关税推动提前出货，虽然会令今年下半年的TCE价格承压，但随着补库存周期重启，和建筑业带动小宗散货需求反弹，2026年需求有望复苏。 另外，运力增长有所放缓，全球船队扩张速度减慢至约3%，而且船龄老化令拆解旧船量增加。
该行又认为，集团在小型船只领域的定位具防御性，因其货种丰富，可抵达的港口和航程均具灵活性，而且燃油成本稳定可提升盈利能见度。加上散货航运受红海干扰影响最轻，2024年前仅约3%干散货经过该区域，远低于原油的10%与成品油的15%，而霍尔木兹海峡风险主要涉及油轮，集团的盈利敏感度较低。该行指，在干散货与油轮板块中，更看好太平洋航运多过中远海能(01138)，因前者受地缘冲击影响较小、资本开支稳定，且对美国301条款关税风险敞口有限。
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