According to the Zhitong Finance App, Pacific Shipping (02343) issued an announcement. The dry bulk cargo market was further strengthened in the third quarter of 2026, supported by rising freight rates and steady demand for tonnage range. Despite differences in freight costs for each business, the small, super convenient and ultra-convenient dry bulk carrier markets operated by the company benefited from increased cargo volume for some commodities and continued inefficiency of the global shipping network. The overall operating environment continues to be affected by geopolitical turmoil, uncertain trade policies, and weather-related events, which have affected trade flows, cargo ship deployment patterns, and shipping efficiency. In this environment, the average daily revenue of the company increased year by year on an equal basis of fixed-term lease agreements.
In the third quarter of 2026, the company's core business obtained average daily revenue of US$16,020 (net value) and US$17,990 (net value) on an equal basis in terms of term lease agreements for Xiaoling and Super Flexible dry bulk carriers, respectively, with year-on-year increases of 37% and 34%, respectively. The average daily revenue of the company's small lightweight dry bulk carriers is 1,350 US dollars or 9% higher than the spot market index (BHSI adjusted by weight tonnage); while the average daily revenue of the company's ultra-lightweight fleet is 300 US dollars or 2% lower than the spot market index (BSI), mainly due to the freight gap between the Atlantic and Pacific markets, and the company's use of reverse shipping based on the Atlantic market with high freight rates to prepare ahead of time for the traditional fourth quarter market. In the first nine months of 2026, the performance of the company's small and ultra-portable dry bulk carriers was 1,730 US dollars or 13% higher than the average daily revenue of their respective corresponding indices, and 1,440 US dollars or 9%, respectively.
Of the core Xiaoling and Super Flexible dry bulk carrier days in the fourth quarter of 2026, the average daily rent of US$16,480 and US$18,960 was contracted for 65% and 76% of the days, respectively (the number of days already contracted does not include operating activities), while retaining some well-positioned uncovered ship operating days to benefit from the seasonal market with strong expectations for the rest of the year. Of the core Xiaoling and Super Flexible dry bulk carrier days in 2027, average daily rents of US$13,180 and US$15,590 have also been contracted for 7% and 19% of the days, respectively.
Furthermore, the company achieved an average daily profit of US$2,190 out of approximately 6,610 operating days in the third quarter of 2026. This operating activity creates an additional source of profit for the company's core business by using short-term leased cargo ships to transport customers' spot goods.
In the third quarter of 2026, average daily rent levels for Xiaoling (BHSI 38,000 DWT (adjusted)) and Super Flexible (BSI 58,000 dwt) dry bulk carriers remained strong at US$14,670 and US$18,290 respectively, increasing by 27% and 28%, respectively.
The small portable dry bulk carrier and super flexible dry bulk carrier markets both experienced brief seasonal adjustments in July, then gradually rebounded to this year's high level for the rest of the quarter.