In the first quarter, the spot market daily rent level of The Pacific Shipping's Handysize dry bulk carriers was $11,000, an increase of 39% compared to the same period last year.

The Pacific Shipping (02343) announced that in early 2026, the market continued its normal seasonal trend before the Lunar New Year. During the quarter, the levels of bulk freight rates increased compared to the same period last year, mainly due to route disturbances and operational efficiency declines caused by geopolitical factors, driving an increase in tonnage demand and limiting effective supply. Since the outbreak of war in the Arabian Gulf region in March 2026, these factors have further impacted both supply and demand in the market. In the first quarter of 2026, the company's core business recorded average daily revenues of 12,100 USD and 14,000 USD for Handysize and Supramax dry bulk vessels under time charter equivalent basis, respectively, representing an increase of 11% and 14% year-on-year, surpassing the BHSI (adjusted) and BSI spot market indices of 1,030 USD and 2,050 USD, respectively. For the second quarter of 2026, 70% and 90% of days for the company's core Handysize and Supramax dry bulk vessels have been contracted at daily charter rates of 14,000 USD and 17,080 USD. In terms of the second quarter of 2026, 22% and 35% of days for the company's core Handysize and Supramax dry bulk vessels have been contracted at daily charter rates of 10,400 USD and 13,800 USD, respectively, with more days contracted for core Handysize vessels being for ballast shipping. Additionally, the company's operational activities continue to expand, recording a daily profit of 340 USD (net) in the first quarter of 6240 days of operation. The company's operational activities supplement its core business by matching customers' spot cargo with short-term charter vessels to earn profits and contribute to the company's performance. The freight rates in the first quarter of 2026 were stable and stronger than the same period last year. The war that broke out at the end of February intensified disruptions in the market, causing fluctuations in freight rates from March 2026. In the first quarter of 2026, the daily charter rates in the spot market for Handysize (BHSI 38,000 dwt (adjusted)) and Supramax (BSI 58,000 dwt) dry bulk vessels were 11,100 USD (net) and 11,900 USD (net), respectively, representing an increase of 39% and 51% compared to the same period in 2025. As of April 15, 2026, the freight futures agreement rates reported by the Baltic Exchange for the second to fourth quarters of 2026 were high, with daily charter rates of 14,000 USD (net) and 16,200 USD (net) for Handysize and Supramax dry bulk vessels.