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    2343   BMG684371393

PACIFIC BASIN SHIPPING LIMITED

(2343)
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Delayed Hong Kong Stock Exchange  -  04:08 2022-08-12 am EDT
3.030 HKD   -0.98%
08/10US$175,000,000 3% GUARANTEED CONVERTIBLE BONDS DUE 2025 - ADJUSTMENT TO CONVERSION PRICE (CB STOCK CODE : 40097)
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08/10PACIFIC BASIN SHIPPING LIMITED : Ex-dividend day for extraordinary dividend
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08/10PACIFIC BASIN SHIPPING LIMITED : Ex-dividend day for interim dividend
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Chinese Shippers Fall as Freight Rates Weaken

06/09/2022 | 12:28am EDT

By Clarence Leong


Shares of shipping companies dropped Thursday morning in Hong Kong amid signs of declining freight rates and investor concerns about waning global demand.

Cosco Shipping Holdings Co. was down 8.0% at HK$13.18 by midday, taking year-to-date losses to 13%. Orient Overseas (International) Ltd. lost 9.2% and Pacific Basin Shipping Ltd. fell 5.8%.

"The shipping freight rate is trending down, so the market sentiment is not well," said Kevin Zhuo, an analyst at brokerage Guotai Junan International.

Investors are downbeat about the prospect of extended weakness in freight rates and watching to see if demand in the U.S. weakens over the coming months, he added.

The Baltic Dry Index, which measures the cost to move major bulk commodities by sea, fell 4.1% overnight to 2410, the lowest level in more than a month, according to FactSet.

Uncertainty about shipping companies' profits, especially beyond 2022, is also weighing on sentiment.

"It's that uncertainty that's now being reflected in the share price, combined with the very bad outlook," Mr. Zhuo said.

Hong Kong's benchmark Hang Seng Index was down 0.2% at midday.


Write to Clarence Leong at clarence.leong@wsj.com


(END) Dow Jones Newswires

06-09-22 0027ET

Stocks mentioned in the article
ChangeLast1st jan.
COSCO SHIPPING HOLDINGS CO., LTD. -0.34% 11.76 Delayed Quote.-22.22%
GUOTAI JUNAN INTERNATIONAL HOLDINGS LIMITED 0.00% 0.8 Delayed Quote.-25.93%
GUOTAI JUNAN SECURITIES CO., LTD. -0.54% 14.6 End-of-day quote.-18.39%
HONG KONG HANG SENG 0.46% 20175.62 Delayed Quote.-13.77%
ORIENT OVERSEAS (INTERNATIONAL) LIMITED 0.53% 265 Delayed Quote.38.53%
PACIFIC BASIN SHIPPING LIMITED -0.98% 3.03 Delayed Quote.5.94%
All news about PACIFIC BASIN SHIPPING LIMITED
08/10US$175,000,000 3% GUARANTEED CONVERT : 40097)
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08/10PACIFIC BASIN SHIPPING LIMITED : Ex-dividend day for interim dividend
FA
08/10PACIFIC BASIN SHIPPING LIMITED : Ex-dividend day for extraordinary dividend
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08/01PACIFIC BASIN SHIPPING : Monthly Return of Equity Issuer on Movements in Securities
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07/29PACIFIC BASIN SHIPPING : Terms of Reference of the Nomination Committee
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07/28TRANSCRIPT : Pacific Basin Shipping Limited, H1 2022 Earnings Call, Jul 28, 2022
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07/28PRESS RELEASE : 2022 Interim Results
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07/28PACIFIC BASIN SHIPPING : Interim Dividend for the Six Months ended 30 June 2022 (Ordinary ..
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07/28PACIFIC BASIN SHIPPING : 2022 Interim Results
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07/28PACIFIC BASIN SHIPPING : Interim Dividend for the Six Months ended 30 June 2022 (Special D..
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Financials (USD)
Sales 2022 3 446 M - -
Net income 2022 913 M - -
Net cash 2022 183 M - -
P/E ratio 2022 2,26x
Yield 2022 28,1%
Capitalization 2 033 M 2 033 M -
EV / Sales 2022 0,54x
EV / Sales 2023 0,38x
Nbr of Employees 4 965
Free-Float 99,7%
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Technical analysis trends PACIFIC BASIN SHIPPING LIMITED
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 9
Last Close Price 0,39 $
Average target price 0,74 $
Spread / Average Target 91,9%
EPS Revisions
Managers and Directors
Martin Fruergaard Chief Executive Officer & Executive Director
Peter Schulz Chief Financial Officer & Executive Director
David Muir Turnbull Executive Chairman
Suresh Moganti Director-Information Technology
Suresh Prabhakar Operations Director
Sector and Competitors