Hong Kong Stock Movement | PACIFIC BASIN (02343) Plunges Over 8% as Baltic Dry Index Hits Near Two-Week Low

Stock News12-10

PACIFIC BASIN (02343) fell more than 8%, and as of press time, it was down 7.2% to HKD 2.45, with a turnover of HKD 41.16 million. On the news front, the Baltic Dry Index (BDI) dropped to 2,557 points on December 9, marking its lowest level since November 27. The index declined 5.09% from the previous session, recording its steepest single-day drop since October 14, 2025, and extending losses for the fourth consecutive day. Freight rates across all vessel segments showed broad weakness, reflecting insufficient demand and pricing support in the overall shipping market. Notably, the first shipment of 200,000 tonnes of iron ore from the Simandou project was successfully dispatched on December 3. Guosheng Securities noted in a research report that while short-term dry bulk freight rates, particularly for larger vessels, remain on an upward trend, the focus for 2026 will be on the extended shipping distance logic driven by Simandou's iron ore production and potential progress in the Russia-Ukraine ceasefire.

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