Pacific Basin Shares Surge Nearly 4% Amid Strong Dry Bulk Market as BDI Index Climbs

Stock News05-13

Pacific Basin (02343) saw an intraday increase of nearly 4%. As of the latest update, the stock rose 3.04% to HK$3.39, with a turnover of HK$54.4536 million. On the news front, the Baltic Dry Index (BDI) reached 3,063 points on May 12, marking its highest level since December 5, 2023. The index rose 2.07% compared to the previous period, recording its largest gain in four days and extending its upward trend for the second consecutive day. Analysts note that with the end of the rainy season in Brazil and the approaching peak energy demand season in East Asia, market conditions are expected to remain favorable. Additionally, the gradual ramp-up of production from the Simandou project over the next two years is anticipated to boost capacity utilization in the dry bulk market and support further market strength.

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