Precious Shipping Public Company Limited, or PSL, reported a normalised profit for the second quarter of 2026 of 497 million baht, a 24-fold increase from a year earlier and a fivefold increase from the previous quarter. The result was 79 percent above Kasikorn Securities' forecast. The main driver was time charter equivalent rates that came in 19 percent above expectations at 16,442 US dollars per day, even though operating expenses were 12 percent higher than forecast. The strong freight rates were supported by rising demand from Middle East conflicts, which spurred strategic inventory building for key dry bulk commodities such as grains, iron ore, and coal. Higher bunker fuel prices also led to slower sailing speeds and reduced supply. Kasikorn Securities expects profit in the third and fourth quarters of 2026 to remain close to the second-quarter level. The broker raised its profit forecasts for 2026 through 2028 by 60 percent, 34 percent, and 27 percent respectively, while maintaining a buy recommendation and lifting the target price to 10.00 baht from 9.00 baht, based on a trailing price-to-book value of 0.90 times.
Precious Shipping Public Company LimitedQ2 profit surged 24-fold on strong freight rates driven by Middle East conflicts boosting demand for dry bulk commodities.
