By Clarence Leong

Shares of Pacific Basin Transport Ltd. rose strongly after its record-setting interim outcomes, with revenue almost tripling from a 12 months earlier because of strong international demand for commodities.
The corporate’s shares superior 6.4% to HK$3.65 in Friday morning commerce in Hong Kong, taking year-to-date good points to 28%.

The Hong Kong-based transport firm posted US$465.1 million web revenue for the primary six months, in contrast with US$160.1 million a 12 months earlier, it stated in a submitting Thursday. Income for the interval grew 51% to US$1.72 billion.
Pacific Basin Transport stated it expects dry bulk demand to “average considerably from latest highs” within the second half, although it would stay comparatively agency due to seasonal components within the grain market, elevated coal demand and international infrastructure funding.
The corporate’s inventory is U.S. funding financial institution Jefferies’s prime choose throughout the transport sector. Analyst Andrew Lee stated in a word that dry bulk volumes can profit from the grain season and China’s potential infrastructure stimulus. Jefferies has a purchase ranking on the inventory with a HK$5.60 goal worth.
Pacific Basin Transport’s friends have been additionally larger, with Cosco Transport Holdings Co. gaining 2.1% and Orient Abroad (Worldwide) Ltd. including 4.1%.
However the wider market was weaker. The town’s benchmark Cling Seng Index was not too long ago 1.5% decrease at 20308.68.
Write to Clarence Leong at clarence.leong@wsj.com