多因素致亚洲区域主力船型供给趋紧且存不确定性 锦江航运：复制延伸东南亚精品航线布局丨直击股东大会

Core Viewpoint - The shipping market in Asia is experiencing a recovery in 2024, driven by moderate global economic recovery and supply-demand dynamics, with Jinjiang Shipping expanding its Southeast Asia routes and achieving significant revenue and profit growth [1][2]. Financial Performance - In 2023, Jinjiang Shipping reported a revenue of 59.70 billion yuan, a year-on-year increase of 13.36%, and a net profit attributable to shareholders of 10.21 billion yuan, up 37.45% [1]. - For Q1 2025, the company achieved a revenue of 16.66 billion yuan, representing a 33.25% year-on-year growth, and a net profit of 3.57 billion yuan, which is a remarkable increase of 187.07% [2]. Market Dynamics - The global container freight volume is expected to grow by 5.9% in 2024, with the global container shipping freight rates significantly increasing, as indicated by a 65.43% year-on-year rise in the China Container Freight Index (CCFI) for 2024 [2]. - The CCFI average for Q1 2025 showed a year-on-year increase of 51.07% [3]. Regional Insights - The Asia-Pacific region is projected to grow at a rate of 4.6% in 2024, with Southeast Asia, particularly Vietnam and Malaysia, being key growth drivers [2]. - The container shipping trade volume in the Asian region is expected to increase by 4.6% year-on-year [2]. Operational Strategy - Jinjiang Shipping is focusing on enhancing its Southeast Asia routes, with the delivery of three new 1900 TEU vessels and the acquisition of two 1100 TEU vessels to support its operations [6][7]. - The company plans to allocate 1.184 billion yuan of raised funds for the purchase of four 1800 TEU and two 1100 TEU container vessels [6]. Competitive Advantage - The company aims to leverage its differentiated service model in the Southeast Asia market, which is characterized by rapid growth and increasing demand for specialized shipping services [7]. - Jinjiang Shipping is expanding its network to include Thailand, Vietnam, the Philippines, and Indonesia, with plans to extend to India and the Middle East [7][8]. Future Outlook - The company anticipates that the shipping market will continue to present both opportunities and challenges, with potential impacts from trade tensions and policy uncertainties on global economic activities [8].