Core Viewpoint - The dry bulk shipping industry is expected to experience "demand growth, supply tightness, and rising freight rates" in 2026, driven by increasing global trade volumes and regulatory pressures on supply [2] Demand Side - Global dry bulk trade volume continues to grow, with long-haul iron ore shipments from Simandou driving ton-mile demand [2] - Demand for food and non-ferrous minerals is also contributing to the upward pressure on freight rates [2] Supply Side - New ship orders are projected to hit a five-year low in 2025, leading to a tighter supply environment [2] - The aging fleet and stricter IMO efficiency regulations are expected to slow the release of new capacity [2] - The company plans to retire older vessels in 2025, which will enhance its performance in 2026 [2] Fleet Expansion - The company has already put into operation one low-carbon intelligent bulk carrier with a deadweight of 63,500 tons and plans to deliver six new vessels in total for the year [2] - The new fleet will add nearly 500,000 deadweight tons, primarily servicing grain and mineral routes in Europe, North America, and East Asia [2] Environmental Compliance - New vessels are designed for lower fuel consumption and meet the highest EEDI requirements set by the IMO, aligning with new emission reduction regulations [2] - This compliance is expected to help secure high-quality customers and enhance profitability [2] Operational Efficiency - The company is focusing on deepening digital operations to dynamically optimize routes, thereby improving turnover rates and gross margins [2]
国航远洋：2026年干散货航运将呈“需求增长、供给偏紧、运价上行”态势