航运船舶市场系列点评二：MEPC 82继续推进中期法规，支撑船队绿色更新

Investment Rating - The report maintains a positive outlook for the shipping industry, indicating a "Look Favorably" rating [2] Core Insights - The MEPC 82 meeting established a regulatory framework for mid-term measures in shipping decarbonization, focusing on technical measures centered around GFI, while economic measures are still under discussion [2][3] - The tightening of green regulations is expected to accelerate the retirement of old ships and the renewal of green vessels, with a significant gap remaining in orders for oil tankers and bulk carriers to meet green renewal needs [3][4] - The upcoming MEPC 83 meeting in April 2025 is anticipated to introduce crucial regulations that will impact shipping costs, organizational relationships, and business models for decades to come [2][3] Summary by Sections Regulatory Developments - The MEPC 82 meeting focused on emissions control, ballast water management, black carbon reduction, greenhouse gas emissions reduction, and marine plastic waste prevention, laying the groundwork for future regulations [2][3] - The meeting proposed tightening the CII regulations post-2026 to meet the IMO's target of reducing shipping carbon intensity by at least 40% by 2030, with potential increases in annual reduction rates [2][3] Market Dynamics - The report highlights that shipbuilding capacity remains constrained due to the pandemic-induced order surge in 2021, leading to a mismatch in supply and demand [3][4] - The report suggests that the gradual tightening of green regulations will drive the green renewal of fleets, with a focus on leading Chinese shipbuilding companies [3][4] Future Outlook - The report emphasizes that the upcoming MEPC 83 meeting will be critical in determining the final outcomes of the proposed regulations, which are expected to have a significant impact on the shipping industry [2][3]