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航运港口2025年1月专题：吞吐量整体稳健，关注内需复苏
Xinda Securities·2025-01-24 09:38

Investment Rating - The report gives a "Positive" investment rating for the shipping and port industry [2]. Core Viewpoints - The overall cargo throughput remains stable, with a focus on the recovery of domestic demand [2]. - In December 2024, the national import and export total reached 4.07 trillion yuan, a year-on-year increase of 6.75% [4]. - Coastal major ports achieved a cargo throughput of 950 million tons in December 2024, up 5.12% year-on-year [14]. - Container throughput in November 2024 reached 24.62 million TEUs, a year-on-year increase of 4.9% [33]. - The report suggests that if domestic demand improves, related cargo prices and throughput are expected to rise, supporting the positive outlook for the shipping and port sector [5]. Summary by Sections Overview: National Import and Export Total and Cargo Throughput - In December 2024, the national import total was 1.66 trillion yuan, a year-on-year increase of 1.38% [9]. - The total import for 2024 was 18.39 trillion yuan, up 2.3% year-on-year [9]. - The total export in December 2024 was 2.41 trillion yuan, a year-on-year increase of 10.78% [13]. Container: Shipping Rates and Container Throughput - The China Container Freight Index (CCFI) on January 17, 2025, was 1557.76 points, a year-on-year increase of 20.99% [24]. - The Shanghai Container Freight Index (SCFI) on January 17, 2025, was 2130.82 points, down 4.86% year-on-year [25]. - Major ports' container throughput in November 2024 was 24.62 million TEUs, a year-on-year increase of 4.9% [33]. Liquid Bulk: Oil Shipping Rates and Crude Oil Throughput - The Baltic Dirty Tanker Index (BDTI) on January 22, 2025, was 882 points, down 34.33% year-on-year [40]. - The average daily earnings for the BDTI-TD3C route on January 21, 2025, were $46,100, a year-on-year increase of 16.93% [42]. - Crude oil imports in December 2024 were 4.8 million tons, down 1.08% year-on-year [45]. Dry Bulk: Shipping Rates and Iron Ore, Coal Throughput - The Baltic Dry Index (BDI) on January 22, 2025, was 893 points, down 39.38% year-on-year [5]. - Iron ore throughput in November 2024 was 10.9 million tons, a year-on-year increase of 4.55% [5]. - Coal throughput in November 2024 was 6.2 million tons, a year-on-year increase of 5.38% [5].