摩根士丹利：海洋运输-日经新闻关于美国对汽车运输船收取港口费的报道：汽车运输行业供需面临进一步恶化风险

Investment Rating - The report assigns a cautious investment rating to the marine transportation industry in Japan [3]. Core Insights - The imposition of port entry fees by the US government on foreign-built car carrier ships starting in October is viewed negatively for the Japanese shipping industry, which holds approximately 40% of the global car carrier market [2]. - An estimated 30% of US automobile sales involve imports via car carriers, excluding those delivered via land to Mexico and Canada [2]. - The report forecasts a 9.9% increase in shipping freight space volume in the car carrier industry for 2025, followed by an 8.0% increase in 2026, indicating a potential deterioration in supply/demand dynamics [2]. Summary by Sections Industry Overview - The Japanese shipping industry is facing challenges due to new US port fees, which may weaken end-demand as costs are likely to be passed on to consumers [2]. Market Dynamics - The report highlights that the car carrier industry is expected to see a significant increase in supply, with forecasts of 9.9% growth in 2025 and 8.0% in 2026, which could exacerbate supply/demand issues [2]. Company Ratings - Kawasaki Kisen (9107.T): Underweight (U) as of 10/23/2023, price ¥1,954 [51] - Mitsui O.S.K. Lines (9104.T): Underweight (U) as of 01/27/2023, price ¥5,195 [51] - Nippon Yusen (9101.T): Underweight (U) as of 01/27/2023, price ¥4,792 [51]