1. Report Industry Investment Rating - No information provided on the industry investment rating in the report 2. Core Viewpoints - For PTA, in the short - term, polyester inventory is transferred downward, the load is maintained under the relief of polyester inventory pressure. PTA is in the de - stocking cycle with relatively tight liquidity. Due to tariff adjustment, terminal orders have improved month - on - month, boosting market sentiment, and the basis is expected to be strong in the short - term. Attention should be paid to the implementation of later device maintenance under the expectation of improved processing margins and terminal order situations [6] - For MEG, the recent significant increase in the number of warehouse receipts has tightened the spot liquidity of ethylene glycol. It is expected that the spot basis will still run strongly. The high polyester load in May provides strong rigid support for ethylene glycol, and the de - stocking amplitude in May is considerable. The Sino - US Geneva economic and trade joint statement has boosted market confidence, and the price center of ethylene glycol is expected to run strongly in the short - term. Follow - up attention should be paid to the continuous development of tariff issues and the trading situation of US ethylene glycol [8] 3. Summary by Directory 3.1. Previous Day Review - No information provided 3.2. Daily Tips - **PTA**: Yesterday, PTA futures fluctuated and closed down. The spot market negotiation atmosphere was fair, and the spot basis strengthened and then loosened slightly. Traders were the main participants in the negotiation. Some polyester factories bought goods. The mainstream price in the main port in May was around 09 + 200, with some slightly higher. In the afternoon, the spot basis loosened, and a small amount was traded around 09 + 190 - 195, with the price negotiation range around 4955 - 5035. The mainstream price in June was traded at 09 + 180 - 190. Today's mainstream spot basis is 09 + 198 [6] - **MEG**: On Monday, the price center of ethylene glycol fluctuated and weakened, and the basis fluctuated and strengthened. In the morning, ethylene glycol was mainly in a narrow consolidation, and the buying sentiment in the market was fair. In the afternoon, affected by the news of polyester factory production cuts, the futures price dropped slightly. The low - level spot basis was negotiated and traded at a premium of 97 - 103 yuan/ton to the 09 contract. In terms of US dollars, the external price center of ethylene glycol fluctuated and weakened. There were few offers for spot cargoes during the day. In the morning, the bid for recent spot cargoes was around 532 US dollars/ton, and in the afternoon, the negotiation center dropped to below 530 US dollars/ton. A proper amount of ocean - going cargoes was traded around 528 - 529 US dollars/ton. There was a Taiwan tender cargo traded at around 535 US dollars/ton, with a cargo volume of 5000 tons [8] 3.3. Today's Focus - No information provided 3.4. Fundamental Data - **PTA**: The spot price is 4995, the basis of the 09 contract is 219, and the futures price is at a discount, which is bullish. The PTA factory inventory is 4.28 days, a decrease of 0.23 days compared with the previous period, which is bullish. The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is bullish. The net short position of the main contract is decreasing, which is bearish [6] - **MEG**: The spot price is 4573, the basis of the 09 contract is 98, and the futures price is at a discount, which is bullish. The total inventory in the East China region is 66.88 tons, a decrease of 2.26 tons compared with the previous period, which is bullish. The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is bullish. The net short position of the main contract is decreasing, which is bearish [8][9] 3.5. Impact Factor Summary - **Likely to be Bullish**: The maintenance season of raw materials such as PTA and ethylene glycol (e.g., the maintenance of Zhejiang Petrochemical and Jiujiang Petrochemical) has led to a contraction in supply. The de - stocking expectation in the second quarter exceeds 500,000 tons, which supports the price rebound [10] - **Likely to be Bearish**: The EU Carbon Border Adjustment Mechanism (CBAM) has imposed taxes on polyester products since 2025, increasing the export cost by 8% - 12%. Enterprises need to accelerate the layout of production capacity in Southeast Asia. The average domestic polyester operating rate is 85%, and some small and medium - sized enterprises are below 70%. The over - capacity of low - end products has led to fierce price competition, and the inventory days of filament and staple fiber are approaching historical highs [11] 3.6. Current Main Logic and Risk Points - In the short - term, the commodity market is greatly affected by the macro - level, and the expectation of raw material inventory accumulation still exists. After the futures price rebounds, attention should be paid to the upper resistance level [12] 3.7. Supply - Demand Balance Sheets - **PTA Supply - Demand Balance Sheet**: It shows the PTA production capacity, production, import, total supply, polyester production, consumption, and inventory from January 2024 to December 2025, as well as the year - on - year changes and supply - demand gaps [13] - **Ethylene Glycol Supply - Demand Balance Sheet**: It shows the ethylene glycol operating rate, production, import, total supply, polyester production, consumption, and port inventory from January 2024 to December 2025, as well as the year - on - year changes and supply - demand gaps [14] 3.8. Price Charts - Include bottle - chip spot price, bottle - chip production profit, bottle - chip capacity utilization rate, bottle - chip inventory, PTA basis, MEG inter - month spread, MEG basis, spot spread, etc., from 2020 - 2025 [16][19][23][24][29][32][36][39] 3.9. Inventory Analysis - Include PTA factory inventory, MEG port inventory, PET chip factory inventory, and polyester fiber inventory, from 2021 - 2025 [42][43][44][47] 3.10. Polyester Upstream and Downstream Operating Rates - **Upstream**: Include the operating rates of purified terephthalic acid, p - xylene, and ethylene glycol from 2020 - 2025 [53][54][55] - **Downstream**: Include the operating rates of polyester factories and Jiangsu and Zhejiang looms from 2020 - 2025 [57][58][59] 3.11. Profit Analysis - Include PTA processing fees, MEG production profits from different production methods, and production profits of polyester fiber short - fiber and long - fiber from 2022 - 2025 [61][64][67]

日度报告——综合晨报 4 月经济数据同比回落 [T报ab告le_日R期an：k] 2025-05-20 宏观策略（外汇期货(美元指数)） 美联储官员频频为降息泼冷水 特朗普和普京的谈话结束，特朗普表态俄乌立刻谈判，但是分 歧存在的情况下，预计难以实现。 宏观策略（股指期货） 中国 4 月经济数据同比回落 综 4 月份经济数据同比增速回落，反映出外部冲击和内需走弱的双 重压力。下一阶段政策应竭力呵护房地产市场，持续巩固"止 跌回稳"态势，缓解居民资产收缩压力，释放消费潜力。 合 农产品（豆粕） 晨 美豆种植率高于预期 报 巴西 CNF 升贴水继续下降，国内进口大豆成本随之下行。随着 进口大豆到港及油厂开机增加，上周豆粕库存继续小幅上升， 昨日沿海豆粕现货报价以下跌为主。 有色金属（铜） 中国 4 月未锻轧铜及铜材进口量同比增加 0.2% 短期美元指数承压运行而支撑铜价，但国内基本面阶段转弱预 期升温而抑制铜价，总体上，铜价短期震荡偏弱运行可能性更 大。 能源化工（原油） 欧盟或向 G7 提议将俄罗斯石油价格上限降至 50 美元/桶 油价窄幅波动。 | 杨云兰 | 高级分析师 （农产品） | | --- | -- ...

Group 1 - The recent reduction in tariffs between China and the U.S. has significantly revitalized the trade market, with the U.S. canceling 91% of additional tariffs and China reciprocating with a similar reduction [1][5] - Following the tariff cuts, there has been a surge in orders from U.S. clients, with container bookings from China to the U.S. increasing nearly 300% [2][8] - U.S. importers are taking proactive measures by increasing order volumes and stockpiling inventory in anticipation of potential future tariff changes [3][11] Group 2 - The logistics market is experiencing a chaotic pricing environment, with shipping costs expected to rise due to increased demand and limited shipping capacity [9][10] - Companies are optimizing production processes to meet the surge in orders and are prioritizing shipments to avoid delays during peak demand periods [9][15] - The long-term strategy for companies includes diversifying markets and enhancing brand presence to mitigate risks associated with reliance on a single market [17][18]

Group 1 - The core viewpoint of the articles highlights a significant increase in U.S. imports from China following tariff adjustments, with container bookings rising by 277% to 21,530 TEUs within a week [1] - The surge in orders has led to heightened activity among foreign trade companies, with many reporting increased inquiries from U.S. clients eager to resume shipments [1] - Political and economic pressures have compelled the U.S. to reconsider its tariff strategies, reflecting dissatisfaction among American blue-collar workers and businesses [3] Group 2 - The recent U.S.-UK trade agreement includes provisions to reduce tariffs on specific goods, which may influence future trade dynamics with China [5][6] - The UK government emphasizes the importance of maintaining beneficial economic relations with third countries, including China, despite the new trade agreement with the U.S. [6] - The UK Treasury's stance advocates for deeper trade and financial ties with China, indicating a strategic shift in the UK’s approach to international trade [8]

Group 1 - Recent adjustments in US-China tariff policies have led to a resurgence in exports from foreign trade companies in Shanghai and Jiangxi, with factories quickly ramping up production for the US market [1] - A knitting factory in Shanghai has resumed production for US clients, with plans to ship out orders by May 17, indicating a strong demand from American customers [1] - A textile company in Jiangxi has received a significant new order for 100,000 sets of children's clothing from the US, with production schedules extending into September [1] Group 2 - Ganyu Technology Co., based in Ganzhou, has received a request to resume the supply of over 500,000 sports helmets to US clients, highlighting the recovery of demand in the US market [2] - The foreign trade logistics sector is experiencing a peak in shipments to the US, with a notable increase in inquiries from international freight forwarding companies [3] - Yantian Port in Shenzhen is adjusting its scheduling to accommodate the surge in shipments to the US, with over 2,000 containers being processed for a single vessel [4]

中美关税摩擦降温后，新一轮"抢运"、"抢舱"潮正热火朝天。 一方面，中国工厂24小时赶工，机器都快转冒烟儿了；另一方面，美国企业则疯狂抢舱运货。 周一，虽然A股整体疲软，但航运港口板块仍逆势大爆发。 截至发稿，连云港、宁波海运、宁波港、珠海港、南京港、厦门港务等纷纷涨停，宁波远洋涨超8%， 凤凰航运涨超6%。 目前，连云港、宁波海运、南京港均斩获5连板。 值得一提的是，连云港年内累计涨幅已超117%，现总市值破101亿元。市值近790亿元的宁波港股价也 创下了近7个月新高。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 > | 总市值 | 年初至今涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 601008 | 连云港 | 8.20 | +0.75 | 10.07% | 101.73亿 | 117.51% | | 600798 | 宁波海运 | 4.93 | +0.45 | 10.04% | 59.48亿 | 62.71% | | 000088 | 盐田港 | 5.37 | +0.49 | 10.04% | 279.21 Z | 10.27% ...

行情回顾： 国际黄金周五（5月16日）震荡收跌，开盘价3219.78美元/盎司，最高价3252.11美元/盎司，最低价3154.20美元/ 盎司，收盘价3183.50美元/盎司。 消息面： 特朗普表示，印度已提出削减对美国商品的所有关税，但他淡化了与世界第四大经济体达成贸易协议的紧迫 感。特朗普在接受采访时，把印度当作要削减壁垒的例子。"他们让人几乎无法做生意。你知道他们愿意为美 国削减100%的关税吗？"特朗普说。但在达成协议的可能性上，特朗普发出了不同的信号，他说："很快就会 达成。我不着急。听着，每个人都想和我们做交易。"他补充说，他不打算"与所有人达成协议"。特朗普此番 言论表明，美国只会就许多国家将面临的关税做出单方面决定。星期五早些时候，特朗普表示，他计划在"未 来两到三周内"为贸易伙伴设定新的进口税率。 美国财政部长贝森特周日表示，若各国在 90 天关税暂停期内未达成贸易协议，关税税率将很快恢复至 "对等" 水平。"特朗普总统已警告他们，若不以诚意谈判，关税将回升至 4 月 2 日的水平。" 贝森特在 节目中称。贝 森特透露，美国正重点与 18 个 "重要" 贸易伙伴敲定协议，但未说明关税恢复 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Last week, the price of the main contract of domestic natural rubber futures rose after reaching a high and maintained low - level volatility, with a slight overall increase. In the future, due to factors such as China and the US significantly reducing tariffs on each other, supply support, fair terminal demand, and a slight increase in inventory, the market has a mix of long and short factors, and the trend is not clear. It is expected that the futures market will maintain range - bound volatility in the short term [7][84] - The report suggests that investors should temporarily wait and see, while aggressive investors can consider lightly opening long positions at low prices [8][85] Summary by Directory Price Analysis Futures Price - Last week, the price of the main natural rubber futures contract RU2509 fluctuated between 14,555 - 15,310 yuan/ton. The futures price rose after reaching a high and maintained range - bound volatility, with a slight overall increase. As of the close on the afternoon of May 16, 2025, the contract was reported at 14,905 yuan/ton, up 285 points or 1.95% for the week [6][11] Spot Price - As of May 16, 2025, the spot price of Yunnan State - owned whole - latex (SCRWF) was 14,950 yuan/ton, up 350 yuan/ton from the previous week; the spot price of Thai No. 3 smoked sheets (RSS3) was 20,500 yuan/ton, up 250 yuan/ton from the previous week; the spot price of Vietnamese 3L (SVR3L) was 16,000 yuan/ton, up 100 yuan/ton from the previous week [17] - As of May 16, 2025, the arrival price of natural rubber in Qingdao was 2,320 US dollars/ton, up 20 US dollars/ton from the previous week [21] Basis and Spread - Taking the spot quotation of Shanghai Yunnan State - owned whole - latex (SCRWF) as the spot reference price and the spot price of the main natural rubber contract as the futures reference price, the basis between the two expanded slightly. As of May 16, 2025, the basis was maintained at 45 yuan/ton, an increase of 65 yuan/ton from the previous week [26] - As of May 16, 2025, both the domestic and international prices of natural rubber increased significantly compared to the previous week [30] Important Market Information - In April, the US unadjusted CPI increased by 2.3% year - on - year, lower than expected for the third consecutive month, reaching the lowest level since February 2021; the core CPI was flat at 2.8% year - on - year, in line with market expectations. Traders continued to bet that the Federal Reserve would cut interest rates for the first time in September and for the second time in October [31] - On May 14, the US adjusted its additional tariffs on China, canceling 91% of the additional tariffs on Chinese goods, implementing a 34% reciprocal tariff measure, suspending the imposition of 24% of the tariffs for 90 days, and retaining the remaining 10% of the tariffs. It also lowered the ad - valorem tax rate on small international mail parcels from China from 120% to 54% and cancelled the measure to increase the specific tax from 100 US dollars to 200 US dollars per piece, which was originally scheduled to take effect on June 1 [31] - In April, the US PPI unexpectedly fell by 0.5% month - on - month, with service prices dropping by 0.7%, the largest single - month decline since 2009. Retail sales only increased by 0.1% month - on - month, significantly lower than the strong 1.7% increase in March. Manufacturing output decreased by 0.4% month - on - month, the first decline in six months. The May housing builder confidence index also dropped to the lowest level since the end of 2023 [32] - The number of initial jobless claims in the US remained stable, with 229,000 claims in the previous week, in line with market expectations. The number of continued jobless claims increased by 9,000 to 1.881 million in the previous week [32] - Moody's downgraded the US rating from AAA to AA1 and adjusted the outlook from negative to stable. It stated that the downgrade reflected the increase in government debt, and it was expected that by 2035, the US federal debt burden would rise to 134% of GDP and the federal government deficit would reach 9% of GDP [32] - From May 10th to 11th, China - US economic and trade high - level talks were held in Geneva, Switzerland. The two sides reached important consensuses and made substantial progress, agreeing to establish a China - US economic and trade consultation mechanism. On May 12th, a joint statement was released, stating that both sides agreed to significantly reduce bilateral tariff levels, with the US canceling 91% of the additional tariffs and China canceling 91% of the counter - tariffs accordingly [33] - The State Council Tariff Commission adjusted the additional tariff measures on imported goods originating from the US, reducing the tariff rate from 34% to 10%, suspending the implementation of 24% of the additional tariffs on the US for 90 days, and stopping the implementation of the additional tariff measures stipulated in Announcements No. 5 and No. 6 of 2025 [34] - In 2024, the average annual salary of employees in non - private urban units nationwide was 124,110 yuan, with a nominal increase of 2.8% and a comparable - caliber increase of 2.6%; the average annual salary of employees in private urban units was 69,476 yuan, with a nominal increase of 1.7% and a comparable - caliber increase of 4% [34] - In April, the retail sales of the national passenger car market reached 1.755 million vehicles, a year - on - year increase of 14.5%, and the export of new - energy passenger cars was 189,000 vehicles, a year - on - year increase of 44.2% [35] - In April, China's automobile production and sales were 2.619 million and 2.59 million vehicles respectively, a year - on - year increase of 8.9% and 9.8% respectively. Among them, the production and sales of new - energy vehicles were 1.251 million and 1.226 million vehicles respectively, a year - on - year increase of 43.8% and 44.2% respectively. In April, automobile exports were 517,000 vehicles, a year - on - year increase of 2.6%. From January to April 2025, China's automobile production and sales were 10.175 million and 10.06 million vehicles respectively, a year - on - year increase of 12.9% and 10.8% respectively [35] - In April 2025, China's heavy - truck market sales were about 90,000 vehicles, a month - on - month decrease of 19% and a year - on - year increase of about 9.4% compared to 82,300 vehicles in the same period last year. From January to April, the cumulative sales of China's heavy - truck market were about 355,000 vehicles, showing the same level year - on - year [36] - Since the implementation of the automobile trade - in policy in 2024, the cumulative number of subsidy applications has exceeded 10 million. As of May 11, 2025, the number of subsidy applications for automobile trade - in in 2025 reached 3.225 million, with new - energy vehicles accounting for more than 53% [36] - According to the ANRPC's March 2025 report, the global natural rubber production in March was expected to increase by 0.9% to 798,000 tons, a decrease of 15.6% from the previous month; the consumption was expected to decrease by 0.1% to 1.36 million tons, an increase of 14.6% from the previous month. In 2025, the global natural rubber production was expected to increase by 0.4% year - on - year to 14.897 million tons, and the consumption was expected to increase by 1.5% year - on - year to 15.59 million tons [36][37] Supply - side Situation - As of March 31, 2025, the production in the main producing areas of Indonesia increased slightly compared to the previous month; the production in Vietnam decreased slightly; the production in Malaysia and India decreased significantly; the production in Thailand decreased significantly; the main producing areas in China were gradually starting to tap rubber and the output was increasing. The total production of the main natural rubber producing countries in March 2025 was 489,300 tons, a significant decrease from the previous month [41] - As of March 31, 2025, China's monthly synthetic rubber production was 856,000 tons, a year - on - year increase of 18.1% [45] - As of March 31, 2025, China's cumulative synthetic rubber production was 2.33 million tons, a year - on - year increase of 10.5% [48] - As of March 31, 2025, China's imports of new pneumatic rubber tires were 920 tons, a month - on - month increase of 17.95% [51] Demand - side Situation - As of May 15, 2025, the operating rate of semi - steel tire enterprises was 78.33%, an increase of 19.98% from the previous week; the operating rate of all - steel tire enterprises was 65.09%, an increase of 20.32% from the previous week [54] - As of April 30, 2025, China's monthly automobile production was 2.6188 million vehicles, a year - on - year increase of 8.86% and a month - on - month decrease of 12.88% [58] - As of April 30, 2025, China's monthly automobile sales were 2.5896 million vehicles, a year - on - year increase of 9.78% and a month - on - month decrease of 11.18% [61] - As of April 30, 2025, China's monthly heavy - truck sales were 87,667 vehicles, a year - on - year increase of 6.52% and a month - on - month decrease of 21.36% [66] - As of March 31, 2025, China's monthly production of tire casings was 107.446 million pieces, a year - on - year increase of 4.4% [69] - As of March 31, 2025, China's exports of new pneumatic rubber tires were 62.29 million pieces, a month - on - month increase of 42.34% [75] Inventory - side Situation - As of May 16, 2025, the natural rubber futures inventory on the Shanghai Futures Exchange was 200,270 tons, a decrease of 230 tons from the previous week [82] - As of May 11, 2025, China's natural rubber social inventory was 1.355 million tons, a month - on - month increase of 500 tons or 0.05%. Among them, the total social inventory of dark rubber was 830,000 tons, a month - on - month increase of 0.7%; the total social inventory of light rubber was 525,000 tons, a month - on - month decrease of 1% [82] - As of May 11, 2025, the total inventory of natural rubber in bonded and general trade in the Qingdao area was 618,700 tons, a month - on - month increase of 4,500 tons or 0.73%. Among them, the bonded area inventory was 90,000 tons, an increase of 5.89%; the general trade inventory was 528,700 tons, a decrease of 0.09% [82] Fundamental Analysis - On the supply side, the main natural rubber producing areas in the world are gradually starting to tap rubber. Recently, the main producing areas at home and abroad have been affected by bad weather, which has affected the tapping work, resulting in less raw material output and firm prices, strengthening cost support. In April 2025, China's imports of natural and synthetic rubber (including latex) were 685,000 tons, a year - on - year increase of 30.98%; the cumulative imports from January to April were 2.869 million tons, a cumulative year - on - year increase of 23.2% [83] - On the demand side, last week, the operating rates of semi - steel and all - steel tires rebounded significantly. However, the enterprises' sales performance was poor, and the finished - product inventory continued to accumulate, reaching a historical high. In the terminal automobile market, in April, China's monthly automobile production and sales increased slightly year - on - year but decreased slightly month - on - month; the heavy - truck market sales increased by 6.52% year - on - year but decreased by 21.36% month - on - month; the cumulative heavy - truck sales from January to April were the same as the previous year, indicating fair terminal consumption. The trade - in policy in various regions of China continued to promote terminal consumption [83] - In terms of inventory, last week, the inventory on the Shanghai Futures Exchange continued to decline slightly, while China's natural rubber social inventory and the total inventory in Qingdao continued to increase slightly [83] Market Outlook - Last week, the price of the main domestic natural rubber futures contract rose after reaching a high and maintained low - level volatility, with a slight overall increase. In the future, the market has a mix of long and short factors, and the trend is not clear. It is expected that the futures market will maintain range - bound volatility in the short term. Key factors to focus on in the future include the impact of the macro and policy aspects, the weather changes in the main producing areas, the tapping situation in the main producing areas at home and abroad, the rubber import situation, the demand change situation, and the inventory change situation [7][84] Operation Strategy - It is expected that the main natural rubber futures contract will maintain range - bound volatility this week. It is recommended that investors temporarily wait and see, while aggressive investors can consider lightly opening long positions at low prices [8][85]

Group 1 - China's adjustment of tariffs on U.S. imports has reduced the additional tariff rate from 34% to 10%, with a 90-day suspension of the 24% tariff [1] - The U.S. will modify its tariffs on Chinese goods, suspending the 24% tariff for 90 days while maintaining a 10% tariff [3] - The suspension period is seen as a significant opportunity for foreign trade operators, leading to a surge in shipping rates and increased cargo activity at ports [3] Group 2 - The recent negotiations focused on new tariff issues, with China's tariffs on U.S. imports dropping from 125% to 10%, while U.S. tariffs on Chinese goods decreased from 145% to 30% [5] - There is growing dissatisfaction among the American public regarding Trump's tariff policies, which may impact the Republican Party's performance in the upcoming midterm elections [5] - A French publication highlighted China's diplomatic success in negotiating tariff reductions, emphasizing China's dominant position in the rare earth supply chain and its resilience against U.S. pressure [7]

Group 1 - The main shipping index contract increased by 6.00%, currently reported at 2395.4 points, indicating a positive trend in the shipping industry [1] - Following the adjustment of China-US tariff policies, foreign trade enterprises in Xiamen are ramping up production and shipping, with a significant increase in shipping demand to the US [1] - A clothing enterprise in Xiamen reported that over 30% of its foreign trade business is related to the US, highlighting the importance of this market [1] Group 2 - A freight forwarding company in Xiamen noted a surge in daily container movements from 5 to 30, reflecting a "rush to ship" trend for exports to the US [1] - The company also mentioned that booking orders for shipping have been scheduled until the end of the month, indicating strong demand [1] - In Yiwu, a major hub for Christmas goods, production orders have reached a peak, with some companies experiencing warehouse congestion due to high order volumes [1] Group 3 - Data from Yiyu Technology shows that the shipping rate for the Shanghai to Los Angeles route has increased to $3705 per FEU, a 96% rise compared to the previous quote [1] - This significant increase in shipping costs may impact logistics and shipping companies, potentially affecting their profitability [1] - Related Hong Kong-listed companies in the shipping and logistics sector include COSCO Shipping Holdings, COSCO Shipping Development, Pacific Basin Shipping, Orient Overseas International, CIMC, and Sea Harvest International [2]