Core Insights - The report by Clarkson Research indicates that as of June 2025, the total fleet and orders held by Chinese leasing companies reached 3,161 vessels, an increase of 100 vessels from the beginning of the year, with asset value remaining stable [1] - In the first half of 2025, Chinese leasing companies added 218 new leasing vessel projects, a slight decrease compared to the same period last year, while 117 vessels were removed from their ownership [1] - The impact of the US 301 investigation on Chinese shipping leasing projects has not yet been reflected in the data, but there is an increasing willingness among shipowners to repay early since the second quarter [1] Group 1: Domestic and International Clients - The increase in global geopolitical uncertainty has intensified competition for shipping financing channels, leading to a significant reduction in new overseas projects by Chinese leasing companies in the first half of 2025 [2] - Domestic shipowners have driven the leasing projects, with over 60% of new business coming from them, and 68 domestic clients engaged in leasing activities, including 22 first-time collaborators, mostly small and medium-sized private enterprises [2] Group 2: Financial Leasing Companies - Despite challenges in overseas business, 10 leasing companies secured transactions with international clients in the second quarter, with 8 being financial leasing companies [3] - Compared to financial leasing companies, most commercial leasing companies exhibit greater flexibility in client selection, with a gradual increase in business scale [3] Group 3: New and Second-hand Vessels - In the first half of 2025, new vessel leasing projects by Chinese leasing companies reached 86, marking a low point in the last decade, although state-owned shipowners' bulk orders contributed to this segment through operational leasing [4] - The second-hand vessel market remained stable, with older vessels (10-14 years) becoming a primary growth point for refinancing, although there has been a noticeable decline in financing projects for older vessels this year [4]