Core Viewpoint - The report from Zhongtai Securities projects Intercontinental Shipping's revenue and net profit growth from 2025 to 2027, highlighting a dual strategy of asset-light and asset-heavy operations to drive growth in shipping services and ship management [1][4]. Group 1: Shipping Services - The company is a comprehensive shipping service provider and a leading ship management service provider based in China, employing a dual strategy of asset-light and asset-heavy operations [1]. - The fleet structure is continuously optimized, with a controlled fleet of 38 vessels as of June 30, 2025, including 26 bulk carriers, 2 general cargo ships, and 10 tankers/chemical carriers, achieving a total capacity of 1.48 million dwt [2]. - The company has established partnerships with 1,355 suppliers globally, enhancing its operational capabilities [2]. Group 2: Ship Management - Intercontinental Shipping has been recognized as one of the top ten ship management companies globally, reinforcing its industry-leading position [3]. - The company employs a dual charging model combining a lump-sum and management fee, ensuring strong business sustainability and high customer retention [3]. - As of the end of 2024, the company managed 288 vessels, reflecting a year-on-year growth of 24.14% [3]. Group 3: Catalysts for Growth - The new IMO carbon emission regulations are expected to enhance the competitive advantage of shipping services, pushing the industry towards greener practices [4]. - The company has significantly reduced its greenhouse gas emissions per unit of total assets from 1.381 tCO2/thousand USD in 2020 to 0.556 tCO2/thousand USD by 2024 [4]. - The "National Ship, National Management" initiative is anticipated to strengthen the company's leading position in the ship management industry, enhancing compliance and operational capabilities for domestic shipping enterprises [5].

Core Insights - The 2025 China Maritime Day event in Shanghai highlighted the city's position as a leading international shipping center, with the latest Xinhua-Baltic International Shipping Development Index being released [1] - The North Bund area has transformed from an "old wharf" to a "shipping headquarters base," enhancing Shanghai's international shipping influence and competitiveness [2][6] - The North Bund is actively inviting global shipping institutions and experts to contribute to its development plans, focusing on green and intelligent shipping [2][3] Development and Planning - The North Bund's new development phase aligns with the 14th Five-Year Plan, aiming to optimize the shipping operator environment and expand green and digital shipping services [2] - The North Bund has previously engaged in global design competitions to enhance urban planning and development, showcasing its international vision [3] Industry Growth and Attraction - By the end of 2024, nearly 4,500 key shipping enterprises are expected to be concentrated in the Hongkou District, with 16 of the world's top 50 container shipping companies establishing regional headquarters or offices in the North Bund [5] - The North Bund has attracted major shipping companies, including MSC Mediterranean Shipping Company, which has established its regional headquarters there [4] International Standards and Green Initiatives - The North Bund is leading the establishment of a sustainable fuel certification system in line with international maritime organization standards, aiming to create a globally influential low-carbon governance framework [7][8] - The area has become a hub for green and low-carbon initiatives, with nearly 800 related enterprises and a projected industry scale exceeding 70 billion yuan by 2024 [7] Global Influence and Collaboration - The North Bund is increasingly recognized for its role in setting international maritime standards, with significant growth in maritime arbitration cases and the establishment of various maritime training and arbitration centers [8] - The area aims to enhance its global shipping resource allocation capabilities and promote technological breakthroughs in shipping, contributing to the development of the global shipping industry [8]