2025年8月15日，中国船舶集团与Seaspan（塞斯潘）的12艘9000 TEU（标准箱）级集装箱船建造合同签约仪式在旗下沪东中华举行。这是继去年10月18日 双方签订6艘13600 TEU常规燃料动力集装箱船建造合同后，再次签订的批量订单，同样采用人民币结算。 据悉，这是沪东中华为塞斯潘量身定制的高可靠性、高运营经济性船型，总长274.0米，型宽45.6米，型深24.8米，设计航速20节，续航25000海里。在确保 航行稳定安全的同时实现载货空间最大化，共设有7个货舱，采用双岛式设计，可堆放16列9层集装箱，加之甲板上可堆放18列11层集装箱，全船载箱量达到 9040 TEU。 独立集装箱船船东也被称为Tonnage provider（吨位/运力提供者），指的是自己不经营实际的航线业务，只为承运人公司提供船舶运力的公司。塞斯潘是全 球最大的独立集装箱船租赁船东公司，客户包括地中海航运（MSC）、马士基（Maersk）、达飞轮船、中远海运、ONE、赫伯罗特、阳明海运等，几乎所 有全球知名的集装箱班轮公司都从塞斯潘承租集装箱船。 与此同时，自2021年夏季以来时隔近三年再次重返集装箱船新造船市场，启动新一轮 ...

Group 1 - Company COSCO Shipping Development (中远海发) announced the signing of contracts for the construction of 10 bulk carriers, consisting of 6 vessels from Zhoushan Shipyard and 4 vessels from China Shipbuilding Group, with a total contract value of RMB 52.8 billion (excluding tax) [1] - The lease agreement with COSCO Shipping Bulk (中远海运散货) stipulates a lease term of approximately 240 months ± 90 days for each vessel, starting from the delivery date [2] - The expected annual rent for each vessel after delivery, considering dual-fuel power upgrades, is approximately RMB 63.8 million (excluding tax) [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Views - The company is a leading global ship leasing firm with five core advantages: strong backing from China Shipbuilding Group, an excellent business model combining fixed and flexible income, early green transformation with 89% of its fleet being energy-efficient vessels, good qualifications leading to low financing costs (3.56% in 2024), and a high dividend yield exceeding 7% [4][14]. Industry Overview - The ship leasing industry is expected to see strong demand supported by several factors: steady global economic growth driving trade volume, increasingly stringent environmental regulations necessitating the replacement of older vessels, and a high average age of the global fleet at 17.4 years, indicating a peak period for replacing aging ships [11][23][40]. - The penetration rate of ship leasing is anticipated to increase due to the advantages of leasing, such as lower capital requirements and flexible payment options, with the current leasing penetration for container ships at 55.37% by number and 47.69% by TEU [52][57]. Company Analysis - The company benefits from a robust industry background and resources, allowing it to identify and capitalize on industry cycles effectively [11][14]. - Its business model enhances growth potential through a mix of fixed and flexible income, allowing the company to better capture the benefits of market upturns [12][14]. - The fleet's average age is only 4.03 years, significantly younger than the global average, which reduces environmental compliance pressures [12][14]. - The company maintains a low financing cost of 3.56% in 2024, with expectations for further improvement due to global interest rate trends [12][14]. Financial Projections - The company is projected to achieve total revenues of 43.81, 46.22, and 49.68 billion HKD from 2025 to 2027, with corresponding growth rates of -1.35%, +5.51%, and +7.47% [16]. - Net profits for the same period are expected to be 22.79, 24.41, and 26.61 billion HKD, with growth rates of +8.22%, +7.10%, and +9.03% [16].