常为旺季，包括粮食、取暖用煤等需求增加，目前运价处于上升阶段。预计四 季度旺季将持续至春节前，但具体涨幅和价格维持情况仍需观察。 中谷物流 20251216 摘要 中谷物流将约 60%运力投入外贸市场，通过期租形式出租船舶，保障收 益稳定性。2025 年三季度外贸盈利约 4 亿元，但内贸淡季及运力调整 导致整体盈利未达预期。四季度为传统旺季，运价上升，但涨幅和价格 维持情况待观察。 2026 年预计有三分之一到 40%的运力需要重签合同，其中 17 艘 9 万 吨级船舶是外贸收益的关键。目前租金维持在每天 4 万美元以上，预计 续签将按照两年合约进行，今年重签合同价格已有所上涨。 中谷物流内贸运力减少导致运输量下滑 20%-30%，但国内集装箱市场 仍为寡头垄断格局，主要竞争对手也采取类似策略转移运力至外贸，市 场地位相对稳固。PDCA 指数显示价格水平与去年相当或略好，但四季 度涨价对全年业绩影响需进一步观察。 当前市场需求一般，供给收缩，运量下滑导致码头作业量下降，码头作 业费增加，内贸单箱成本上升。公司 70%客户为货代，未来将根据国内 市场需求回升调整运力，加强班期密度。 公司总运力 330 万吨，外 ...

2025年上半年中国船舶租赁完成新签新造船订单6艘，合同金额3.08亿美元，中高端船型占比100%，包 括4艘MR油轮和2艘甲醇双燃料MR油轮。截至2025年6月30日，公司船队规模143艘，其中在运营船舶 121艘，在建船舶22艘。运营船舶平均船龄约4.13年，船队年轻具有竞争力。一年期以上租约平均剩余 年限7.64年，存续期较长可提升业绩稳健性。 香港联交所最新资料显示，12月3日，中国船舶租赁(03877)股东将股票存入中国国际金融香港证券，存 仓市值96.6亿港元，占比73.85%。 ...

Core Viewpoint - The report maintains a "Buy" rating for China Ship Leasing (03877), highlighting its strong fleet structure, cost control, and high dividend yield as competitive advantages [1] Group 1: Financial Performance - The effective income tax rate for the company is projected to increase to 15% for the years 2025-2027, leading to revised net profit estimates of HKD 2.0 billion, HKD 2.2 billion, and HKD 2.4 billion for those years, respectively [1] - The company reported a comprehensive financing cost of 3.1% as of June 30, 2025, a reduction of 40 basis points from the beginning of the year [2] - The company's debt-to-asset ratio stands at 65.2%, down 2.3% from the end of the previous year [2] Group 2: Fleet and Operations - As of June 30, 2025, the company has completed six new ship orders with a contract value of USD 308 million, all of which are mid-to-high-end vessels [1] - The fleet consists of 143 vessels, with 121 in operation and 22 under construction, and an average age of approximately 4.13 years, indicating a competitive and young fleet [1] - The average remaining lease term for contracts exceeding one year is 7.64 years, enhancing the stability of the company's performance [1] Group 3: Dividend Policy - The company declared an interim dividend of HKD 0.05 per share, an increase from HKD 0.03 per share in the previous year [2] - The projected dividend payout ratio for the end of 2024 is 30%, and if maintained, the total annual dividend yield for 2025 could reach approximately 7.7% [2]

Core Viewpoint - COSCO SHIPPING Development (中远海发) has entered into a memorandum of agreement and bareboat charter with ORYX LNG NO.10 SHIPPING CORPORATION for the purchase and leaseback of an LNG carrier, highlighting the significance of its ship leasing business in the company's operations and financial performance [1] Group 1: Agreement Details - The company agreed to purchase one LNG carrier for approximately RMB 2.579 billion from the charterer [1] - Following the delivery, the company will lease back the vessel to the charterer for an estimated total lease payment of approximately RMB 3.182 billion [1] - The LNG carrier has a capacity of 271,000 cubic meters and is registered under the Liberian flag [1] Group 2: Business Significance - The sale and leaseback arrangement is a crucial component of the company's ship leasing business [1] - The ship leasing business contributes significantly to the company's profitability and asset value [1] - The company believes that the ship leasing business will continue to play a major role in its development [1]