2026年3月4日 运指数。 (欧线) 请务必阅读正文之后的免责条款部分 投资咨询从业资格号: Z0021502 郑玉洁 zhengyujie@gtht.com 黄柳楠 投资咨询从业资格号: Z0015892 huangliunan@gtht.com 【基本面跟踪 表 1:集运指数(欧线)基本面数据 1 | | 11 12 14 14 1 | A- 1- Hd XV 1/7 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | | 昨日收费价 | 日 涨跌 | 昨日成交 | 昨日持仓 | | 持仓变动 昨日成交/持仓 | 前日成交/持仓 | | | EC2604 | 1.644.8 | 18.00% | 17. 836 | 44. 074 | -2, 169 | 0. 40 | 1.76 | | | EC2606 B | 2. 181. 7 | 18. 00% | 3, 269 | 20. 446 | -321 | 0.16 | 0. 78 | | | EC2610 | 1.469.8 | 15.00% | 7 ...

行业 集运指数日报 日期 2026 年 3 月 4 日 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货3月3日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2604 | 1,393.9 | 1,500.0 | 1,644.8 | 1,591.3 | 250.9 | 18.00 | 17836 | 44074 | -2169 | | EC2605 | 1,611.9 | 1,699.0 | 1,902.0 | 1,835.3 | 290.1 | 18.00 | 593 | 1160 | -134 | | EC2606 | 1,848.9 | 1,951.0 | 2,181.7 | 2,086.1 | 332.8 | 18.00 | 3269 | 20446 | -321 | | EC2607 | 2,047.5 | 2, ...

行业 集运指数日报 日期 2026 年 2 月 27 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 ＃summary＃ 每日报告 | | | 表1：集运欧线期货2月26日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2604 | 1,303.6 | 1,255.0 | 1,236.0 | 1,242.1 | -67.6 | -5.19 | 2882 ...

行业 集运指数日报 日期 2026 年 2 月 26 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货2月25日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2604 | 1,342.5 | 1,339.0 | 1,278.6 | 1,303.6 | -63.9 | -4 ...

1. Report Industry Investment Rating - The investment rating is "oscillating" [3] 2. Core View of the Report - The European container shipping market shows a trend of "simultaneous strengthening of spot and futures prices". The freight rate has rebounded for multiple consecutive weeks, with both spot and futures prices rising steadily. Shipping companies are strongly willing to control cabin space and support prices. The demand side benefits from pre - Spring Festival stocking and restocking needs, leading to an improvement in cabin loading rates. On the supply side, empty sailings have decreased, and effective capacity has tightened. The Red Sea situation has marginally eased, with some shipping companies testing re - entry into the market, but overall caution remains. In the short term, the freight rate may peak in early January, and the market faces adjustment pressure. Future attention should be paid to the sustainability of demand and the progress of re - entry into the market [3] 3. Summary According to Relevant Catalogs 3.1 Main Views and Strategy Overview - **Spot Freight Rate**: It is a positive factor. In the Gemini Alliance, MSK's freight rate in the second week of January rose to $2540/FEU, a $40 increase compared to the opening, with the overall offline loading rate rising; HPL - SPOT's price in the first half of January dropped from $3535/FEU by $500 to $3035/FEU, and there is an expectation of a price increase back to $3535/FEU in the second half of January. In the OCEAN Alliance, OOCL's freight rate in the first half of January remained flat compared to the previous period, at $3180 - 3230/FEU, and CMA's freight rate rose slightly from $3245/FEU to $3293/FEU. In the MSC&PA Alliance, ONE has an online price increase expectation of $2835/FEU in the second half of January, consistent with the announced increase in the first half. The offline FAK quote in the first half of January was $2800/FEU, a $400 increase compared to the end of December, and YML's offline quote is $2800/FEU, with special prices available for increased volume [3] - **Political and Economic Factors**: They are neutral. Houthi armed leaders warned of an "inevitable" new round of conflict with Israel, and criticized Arab countries seeking normalization of relations with Israel. Ukrainian President Zelensky hopes to reach a framework agreement to end the war when meeting with US President Trump, and is willing to submit a cease - fire plan to a referendum if Russia agrees to at least 60 days of cease - fire. US President Trump plans to announce multiple major measures regarding the Gaza issue in early January, but the next step depends on his meeting with Israeli Prime Minister Netanyahu [3] - **Capacity Supply**: It is neutral. The average weekly capacity deployment in October was 245,000 TEU, 265,000 TEU in November, and 290,000 TEU in December [3] - **Demand**: It is a positive factor. At the end of 2025, the demand for European container shipping remained strong, showing a super - seasonal recovery. Driven by the extended pre - Spring Festival stocking window in 2026 and the release of European importers' restocking needs, the booking volume continued to grow, and the fleet loading rate remained high. Coupled with the pre - adjustment of the supply chain under geopolitical situations, the enthusiasm of shippers to ship goods increased, supporting the continuous rise of freight rates [3] - **Investment View**: It is "oscillating". The trading strategy is to wait and see for both unilateral and arbitrage trading. Attention should be paid to geopolitical disturbances and domestic and international macro - policy disturbances [3] 3.2 Price - **Spot Market**: The report presents the price trends of European line indices, US - West line indices, and US - East line indices from 2023 to 2025 through charts, but no specific data analysis is provided [6] 3.3 Static Capacity - **Order Volume**: The report shows the order volume and new - order volume of container ships of different loading capacities from 2015 to 2025 through multiple charts, including feeder container ships, intermediate container ships, and large - capacity container ships [11] - **Delivery Volume**: The delivery volume and delivery volume by loading capacity of container ships from 2020 to 2025 are presented, including different types of container ships such as feeder and post - Panamax [14] - **Demolition Volume**: The demolition volume and demolition volume by loading capacity of container ships from 2020 to 2025 are shown, covering various container ship types [15] - **Future Delivery**: The future delivery volume of container ships from 2023 to 2029 is presented, with breakdowns by different time periods and loading capacities [20] - **Ship - Breaking Price**: The ship - breaking prices of container ships of different loading capacities from 2019 to 2025 are presented, along with the new - building price index and year - on - year change of container ships [27] - **Second - Hand Ship Price**: The second - hand ship price index and the second - hand ship prices of container ships of different loading capacities and ages from 2015 to 2025 are presented [33] - **Existing Capacity of Container Ships**: The existing capacity, capacity by loading capacity, proportion of idle and retrofitted ships, average age, and average age at ship - breaking of container ships are presented through multiple charts, showing the development and status of the container ship fleet from 2015 to 2025 [42] 3.4 Dynamic Capacity - **Ship Schedule (Shanghai - European Base Ports)**: The total capacity deployment, PA + MSC capacity deployment, GEMINI capacity deployment, OCEAN capacity deployment, and MSC capacity deployment from week 13 to week 28 are presented through charts [57] - **Desulfurization Tower Installation**: The situation of container ships with installed and being - installed desulfurization towers, including the capacity in thousands of TEU, the number of ships, and the proportion, is presented, along with the average age and duration of the retrofit and the average speed of container ships [67] - **Idle Capacity**: The idle capacity, idle capacity by loading capacity, proportion of idle capacity, and the situation of hot - idle and desulfurization - tower - retrofitted container ships are presented through multiple charts [75]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The near - term outlook for the Container Shipping Index (Europe Line) is one of oscillation, while the long - term view depends on the progress of the Gaza negotiations [1][4] - For the 2604 contract, short - selling on rallies has a relatively higher probability of success, and its bottom valuation can be anchored to the lowest point of the 2025 SCFIS index, 1031 points. For the 2610 contract, pay attention to the progress of the second - stage cease - fire negotiations in Gaza and consider short - selling on rallies in the medium to long term [8] Summary by Relevant Catalogs Overview - In the past week, the absolute value of January's shipping capacity changed little, about 313,000 TEU/week, with no more pending voyages. The PA Alliance's FE4 route in the 5th week of January was confirmed as a normal dispatch, while the FE3 route in the 4th week changed from a normal dispatch to a blank sailing. Overall, January's shipping schedule became more even, with capacity between 308,000 - 318,000 TEU from the 1st to the 4th week and slightly increasing to 328,000 TEU in the 5th week [4][49] - February currently has 7 blank sailings and 5 pending voyages, with an average weekly capacity of 278,000 TEU/week (excluding the capacity of the 5 pending voyages). As of now, the first half of January (weeks 6 and 7) operates at full capacity, increasing the pressure on shipping companies to build a rolling pool before the Spring Festival, and blank sailings are mainly concentrated in the second half of January [5][49] Price - The forecast for the 52 - week SCFIS index has been revised down to between 1670 - 1730 points, and the final delivery settlement price of the 2512 contract is expected to be around 1590 - 1610 points. For the 2602 contract, key issues include freight height, inflection point time, and decline rate. The 2602 contract's delivery settlement price is the average of the SCFIS indices of the 4th, 5th, and 6th Wednesdays [6] - For the 2nd - week FAK average forecast, if OA is 2800 and PA is 2600 dollars, the FAK average is about 2700 dollars/FEU; if OA is 3100 and PA is 2800 dollars, the FAK average is about 2820 dollars/FEU. The inflection point is likely to occur in the 3rd or 4th week, and the accelerated decline may start in the 5th week [7] Demand Side - From a Chinese export perspective (valued in amount, updated to November), in November, China's exports to the US declined from - 25.2% in October to - 28.6%, increasing the drag on overall exports; exports to the EU increased by 13.9 percentage points to 14.8% compared to October; exports to ASEAN decreased from 11.0% to 8.2% but remained resilient overall; exports to Africa further increased to 27.6% [27] - From an Asian export to Europe perspective (updated to October), the year - on - year growth rate of container trade volume between Asia and Europe (Northwest Europe + Mediterranean) in October was - 2.8% [30] - From an Asian export to North America perspective (updated to October), in October, the year - on - year growth rate of Asian exports to North America was - 8.0% [33] Supply Side Geopolitical Situation - Israel's Prime Minister plans to meet with the US President in Washington on December 29, 2025, to discuss issues such as Iran's nuclear activities, the overall security situation in the Middle East, and the next phase of the Gaza plan. Saudi Arabia and the UAE are coordinating on the role of the Southern Transitional Council (STC) in Yemen, and Saudi Arabia carried out an air strike on STC positions on December 26, 2025 [46] - The Maersk Sebarok, a 6,500 - TEU container ship, passed through the Bab el - Mandeb Strait and entered the Red Sea on the morning of December 19, the first Maersk vessel to do so in nearly two years [5][46] Shipping Schedule - January's shipping capacity changed little, with the 1st - 4th week's capacity between 308,000 - 318,000 TEU and the 5th week's slightly increasing to 328,000 TEU. February has 7 blank sailings and 5 pending voyages, with an average weekly capacity of 278,000 TEU/week (excluding pending voyages) [4][49] Turnover Efficiency - Data on the sailing speed of 12,000 - TEU container ships, the number of idle 8,000 - 12,000 - TEU and 17,000 + TEU container ships are presented, as well as the congestion situation of container ships in ports across different regions such as China, the UK/Europe, the Mediterranean/Black Sea, Southeast Asia, North America, and major ports in Europe, North America, and Asia [56][59][61] Static Capacity - In December, the top ten liner companies received 2 new 12,000 - 16,999 - TEU container ships and 1 new 17,000 + TEU container ship. From January to March 2026, they are expected to receive multiple new ships of different sizes [72][73][75]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For the 2602 contract, consider lightly building long positions around 1700 points or lower for delivery; for the 2604 contract, maintain rolling short - selling. The 2602 contract has three scenarios: neutral, optimistic, and pessimistic, and the price trend in week 3 is uncertain. The 2604 contract has a relatively higher probability of short - selling, and in the short - term, beware of the risk of premium water [7][8] 3. Summary by Relevant Catalogs 3.1 Overview - This week's view on the Container Shipping Index (European Line) is to lightly build long positions in the 02 contract for delivery and pay attention to the premium water risk in the 04 contract. In the past week, the weekly average capacity in January remained at 318,000 TEU/week, and the number of pending voyages was reduced to 1. There were changes in different alliances' ship schedules. In February, there are currently 4 blank sailings and 8 pending voyages, with a weekly average capacity of 275,000 TEU/week, and there is still a large room for revision [4][5] 3.2 Demand - From the perspective of China's exports (valued in amount, updated to November), in November, China's year - on - year exports to the US declined from - 25.2% in October to - 28.6%, while the year - on - year growth rate of exports to the EU increased by 13.9 percentage points to 14.8%. Exports to ASEAN decreased from 11.0% to 8.2% but still showed resilience, and exports to Africa further increased to 27.6%. In terms of Asian exports to Europe (updated to October) and North America (updated to October), there were different trends in container trade volumes in different months. The US import volume tracking (updated to December 11) also showed certain trends [33][36][39] 3.3 Supply 3.3.1 Supply Chain Risk Events - Geopolitical situation disturbances include the limited progress of the second - stage cease - fire talks in Gaza, the increased risk of internal conflict in Yemen, and the symbolic passage of Maersk's Sebarok through the Bab el - Mandeb Strait, which does not mean the full normalization of the Red Sea route [52] 3.3.2 European Line Ship Schedule - In the past week, the weekly average capacity in January remained at 318,000 TEU/week, and there were changes in different alliances' ship schedules. In February, there are currently 4 blank sailings and 8 pending voyages, with a weekly average capacity of 275,000 TEU/week, and there is still a large room for revision [54] 3.3.3 Turnover Efficiency - It includes aspects such as the sailing speed of container ships, the number of idle container ships, regional congestion situations (including ports in China, the UK/Europe, the Mediterranean/Black Sea, Southeast Asia, North America), and the congestion situations of major ports in Europe, North America, and Asia [63][67][69] 3.3.4 Static Capacity - In the past three months, there were new 12,000 + TEU container ships launched by the top ten liner companies, and there are also new ships to be delivered in the remaining months of 2025 and in 2026. The delivery plans of 12,000 - 16,999 TEU and 17,000 + TEU container ships from 2024 - 2026 are also summarized [80][83][85] 3.4 Price - For the 2512 contract, the delivery settlement price is the average of the SCFIS indices of weeks 50, 51, and 52. The SCFIS index of week 51 is expected to be between 1570 - 1630 points, and that of week 52 is expected to be between 1730 - 1780 points, with the delivery settlement price of the 2512 contract likely to be between 1600 - 1640 points. In January, based on the quotes of leading companies, the average FAK in the market in week 2 is expected to be around 2800 US dollars/FEU [16][17]

1. Report Industry Investment Rating No relevant industry investment rating information provided in the report. 2. Core Viewpoints of the Report - In 2026, it is highly likely that the price center of the Container Shipping Index (Europe Line) futures will decline, and the volatility will continue to converge. The supply - side growth will gradually absorb the "bonus" of the detour caused by the Red Sea crisis, and the global maritime trade growth rate on the demand side may slow down [2][101]. - In 2026, the supply and demand of the Europe Line will both increase, but it is highly probable that the supply - demand situation will become looser. The annual freight rate center of the Europe Line is expected to fluctuate between 1300 - 2500 US dollars/FEU, corresponding to an SCFIS index of approximately 850 - 1800 points [2][101]. 3. Summary According to the Table of Contents 3.1 Overview - **Review of Spot and Futures Price Trends**: The Container Shipping Index (Europe Line) as a service - type futures has a relatively weak anchoring between spot and forward prices. The futures price generally follows the spot seasonal pattern, with a steeper upward slope than the downward slope in each V - shaped price movement, and the price center of the V - shaped movement continues to decline. Each contract has its own trading logic, with some similarities, such as the 2602 contract being similar to the 2508 contract [6]. - **Futures Price Structure Trends**: In the two - year listing period of EC, arbitrage trading mainly relied on seasonality. However, in 2025, due to increased macro and geopolitical uncertainties, the traditional trading logic of peak and off - peak seasons may fail. In the context of the Red Sea resumption risk in 2026, the safety margin of long spreads may be easier to capture than short spreads [29]. 3.2 Supply: Static Capacity Tends to be Saturated, and There is a Risk of Red Sea Route Resumption in the Distant Future - **Capacity Development**: In 2026, the global static capacity growth rate will be 4.6%. The Europe Line is expected to receive 8 - 14 new ships, mainly for upgrading ship types and filling small gaps. The difficulty of blank sailings will increase in 2026. In terms of dynamic capacity, the actual weekly average capacity of the China - Northwest Europe route in 2025 increased by 11.4% compared to 2024. In terms of market share, the capacity of Cosco Group and Hapag - Lloyd on the Northwest Europe route has increased [34][36][37]. - **Supply Chain Event Review**: - **Port Congestion**: The average in - port capacity of major ports related to Northwest Europe increased in 2025. Port congestion can cause passive blank sailings, affect the index settlement price, and lead to the loss of customer resources of some shipping companies [47][48]. - **Impact of the US Line on the European Supply Side**: After the implementation of the equal - tariff policy on April 2, 2025, 15 US - bound ships were transferred to the European Line from April to May, increasing the supply pressure. After the relaxation of tariffs on May 12, the US Line "rushed to export", and some ships were transferred from the European Line [54]. - **Impact of the 301 Investigation on the European Line Market**: The US 301 investigation on China's maritime, logistics, and shipbuilding industries and China's counter - measures did not cause significant disruptions to the European Line container shipping market [57][58][59]. 3.3 Demand: There is No Strong Inventory - Replenishment Drive in the US in the First Half of the Year, and European Import Demand May be Resilient - **US Perspective**: In the first half of 2026, if there are no major changes in the Sino - US tariff policy, the US may maintain rigid inventory replenishment. There is no strong upward drive on the demand side, so importers do not have a strong motivation for large - scale inventory replenishment [70]. - **European Perspective**: In 2025, from January to October, Asia's exports of containers to Europe continued to grow rapidly. In 2026, European import demand may be resilient, but attention should be paid to the marginal change in the growth rate [83]. 3.4 Major Geopolitical Events and Their Impact Paths - **Middle East**: The Red Sea and potential Hormuz Strait security risks persist. Shipping companies are preparing for the resumption of the Red Sea route in 2026, but the risk has not completely disappeared, and there is no unified schedule for the west - bound resumption of the European Line. If the Red Sea route resumes, there will be an issue of over - capacity [90][91][92]. - **Russia - Ukraine Conflict**: In 2025, the situation on the battlefield tilted in favor of Russia, and there was a "28 - point cease - fire framework" proposed but not accepted. In 2026, the conflict may end with Ukraine "forced to accept a cease - fire" or "resisting firmly with Europe". The easing of the conflict may boost the import demand of the Europe - Mediterranean route and have a positive impact on the European Line [94][95]. - **Taiwan Strait**: Japan's provocations may lead to an escalation of the situation in the Taiwan Strait. In case of conflict, the shipping routes in the East China Sea, South China Sea, and the Malacca Strait may be affected, leading to an increase in shipping prices [97][98]. 3.5 Strategy Recommendations - **2602 Contract**: The trading logic is similar to that of the 2508 contract, focusing on freight rate height, inflection point time, and subsequent decline rate. The current most profitable spread - filling market has ended, and it is expected to be mainly volatile and follow the delivery logic [3][102]. - **2604 and 2610 Contracts**: Market speculative funds may try to trade on the off - peak season attributes. The 2604 contract has already priced in most of the off - peak season expectations, and it is recommended to short with a fluctuating rhythm, with a fundamental resistance level of 1150 - 1250 points. The 2610 contract is suitable for trading the long - term weakening of the fundamentals and the negative impact of the Red Sea route resumption [3][102]. - **2606 and 2608 Contracts**: Due to the uncertainty of the Red Sea route resumption rhythm, there is a certain risk in unilateral long positions. In the initial stage, it is advisable to enter the market through 6 - 10 and 8 - 10 long spreads [3][103].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The container shipping index (European line) showed a weak oscillation yesterday. The main 2602 contract closed at 1387.7 points, down 0.69% with a reduction of 1089 lots; the 2512 contract closed at 1612.9 points, down 0.98%; the far - month contracts continued to trade on the resumption of navigation, with declines exceeding 2%. The short - term market is mainly trading on weak reality and will oscillate at a low level. The strategy is to wait and see for the 02 contract and hold short positions for the 04 contract [10][12] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: EC2512 closed at 1779.7, up 0.69%; EC2602 closed at 1568.6, down 0.54%; EC2604 closed at 1142.1, down 0.45%. The spread between EC2512 and EC2604 is 637.6, and the spread between EC2602 and EC2604 is 426.5 [1] - **Freight Index**: The SCFIS European route was at 1639.37 points, up 20.7% week - on - week; the SCFIS US West route was at 1107.85 points, down 10.5% week - on - week. The SCFI European route was at $1367/TEU, down 3.5% bi - weekly; the SCFI US West route was at $1645/FEU, down 9.8% bi - weekly [1] - **Spot Freight Rates**: For the 50th week, the FAK average of the Gemini Alliance was about $2150/FEU; the OA Alliance was about $2350/FEU; the PA Alliance was about $2150/FEU. The expected market FAK average for the 50th week after adjustment is about $2220/FEU, roughly corresponding to 1570 - 1600 points [11] - **Exchange Rates**: The US dollar index was at 100.20, and the US dollar against the offshore RMB was at 7.11 [1] 3.2 Macro News - Trump and Saudi Crown Prince Mohammed bin Salman had a tense private conversation, with significant differences in their policies towards Israel [8] - Due to safety concerns, Maersk and Hapag - Lloyd have no specific schedule to change the "Gemini" east - west route to Red Sea navigation. They will closely monitor the situation in the region and resume the Suez Canal - based route network when safety conditions allow [9] 3.3 Market Analysis - In terms of fundamentals, the market did not reach the situation of "one cabin is hard to find" at the end of November and early December this year. In December, the first half - month had 2 cancelled sailings with an average weekly capacity of 32.4 million TEU/week; the second half - month had 2 cancelled sailings and one 13,000 - TEU additional ship from Maersk, with an average weekly capacity of 31.8 million TEU/week. The market is trading on the downward price drive from the second week of December to January. The short - term market is mainly trading on weak reality and will oscillate at a low level [12]

Core Insights - The main point of the article highlights the significant decline in revenue and profits for Yang Ming Marine Transport Corporation in the first three quarters of 2025 compared to the previous year, primarily due to falling freight rates [3]. Financial Performance - For the first three quarters of 2025, Yang Ming reported a total revenue of NT$126.26 billion (approximately $4.05 billion), a year-on-year decrease of 25.4% [3]. - Gross profit was NT$22.29 billion (approximately $720 million), down 63.7% year-on-year [3]. - Operating profit stood at NT$15.53 billion (approximately $500 million), reflecting a 71.4% decline year-on-year [3]. - Pre-tax net profit was NT$21.34 billion (approximately $680 million), down 66.8% year-on-year [3]. - Net profit reached NT$15.00 billion (approximately $480 million), a decrease of 71.1% year-on-year [3]. - The net profit attributable to shareholders was NT$14.81 billion (approximately $480 million), down 71.3% year-on-year, with basic earnings per share at NT$4.24 [3]. Quarterly Performance - In the third quarter of 2025, Yang Ming achieved a revenue of NT$42.09 billion (approximately $1.35 billion), a year-on-year decline of 42.2%, but a quarter-on-quarter increase of 8.9% [4]. - Operating profit for the third quarter was NT$4.41 billion (approximately $140 million), down 86.3% year-on-year, with an operating margin of 10.5% [4]. - The net profit for the third quarter was NT$6.11 billion (approximately $200 million), a year-on-year decrease of 78.5%, but a significant quarter-on-quarter increase of 488.7%, indicating a recovery in quarterly performance [4]. Market Outlook - Yang Ming referenced a report from Alphaliner, indicating that global shipping capacity is expected to grow by 6.8% in 2025, while demand is projected to grow at only 2.0%, suggesting an oversupply situation in the market [4]. - Looking ahead, the company anticipates that the pause in tariff policies will help alleviate uncertainties and is expected to boost shipments ahead of the holiday season in the U.S. [4]. - The company expects stability in intra-Asian routes and the Middle Eastern market, but remains cautious about external factors such as the situation in the Red Sea and congestion at European ports [4].