Core Viewpoint - Intercontinental Shipping (02409.HK) announced a replacement agreement involving its wholly-owned subsidiary Seacon Shipping, where a previous buyer will transfer all rights and obligations under a shipbuilding contract to Seacon Shipping at zero cost [1] Group 1: Agreement Details - The previous buyer has not made any installment payments under the original shipbuilding contract [1] - Following the completion of the replacement, the shipbuilding contract will continue to be fully effective and enforceable, subject to the amendments outlined in the replacement agreement [1] Group 2: Transaction Overview - Seacon Shipping has agreed to purchase six vessels from the seller, with a total consideration of $198.6 million [1]

Core Viewpoint - The company, Intercontinental Shipping (02409.HK), has entered into a replacement agreement for shipbuilding contracts, acquiring rights and obligations at no cost, and agreeing to purchase six vessels for a total consideration of $198.6 million [1] Group 1: Agreement Details - The indirect wholly-owned subsidiary of the company, Seacon Shipping, has signed a replacement agreement with the seller and previous buyer, who will transfer all rights and obligations under the shipbuilding contract at zero cost [1] - The previous buyer has not made any installment payments under the original shipbuilding contract [1] - Following the replacement, the shipbuilding contract remains fully effective, and Seacon Shipping agrees to purchase six vessels from the seller for a total price of $198.6 million [1] Group 2: Financing Arrangements - On December 26, 2025, Seacon Shipping and six charterers (indirect wholly-owned subsidiaries of the company) will enter into financing lease arrangements [1] - Seacon Shipping agrees to sell the relevant vessels to the respective owners for $28.135 million each [1] - Each owner agrees to lease the relevant vessels to the respective charterers under corresponding bareboat charters, and the company will enter into guarantee deeds for the benefit of the owners [1]

Core Viewpoint - The company, Intercontinental Shipping (02409), has announced a replacement agreement involving the transfer of shipbuilding contract rights and obligations to its wholly-owned subsidiary, Seacon Shipping, at no cost, with a total purchase price of $198.6 million for six vessels [1] Group 1: Agreement Details - On December 26, 2025, Seacon Shipping entered into a replacement agreement with the previous buyer, who agreed to transfer all rights and obligations under the shipbuilding contract without any installment payments made [1] - Following the replacement, the shipbuilding contract remains fully effective, with Seacon Shipping agreeing to purchase six vessels from the seller for a total price of $198.6 million [1] Group 2: Financing Arrangements - On the same date, Seacon Shipping and six charterers established financing lease arrangements, where Seacon Shipping agreed to sell the vessels to the respective owners at a price of $28.135 million each [1] - Each owner agreed to lease the respective vessels to the corresponding charterers under relevant bareboat charter agreements [1] - The company entered into guarantee agreements with the owners as beneficiaries [1]

Core Viewpoint - Intercontinental Shipping (02409) announced a replacement agreement on December 26, 2025, where its indirect wholly-owned subsidiary, Seacon Shipping, will acquire all rights and obligations under a shipbuilding contract from a previous buyer at zero cost, with a total consideration of $198.6 million for six vessels [1]. Group 1 - Seacon Shipping will purchase six vessels from the seller, with a total price of $198.6 million [1]. - The previous buyer did not make any installment payments under the original shipbuilding contract [1]. - Following the replacement agreement, the shipbuilding contract will continue to be fully effective and enforceable, with modifications as specified in the replacement agreement [1]. Group 2 - On December 26, 2025, Seacon Shipping and six charterers (indirect wholly-owned subsidiaries of the company) entered into financing lease arrangements [1]. - Seacon Shipping agreed to sell the relevant vessels to the respective owners for $28.135 million each [1]. - Each owner agreed to lease the relevant vessels to the corresponding charterers under the relevant bareboat charter [1].

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]

格隆汇12月28日丨中远海能(01138.HK)公布，公司董事会会议审议通过了《关于使用闲置募集资金进行 现金管理的议案》。公司拟使用不超过人民币70亿元(含本数)的闲置募集资金进行现金管理。该额度自 公司董事会审议通过之日起12个月内有效，公司可在使用期限、额度范围内滚动使用。 ...

Investment Rating - Maintain "Buy" rating for the transportation sector [5] Core Views - The international passenger turnover for October and November 2025 is expected to grow by 12.9% and 14.3% year-on-year compared to the same months in 2019, indicating a recovery in demand [1][2] - The average economy class ticket price for the New Year holiday in 2026 is projected to be 597 RMB, reflecting a 1.1% decrease from 2024 and a 6.7% increase from 2025 [1][2] - The logistics sector is benefiting from explosive growth in overseas e-commerce, with TikTok Shop's GMV in Southeast Asia increasing by 2.7 times during the "12.12" promotion [1][3] Summary by Sections Weekly Insights and Market Review - The transportation sector index rose by 1.37%, underperforming the Shanghai Composite Index by 0.51 percentage points [1][19] - The top three performing sub-sectors were shipping, public transport, and logistics, with increases of 4.70%, 4.65%, and 1.96% respectively [1][19] Air Travel - From January to November 2025, civil aviation passenger turnover reached 12,865.80 billion person-kilometers, a 19.6% increase compared to the same period in 2019 [2][12] - Domestic routes saw a 25.6% increase, while international routes grew by 3.6% [2][12] - The aviation sector is expected to maintain a positive outlook due to low supply growth and recovering demand, with a focus on business travel and international flight recovery [2][12] Shipping and Ports - The oil and dry bulk freight rates are experiencing a decline, with VLCC rates significantly dropping due to seasonal factors and lower-than-expected January loading volumes [3][13] - The dry bulk shipping index continues to fall, with a focus on the impact of new iron ore production and geopolitical developments [3][14] - The LNG transportation market is anticipated to follow a different cycle compared to larger vessels, with new projects in hydrogen production [3][16] Logistics - The logistics sector is focusing on two investment themes: overseas expansion driven by e-commerce growth and internal competition management amid slowing industry growth [3][17] - The express delivery volume showed a modest increase of 1.6% year-on-year in December, indicating a competitive landscape where leading companies are expected to gain market share [3][17]

Investment Rating - The report maintains a "Positive" outlook on the shipping sector, particularly highlighting potential opportunities in ST Songfa, China Shipbuilding, and China Power [5]. Core Insights - The shipping sector is expected to see a strong start in 2026, driven by improved new ship orders and the launch of shipping industry index funds. The report anticipates a rebound in freight rates post the Christmas season, with a potential early trading opportunity for the oil and bulk shipping sectors ahead of the Spring Festival [5]. - The report emphasizes the resilience of the logistics and transportation sectors, with specific attention to the performance of various sub-sectors, including air transport and express delivery, which are poised for significant growth due to supply constraints and increasing demand [5][6]. Summary by Sections Shipping Sector - New ship orders have improved since October, and the shipping industry index fund launch is expected to boost the sector in 2026. The report recommends focusing on ST Songfa, China Shipbuilding, and China Power [5]. - The report notes that the overall oil and bulk freight rates exceeded expectations in Q4, with specific recommendations for China Merchants Energy and COSCO Shipping Energy [5]. Air Transport - The report highlights the unprecedented challenges in the aircraft manufacturing supply chain and the aging fleet, which are expected to constrain supply. However, the rising passenger volume and the allocation of more capacity to international routes are anticipated to enhance airline profitability [5]. Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined: price recovery leading to profit restoration, continued competitive pressure in certain regions, and potential mergers and acquisitions for supply-side optimization. Recommended companies include Shentong Express, YTO Express, and ZTO Express [5]. Road and Rail Transport - The report indicates that railway freight volumes and highway truck traffic are showing resilience, with steady growth expected. Data from the Ministry of Transport shows a slight decrease in railway freight but an increase in highway truck traffic [5]. Market Performance - The transportation index rose by 1.37%, underperforming the CSI 300 index, which increased by 1.95%. The raw material supply chain services sector saw the highest increase at 6.57%, while the air transport sector experienced a decline of 0.75% [6].

12月18日 海南自由贸易港正式启动全岛封关 开放格局持续拓展 封关首周 12月18日清晨，一艘装载着17.9万吨原油的船舶停靠在洋浦港国投洋浦油储码头30万吨级原油泊位。这是海南自由贸易港正式启动全岛封关后的 第一批通 关"零关税"石化原辅料。 封关首周 12月18日，中国石化海南炼油化工有限公司与儋州伟达化工有限公司成功开展累计加工增值免关税享惠业务，成为海南自由贸易港全岛封关后 第一批开 展累计增值业务的企业。此次业务促进了产业上下游合作，为其他产业链上下游企业提供了"儋洋样板"。 封关首周 12月18日， 第一批径予放行业务在洋浦顺利落地实施。海南金海浆纸业有限公司进口的3558吨方解石采用径予放行模式，快速完成从申报到放行全流 程。 全岛封关首周 儋州洋浦交出新答卷： 新型通关模式落地见效 港航吞吐量实现新跨越 高端产业项目次第扎根 跨境金融创新稳步推进 封关首周 12月22日，中国石化海南炼油化工有限公司的55.25吨聚丙烯，采用"分批出岛、集中申报"模式，从洋浦港"二线口岸"顺利出岛。这是海南自由贸易港 第 一批采用"分出集报"模式通关的货物。 封关首周 截至12月25日，累计登记"中国洋浦港" ...

Group 1 - Yang Ming Marine Transport Corporation has officially returned to the newbuilding market for bulk carriers by ordering 4 ultramax bulk carriers in Japan, marking its first newbuilding activity in nearly a decade [1][2] - The total value of the new ship orders is estimated to be between 4.9 billion and 5.4 billion New Taiwan Dollars, equivalent to approximately 155 million to 171 million US Dollars [1] - The orders are split between two Japanese shipyards, Nihon Shipyard and Imabari Shipbuilding, with each of the two ships priced at around 1.2 billion to 1.4 billion New Taiwan Dollars [1] Group 2 - Kuang Ming Shipping, a subsidiary of Yang Ming, was established in 1990 and initially served as a booking agent, later entering the dry bulk transportation sector in 2008 [2] - Currently, Kuang Ming operates a fleet of 11 bulk carriers, with 10 owned vessels and 1 long-term leased Capesize bulk carrier [2] - The last newbuilding activity prior to this order occurred between 2014 and 2015, when 4 ultramax bulk carriers were ordered from Iwagi Zosen [2] Group 3 - In addition to the bulk carrier orders, Yang Ming has signed a cooperation agreement with three prominent Japanese shipbuilding companies to order 6 methanol dual-fuel container ships, which will include both newbuilds and purchases of vessels under construction [4] - The methanol dual-fuel project will consist of 3 new ships and 3 ships currently under construction, all designed with methanol dual-fuel propulsion [4] - The first batch of these new ships is scheduled for delivery starting in 2028 [4]