Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The 10 - contract of EC is relatively weak due to the resumption of China - Europe freight trains on Wednesday, while it was strong following the overall commodity sentiment on Tuesday. The 12 - contract was supported by factors such as the suspension of China - Europe freight trains, National Day sailing suspension expectations, and price - holding, and showed strength on Monday [9]. - In the European shipping market, based on IPMI data, the cargo volume will bottom out in October and turn around in November. From late September to late October, shipping companies will "compete for cargo", but the "ROLLINGPOOL" strategy in the off - season may intensify the decline in freight rates. It is expected that the offline freight rates will fall back to the low point in May this year in late October, and shipping companies will start signing contracts to support prices after the cargo volume recovers in November. Although some shipping capacity will not resume after the National Day holiday, the impact of reducing ships in the off - season on the market is limited [10]. 3. Summary by Relevant Content 3.1 Shipping Freight Index - **Shanghai Export Container Freight Index (SCFI)**: The current value is 1398, with a previous value of 1444 and a decline of 3.21% [6]. - **China Export Container Freight Index (CCFI)**: The current value is 1125, with a previous value of 1149 and a decline of 2.07% [6]. - **SCFI - West America**: The current value is 2370, with a previous value of 2189 and an increase of 8.27% [6]. - **SCFIS - West America**: The current value is 1349, with a previous value of 980 and an increase of 37.65% [6]. - **SCFI - East America**: The current value is 3307, with a previous value of 3073 and an increase of 7.61% [6]. - **SCFI - Northwest Europe**: The current value is 1154, with a previous value of 1315 and a decline of 12.24% [6]. - **SCFIS - Northwest Europe**: The current value is 1440, with a previous value of 1566 and a decline of 8.05% [6]. - **SCFI - Mediterranean**: The current value is 1738, with a previous value of 1971 and a decline of 11.82% [6]. 3.2 Shipping Derivative Contracts - **Contract Prices**: For contracts EC2506, EC2608, EC2510, EC2512, EC2602, and EC2604, the current values are 1468.7, 1616.7, 1109.7, 1672.0, 1578.8, and 1285.0 respectively, with corresponding changes of - 0.20%, - 0.57%, - 5.13%, - 0.11%, 0.43%, and 0.10% [7]. - **Contract Positions**: For positions EC2606, EC2608, EC2410, EC2412, EC2602, and EC2604, the current values are 924, 439, 49609, 20437, 7105, and 8334 respectively, with changes of (33), (5), 2092, 678, 386, and 101 [7]. - **Monthly Spreads**: For spreads 10 - 12, 12 - 2, and 12 - 4, the current values are - 562.3, 93.2, and 387.0 respectively, with changes of (58.2), (8.5), and (3.1) [7]. 3.3 Spot Prices - **GEMINI**: The overall average in September is 1600, with Maersk's wk38 opening at 1700, HPL - QQ at 1750 in late September, and HPL - SPOT at 1550 [10]. - **OA**: The overall average is 1800, with CMA at 2000, OOCL at 1650, and EMC at 1900 [10]. - **PA**: The overall average is 1700, with ONE at 1800 and HMM at 1600 [10]. - **MSC**: The price in late September is reported at 1750 [10].

Report Industry Investment Rating There is no information provided in the report about the industry investment rating. Core Viewpoints of the Report - The spot prices in the container shipping market continue to decline, and the EC futures market shows a volatile downward trend. It is expected that the decline rate will slow down in mid - to late October. The overall freight rate center in the second half of the year is expected to move down compared to the first half due to tariff pressure [5][6]. - In the dry bulk shipping market, the Baltic Dry Bulk Freight Index rose for the fourth consecutive day due to the increase in cape - size ship freight rates. The short - term freight rates of large vessels are expected to be supported, but there is a risk of a callback. The medium - sized vessel market is expected to show a volatile trend in the short term [16][20]. - In the tanker shipping market, the crude oil transportation market continues to rise, while the product oil market shows a downward trend due to reduced market inquiries. Long - term attention should be paid to the impact of environmental protection elimination and supply - demand reshaping on freight rates [24]. Summary by Relevant Catalogs Container Shipping - Container Shipping Index (European Line) Market Analysis and Strategy Recommendation - Spot prices continue to fall, with some shipping companies' quotes dropping to around $1300. The EC futures market is in a volatile downward trend. The SCFI European Line index has decreased, and it is expected that the decline will slow down in mid - to late October. The impact of Poland's border closure on China - Europe freight trains continues [5]. - Shipping companies are lowering spot prices, and the price difference among mainstream shipping companies is narrowing. The demand in the peak season has declined, and some shipping companies have announced sailings suspension. The US - China tariff negotiation has made progress, and the freight rate center in the second half of the year is expected to move down [6]. - Trading strategies include a volatile outlook for the single - side market. There may be a small downward adjustment space for the valuation of the 10 - contract, and short positions can be gradually reduced and profited before the National Day. For arbitrage, conduct reverse arbitrage on the 10 - 12 spread at low levels and conduct forward arbitrage on the 2 - 4 spread at low levels [9][10]. Industry News - The Fed cut interest rates by 25BP in September. The global proportion of empty container transportation is rising. Some shipping companies have stated their attitudes towards the port fee collection by the USTR on October 14th [11][12]. - The situation in the Red Sea involves military actions by the Israeli army and potential progress in Syria - Israel security talks [13][14]. Dry Bulk Shipping Market Analysis and Outlook - The Baltic Dry Bulk Freight Index rose for the fourth consecutive day due to the increase in cape - size ship freight rates. The cape - size ship freight rate index reached a new high since August 14th, while the panamax ship freight rate index dropped to the lowest since September 8th [16]. - The spot freight rates of cape - size ships on iron ore routes increased, and the weekly freight rates of some coal and grain routes also showed different trends. The shipping volume of iron ore and grain increased [17][19]. - The freight rates of cape - size ships in the Pacific market rose due to good cargo demand, while the panamax ship market saw a slight decline in freight rates due to reduced South American grain cargo. The short - term freight rates of large vessels are expected to be supported, but there is a risk of a callback. The medium - sized vessel market is expected to show a volatile trend [20]. Industry News - The Fed cut interest rates by 25BP. Brazil's grain export volume is expected to increase. Japan's coal imports increased in August [22][23]. Tanker Shipping Market Analysis and Outlook - The Baltic Crude Oil Transportation Index (BDTI) rose, while the Baltic Product Oil Transportation Index (BCTI) remained flat. The crude oil transportation market continues to rise, and the product oil market shows a downward trend. Long - term attention should be paid to the impact of environmental protection elimination and supply - demand reshaping on freight rates [24]. Industry News - The European situation is unstable, and the domestic refined oil retail price may be raised on September 23rd. The demand for gasoline and diesel is expected to be boosted. Russia's oil transportation company issued a production cut warning, and the international crude oil price rebounded [25][28]. Relevant Attachments The report provides multiple charts, including the SCFIS European Line Index, SCFI Comprehensive Index, BDI Index, BCTI Index, etc., to visually display the market trends of different shipping sectors [29][42][46].

Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 中信期货国际化研究 | CITIC Futures International Research 2025-09-18 CITIC Futures International Service Platform：https://internationalservice.citicsf.com Global Shipping Futures：BDI and FFAs 波罗的海航运指数及期货介绍 摘要 Abstract This report introduces Baltic Dry Index (BDI) and its BCI, BPI and BSI sub-indices, and reviews the trading rules and main participants in the dry-bulk FFA market. Since 2024, FFA prices and their correspo ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For global major assets, the improvement of US dollar liquidity is a medium - term trend, which is beneficial for the further rise of risk assets. Domestically, the risk preference is increasing as the process of household deposit transfer is ongoing. It is recommended to focus more on liquidity - sensitive risk assets in major assets. Specific attention should be paid to CSI 1000 stock index futures, non - ferrous metals, oilseeds and precious metals. Additionally, the allocation value of Chinese bonds has increased to some extent, and the allocation opportunities in the fourth quarter can be observed [7]. 3. Summary by Relevant Catalogs 3.1 Overseas and Domestic Macroeconomy - **Overseas Macro**: In the US, retail and import prices in August exceeded expectations, while the real estate market in September was sluggish. The Fed's interest - rate meeting on the early morning of September 18th is a key event. After the lower - than - expected non - farm payroll data, the August inflation data provides another reason for the Fed to cut interest rates. The intensifying personnel turmoil among Fed governors also boosts the market's expectation of interest - rate cuts [7]. - **Domestic Macro**: It is necessary to observe the progress of physical work in the fourth quarter and changes in financial market liquidity. The issuance of special bonds related to infrastructure is stable, supporting infrastructure demand to some extent. However, there is a risk that more special bonds may be used for debt resolution rather than physical work. The implementation rhythm of the 500 billion new policy - based financial instruments is uncertain, which may postpone the demand pulse of commodity physical consumption to the end of the fourth quarter. Investors in financial assets are recommended to focus on the process of household deposit transfer and inflation changes [7]. 3.2 Asset Views - **General Recommendation**: In major assets, more attention should be paid to liquidity - sensitive risk assets. Specific attention should be given to CSI 1000 stock index futures, non - ferrous metals, oilseeds and precious metals. The allocation value of Chinese bonds has increased, and fourth - quarter allocation opportunities can be considered [7]. 3.3 Viewpoint Highlights 3.3.1 Financial Sector - **Stock Index Futures**: Adopt a dumbbell structure to deal with market divergence, and the market is expected to be volatile with the decline of incremental funds [8]. - **Stock Index Options**: Continue the hedging and defensive strategy, and the market is expected to be volatile with the deterioration of option market liquidity [8]. - **Treasury Bond Futures**: The stock - bond seesaw may continue in the short term, and the market is expected to be volatile with risks such as unexpected tariffs, supply, and monetary easing [8]. 3.3.2 Precious Metals - **Gold/Silver**: The restart of the US interest - rate cut cycle in September and the increasing risk of the Fed's independence drive the price up, and the market is expected to rise with fluctuations, depending on the US fundamentals, Fed's monetary policy, and global equity market trends [8]. 3.3.3 Shipping - **Container Shipping to Europe**: The peak season in the third quarter has passed, and there is no upward momentum due to loading pressure. The market is expected to be volatile, and the decline rate of freight rates in September should be monitored [8]. 3.3.4 Black Building Materials - **Steel Products**: There are rumors of production restrictions, and the upward trend of the market has slowed down. The market is expected to be volatile, and factors such as the progress of special bond issuance, steel exports, and iron - water production should be monitored [8]. - **Iron Ore**: Port transactions have increased, and the price is fluctuating. The market is expected to be volatile, and factors such as changes in port inventory, policy dynamics should be observed [8]. - **Coke**: The second - round price cut has been implemented, and market expectations have improved. The market is expected to be volatile, depending on steel production, coking costs, and macro - sentiment [8]. - **Coking Coal**: Downstream replenishment has started, and spot transactions have improved. The market is expected to be volatile, depending on steel production, coal mine safety inspections, and macro - sentiment [8]. - **Silicon Iron**: The expectation of "anti - involution" is rising, and the cost side provides support. The market is expected to be volatile, depending on raw material costs and steel procurement [8]. - **Manganese Silicon**: The expectation of "anti - involution" is rising, and attention should be paid to steel procurement pricing. The market is expected to be volatile, depending on cost prices and overseas quotes [8]. - **Glass**: Macro - sentiment has improved, and spot prices have started to rise. The market is expected to be volatile, depending on spot sales [8]. - **Soda Ash**: Downstream replenishment before the festival has led to a slight rebound in spot prices. The market is expected to be volatile, depending on soda ash inventory [8]. 3.3.5 Non - Ferrous Metals and New Materials - **Copper**: There are new disturbances in copper ore supply, and the copper price is expected to rise with fluctuations, depending on supply disturbances, domestic policies, Fed's stance, and domestic demand recovery [8]. - **Alumina**: Spot prices are weakening, and inventory is accumulating. The price is under pressure and expected to be volatile, depending on ore production resumption, electrolytic aluminum production recovery, and sector trends [8]. - **Aluminum**: Inventory continues to accumulate, and the price is expected to be volatile, depending on macro - risks, supply disturbances, and demand [8]. - **Zinc**: Inventory continues to accumulate, and the price is expected to be volatile, depending on macro - risks and zinc ore supply [8]. - **Lead**: The supply of recycled lead has decreased, and the price is expected to rise with fluctuations, depending on supply disturbances and battery exports [8]. - **Nickel**: Indonesia has banned illegal mining, and the price is expected to fluctuate widely, depending on macro - and geopolitical changes and Indonesian policies [8]. - **Stainless Steel**: Cost support is strong, and the market has risen significantly. The price is expected to be volatile, depending on Indonesian policies and demand growth [8]. - **Tin**: The resumption of production in Wa State is slower than expected, and the price is at a high level and expected to be volatile, depending on the resumption of production and demand improvement expectations [8]. - **Industrial Silicon**: Supply is continuously increasing, suppressing the upward space of the price. The market is expected to be volatile, depending on supply reduction and photovoltaic installation [8]. - **Lithium Carbonate**: The fundamental driving force is weak, and the price is expected to be volatile, depending on demand, supply disturbances, and new technological breakthroughs [8]. 3.3.6 Energy and Chemicals - **Crude Oil**: Supply - demand imbalance is obvious, and the market is expected to decline with fluctuations, depending on OPEC+ production policies and Middle - East geopolitical situations [10]. - **LPG**: Valuation repair has been realized, and attention should be paid to the cost side. The market is expected to be volatile, depending on the cost of crude oil and overseas propane [10]. - **Asphalt**: Option positions are concentrated at 3500, and the price rebounds following crude oil. The market is expected to be volatile, depending on sanctions and supply disturbances [10]. - **High - Sulfur Fuel Oil**: Driven by geopolitics, it rebounds weakly following crude oil. The market is expected to be volatile, depending on geopolitics and crude oil prices [10]. - **Low - Sulfur Fuel Oil**: It fluctuates following crude oil. The market is expected to be volatile, depending on crude oil prices [10]. - **Methanol**: The contradiction between near - and far - term contracts is large, and the market is expected to be volatile, depending on macro - energy and upstream - downstream device dynamics [10]. - **Urea**: It returns to the fundamental level and is under downward pressure, waiting for new positive factors. The market is expected to be volatile, depending on export implementation and market sentiment [10]. - **Ethylene Glycol**: The market is pessimistic about future production capacity expansion. The market is expected to be volatile, depending on coal and oil prices, port inventory, and device implementation [10]. - **PX**: The fundamental driving force is limited, and the price follows the cost. The market is expected to be volatile, depending on crude oil fluctuations, macro - changes, and demand during peak seasons [10]. - **PTA**: The willingness to hold goods is low, and spot liquidity is abundant, suppressing the basis. The market is expected to be volatile, depending on crude oil fluctuations, macro - changes, and peak - season demand [10]. - **Short - Fiber**: Raw material support is general, and processing fees have recovered. The market is expected to be volatile, depending on downstream yarn - mill purchasing and peak - season demand [10]. - **Bottle Chips**: The off - season of demand is deepening, which restricts the market. The market is expected to be volatile, depending on bottle - chip enterprise production cuts and terminal demand [10]. - **Propylene**: The reduction in propane and PL commodity volume has boosted the price, and it is slightly stronger in the short term. The market is expected to be volatile, depending on oil prices and domestic macro - situation [10]. - **PP**: There may be support near the previous low, and the market is expected to be volatile, depending on oil prices and domestic and overseas macro - situations [10]. - **Plastic**: Peak - season demand provides slight support, and the market is expected to be volatile, depending on oil prices and domestic and overseas macro - situations [10]. - **Styrene**: Market sentiment has improved, and attention should be paid to the implementation of policy details. The market is expected to be volatile, depending on oil prices, macro - policies, and device dynamics [10]. - **PVC**: The reality is weak, but expectations are strong. The market is expected to be volatile, depending on expectations, costs, and supply [10]. - **Caustic Soda**: Spot prices have peaked and declined, and the market is cautiously bearish. The market is expected to be volatile, depending on market sentiment, production, and demand [10]. 3.3.7 Agriculture - **Oils and Fats**: Market sentiment has weakened, and prices may continue to adjust. The market is expected to be volatile, depending on US soybean weather and Malaysian palm oil production and demand data [10]. - **Protein Meal**: Spot prices are dragging down the market, and the futures price is testing the lower - bound support. The market is expected to be volatile, depending on US soybean weather, domestic demand, macro - situation, and trade relations [10]. - **Corn/Starch**: There has been continuous rainfall recently, and attention should be paid to grain quality. The market is expected to be volatile, depending on demand, macro - situation, and weather [10]. - **Hogs**: The policy of reducing weight and limiting production continues, and the near - term contracts are under pressure. The market is expected to be volatile, depending on breeding sentiment, epidemics, and policies [10]. - **Rubber**: It is adjusting downward following the overall commodity market. The market is expected to be volatile, depending on production - area weather, raw material prices, and macro - changes [10]. - **Synthetic Rubber**: It has returned to a weak trend. The market is expected to be volatile, depending on crude oil fluctuations [10]. - **Cotton**: The cotton price is fluctuating slightly, and attention should be paid to purchase prices. The market is expected to be volatile, depending on demand and inventory [10]. - **Sugar**: The sugar price is fluctuating slightly. The market is expected to be volatile, depending on imports [10]. - **Pulp**: Market sentiment is stable, and the price is in a range - bound fluctuation. The market is expected to be volatile, depending on macro - economic changes and overseas quotes [10]. - **Offset Paper**: There is limited upward momentum, and the price is fluctuating within a narrow range. The market is expected to be volatile, depending on production and sales, education policies, and paper - mill production [10]. - **Logs**: Processing demand has slightly recovered, and spot prices may rise. The market is expected to be volatile, depending on shipments and dispatches [10].

Core Viewpoint - The forum held during the London Shipping Week highlighted China's advancements in green, intelligent, and sustainable shipping solutions, showcasing the country's commitment to the industry's dual transformation and global influence [1][2]. Group 1: Company Initiatives - China COSCO Shipping Group presented an integrated green intelligent supply chain solution that encompasses the entire shipping, port, and logistics industry chain [1]. - Over one-third of the newly added vessels by the group are of new energy types, and the company is enhancing operational efficiency through blockchain and artificial intelligence technologies [1]. - The group initiated a green shipping energy fund and a carbon footprint certification platform to accelerate the application of green fuels and achieve global emission reduction targets [1]. Group 2: Industry Standards and Practices - China Classification Society showcased its latest explorations in green and digital fields, including the establishment of over 30 green and digital ship standards and the construction of a digital twin platform for smart ships [1]. - The society emphasized the benefits of creating an open and shared technological ecosystem for all maritime stakeholders globally [1]. - The China Shipbuilding Industry Association noted that China has accumulated replicable experiences in green shipbuilding, smart ship research and development, and green fuel supply, providing strong support for building a "zero-carbon shipping community" [1]. Group 3: Collaborative Efforts - During the forum, industry leaders discussed enhancing cooperation between China and the UK, as well as between China and Europe, focusing on areas such as green fuel research, smart ship demonstrations, carbon footprint certification, and talent training [3]. - Plans were announced to unveil the first batch of collaborative results at the 2026 Shanghai Maritime Exhibition [3].

Core Viewpoint - The stock of China Merchants Nanjing Tanker Corporation (招商南油) has experienced fluctuations, with a recent decline of 2.11% on September 18, 2023, amid significant trading activity and net outflows of capital [1][2]. Group 1: Stock Performance - As of September 18, 2023, the stock price is reported at 3.25 CNY per share, with a total market capitalization of 15.606 billion CNY [1]. - Year-to-date, the stock has increased by 3.83%, while it has decreased by 2.11% over the last five trading days, increased by 11.68% over the last 20 days, and increased by 9.80% over the last 60 days [1]. - The stock has appeared on the "龙虎榜" (top trading list) three times this year, with the latest occurrence on September 8, 2023, where it recorded a net buy of 102 million CNY [1]. Group 2: Company Overview - China Merchants Nanjing Tanker Corporation, established on September 8, 1993, and listed on January 8, 2019, is primarily engaged in coastal and international oil transportation [2]. - The revenue composition of the company includes: refined oil transportation (57.92%), crude oil transportation (28.82%), chemical transportation (7.20%), ethylene transportation (3.07%), crew leasing (2.28%), and other services (0.67%) [2]. - As of August 31, 2023, the number of shareholders is reported at 141,600, a decrease of 4.11% from the previous period, with an average of 33,902 circulating shares per shareholder, an increase of 4.28% [2]. Group 3: Financial Performance - For the first half of 2025, the company reported a revenue of 2.772 billion CNY, a year-on-year decrease of 21.43%, and a net profit attributable to shareholders of 570 million CNY, down 53.28% year-on-year [2]. - As of June 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 64.1352 million shares, a decrease of 7.0947 million shares from the previous period [2].

Price Trends - NCFI (Ningbo Export Container Freight Index) dropped to 903.32 points, down 11.71% from the previous period[2] - SCFIS (Shanghai Export Container Freight Index for Europe) decreased to 1440.24 points, down 8.1%[2] - SCFIS (Shanghai Export Container Freight Index for US West Coast) increased to 1349.84 points, up 37.7%[2] Market Sentiment - Main shipping companies significantly reduced spot freight rates, indicating a pessimistic outlook for cargo volumes ahead of the holiday[2] - The sentiment in the market is bearish, with a notable decline in freight rates observed[4] Economic Indicators - Eurozone August Manufacturing PMI preliminary value is at 50.5, above the expected 49.5, indicating slight improvement in manufacturing activity[2] - US August S&P Global Manufacturing PMI preliminary value reached 53.3, the highest in 39 months, exceeding expectations[3] Strategic Recommendations - It is advised not to increase positions further and to set stop-loss orders due to the current market conditions[2] - Short-term strategies suggest maintaining a weak position in main contracts while considering light positions in distant contracts[4]

Core Viewpoint - The China State-Owned Enterprises Dividend Index (000824) has experienced a decline of 0.92% as of September 18, 2025, with certain constituent stocks showing significant gains while others faced losses [1] Group 1: Index Performance - The China State-Owned Enterprises Dividend Index (000824) has decreased by 0.92% [1] - The leading gainers include China Ocean Shipping (601598) up by 3.07%, Luxi Chemical (000830) up by 2.49%, and Guangri Co., Ltd. (600894) up by 2.48% [1] - The leading decliners include Shenhuo Co., Ltd. (000933), Huabei Mining (600985), and Yanzhou Coal Mining (600188) [1] Group 2: ETF and Valuation Insights - The National Enterprise Dividend ETF (159515) has been adjusted, with the latest price at 1.13 yuan [1] - Analysts indicate that state-owned enterprise valuations are crucial for national economic development, showing stable high ROE compared to private enterprises and the overall A-share market, but are significantly undervalued [1] - China Galaxy Securities suggests that the A-share market is likely to continue a volatile upward trend, with long-term investment value in technology independence, domestic consumption, and dividend stocks [1] Group 3: Index Composition - As of August 29, 2025, the top ten weighted stocks in the China State-Owned Enterprises Dividend Index (000824) include COSCO Shipping Holdings (601919), Jizhong Energy (000937), and Lu'an Environmental Energy (601699), collectively accounting for 16.84% of the index [2]

Core Viewpoint - Qingdao Municipal Government has released a mid-term plan and long-term vision for the construction of the Qingdao International Shipping Center, aiming to enhance shipping services and promote green development while leveraging the city's geographical advantages [1] Group 1: Company Initiatives - The company’s controlling shareholder, Qingdao Haifa State-owned Capital Investment and Operation Group Co., Ltd., has announced its active participation in the shipping logistics and international trade industry investment, focusing on creating a collaborative industrial ecosystem [1] - The group has initiated cross-border trade operations this year, involving the import of raw materials from Indonesia and the export of electronic consumer goods from China [1] - The company aims to establish itself as a cross-border trade procurement center, focusing on exports of smart home appliances and new energy vehicles, while also importing agricultural raw materials and minerals from Southeast Asia and South Asia [1] Group 2: Strategic Alignment - The board believes that the company is well-positioned to capitalize on the opportunities released by the Qingdao International Shipping Center plan and will develop targeted strategies in response to this initiative [1]

Core Viewpoint - The company has successfully delivered the world's first large car carrier equipped with a methanol dual-fuel power system, enhancing its competitive edge in the automotive roll-on/roll-off shipping market [1][2]. Group 1: New Ship Delivery - On September 17, 2025, the company received the "Gangrong" vessel, a 9300CEU methanol dual-fuel power roll-on/roll-off ship, in Nantong, Jiangsu Province [1]. - This vessel is the first of two 9300CEU and four 7800CEU methanol dual-fuel power roll-on/roll-off ships ordered in 2023 [1]. - The dual-fuel system allows for flexible switching between traditional fuel and methanol, meeting the highest emission standards set by the International Maritime Organization (IMO) Tier III, and can reduce greenhouse gas emissions by over 70% when using green methanol [1]. Group 2: Market Position and Fleet Improvement - The "Gangrong" series of vessels will significantly improve the company's roll-on/roll-off fleet structure and enhance its capacity to serve customers, especially as Chinese automotive companies accelerate their international expansion and the export of new energy vehicles grows rapidly [2]. - As of the announcement date, the company operates a total of 19 roll-on/roll-off vessels, including 8 on the Yangtze River, 4 coastal vessels, and 7 ocean-going vessels [2]. - The company has 5 vessels on order, including 1 9300CEU and 4 CEU methanol dual-fuel power roll-on/roll-off ships, which are expected to be operational between the second half of 2025 and 2026 [2].