格隆汇9月17日丨招商轮船(601872.SH)公布，2025年9月17日，公司通过下属全资单船公司在江苏省南 通市接收了1艘9300CEU（标准车位）的甲醇双燃料动力滚装船"港荣"轮，这也是全球首艘采用甲醇双 燃料动力系统的大型汽车滚装船。 截止本公告发布之日，公司汽车滚装船板块拥有营运中的各类滚装船共计19艘，其中长江滚装船8艘， 沿海滚装船4艘，远洋滚装船7艘。在手订单5艘，包括1艘9300CEU和4艘CEU车位甲醇双燃料动力滚装 船，将在2025年下半年至2026年投入运营。 该轮为公司2023年订造的2艘9300CEU甲醇双燃料动力滚装船和4艘7800CEU甲醇双燃料动力滚装船中的 第1艘，该动力系统可实现传统燃油与甲醇两种燃料模式灵活切换，满足目前国际海事组织TierⅢ最高 排放标准，使用绿色甲醇时可减少70%以上的温室气体排放。具体请参见公司2023年3月30日和2023年 11月14日发布的《招商轮船关于在关联方订造船舶的关联交易公告》，公告编号：2023[023]号和 2023[074]号。 ...

招商轮船（601872）(601872.SH)公告，公司通过下属全资单船公司在江苏省南通市接收了1艘 9300CEU(标准车位)的甲醇双燃料动力滚装船"港荣"轮，这也是全球首艘采用甲醇双燃料动力系统的大 型汽车滚装船。 ...

招商轮船公告，2025年9月17日，通过下属全资单船公司在江苏省南通市接收了1艘9300CEU（标准车 位）的甲醇双燃料动力滚装船"港荣"轮，这也是全球首艘采用甲醇双燃料动力系统的大型汽车滚装船。 该轮为公司2023年订造的2艘9300CEU甲醇双燃料动力滚装船和4艘7800CEU甲醇双燃料动力滚装船中的 第1艘。 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The EC market showed a slight rebound, mainly following the strong overall commodity sentiment. The 12 - contract was supported by factors such as the suspension of China - Europe freight trains, the expectation of National Day sailings suspension, and price - holding. [8][9] - In the European shipping market, based on EPMI data, the cargo volume is expected to 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 May low in late October, and shipping companies will start to hold prices through contracts after the cargo volume recovers in November. The suspension of some shipping capacity during the National Day will not be restored after the festival, but the reduction of ships in the off - season has limited impact on the market. [9] 3. Summary by Related Catalogs 3.1 Freight Index | Index | Present Value | Previous Value | Change Rate | | --- | --- | --- | --- | | SCFI (Comprehensive) | 1398 | 1444 | - 3.21% | | CCFI | 1125 | 1149 | - 2.07% | | SCFI - US West | 2370 | 2189 | 8.27% | | SCFIS - US West | 1349 | 980 | 37.65% | | SCFI - US East | 3307 | 3073 | 7.61% | | SCFI - Northwest Europe | 1154 | 1315 | - 12.24% | | SCFIS - Northwest Europe | 1440 | 1566 | - 8.05% | | SCFI - Mediterranean | 1738 | 1971 | - 11.82% | [6] 3.2 Contract Information | Contract | Present Value | Previous Value | Change Rate | | --- | --- | --- | --- | | EC2506 | 1471.6 | 1431.9 | 2.77% | | EC2608 | 1625.9 | 1603.7 | 1.38% | | EC2510 | 1169.7 | 1163.1 | 0.57% | | EC2512 | 1673.8 | 1656.2 | 1.06% | | EC5602 | 1572.1 | 1516.9 | 3.64% | | EC2604 | 1283.7 | 1253.9 | 2.38% | [6] 3.3 Position Information | Position | Present Value | Previous Value | Change Value | | --- | --- | --- | --- | | EC2606 | 957 | - | (37) | | EC2608 | 444 | 429 | 15 | | EC2410 | 47517 | 47772 | (255) | | EC2412 | 19759 | 19598 | 161 | | EC2602 | 6719 | 6330 | 389 | | EC2604 | 8233 | 8066 | 167 | [6] 3.4 Month - spread Information | Month - spread | Present Value | Previous Value | Change Value | | --- | --- | --- | --- | | 10 - 12 | - 504.1 | - 493.1 | (11.0) | | 12 - 2 | 101.7 | 139.3 | (37.6) | | 12 - 4 | 390.1 | 402.3 | (12.2) | [6] 3.5 Spot Price Information - GEMINI: The average price in September dropped to 1600. Maersk's wk38 opening price was 1700, HPL - QQ was 1750 in late September, and HPL - SPOT was 1550. - 04: The average price of the alliance was 1800, CMA was 2000, OOCL was 1650, and EMC was 1900. - PA: The average price of the alliance was 1700, ONE was 1800, and HMN was 1600. - MSC: The reported price in late September was 1750. The freight rate center of PAK in the market in late September was 1750. [9]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Spot prices are continuously declining, the situation in the Middle East is volatile, and cargo volume before the National Day is concerning. It is not recommended to increase positions, and stop - loss should be set [1]. - The tariff issue has shown a marginal effect, and the current core is the trend of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see [3]. - The main contract remains weak, and the far - month contract is relatively strong. Risk - preferring investors are recommended to lightly test long positions around 1200 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to subsequent market trends, do not hold losing positions, and set stop - losses [3]. - Under the background of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or lightly try for arbitrage strategies [3]. - For long - term strategies, it is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [3]. 3. Summary According to Related Content 3.1 Freight Index Changes - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, a decrease of 8.1% from the previous period; the SCFIS for the US - West route was 1349.84 points, an increase of 37.7% from the previous period [2]. - On September 12, the Ningbo Export Container Freight Index (NCFI) (composite index) was 903.32 points, a decrease of 11.71% from the previous period; the NCFI (European route) was 729.42 points, a decrease of 14.78% from the previous period; the NCFI (US - West route) was 1216.14 points, a decrease of 9.13% from the previous period [2]. - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, a decrease of 46.33 points from the previous period; the SCFI European route price was 1154 USD/TEU, a decrease of 12.24% from the previous period; the SCFI US - West route price was 2370 USD/FEU, an increase of 8.27% from the previous period [2]. - On September 12, the China Export Container Freight Index (CCFI) (composite index) was 1125.30 points, a decrease of 2.1% from the previous period; the CCFI (European route) was 1537.28 points, a decrease of 6.2% from the previous period; the CCFI (US - West route) was 757.45 points, a decrease of 2.2% from the previous period [2]. 3.2 Economic Data - In the eurozone, the August manufacturing PMI was 50.5 (estimated 49.5, previous value 49.8), the services PMI was 50.7 (estimated 50.8, previous value 51), and the composite PMI rose to 51.1, higher than July's 50.9, the highest since May 2024 and higher than the expected value of 50.7. The August Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2]. - In August in China, the manufacturing PMI was 49.4%, an increase of 0.1 percentage points from the previous month, and the composite PMI output index was 50.5%, an increase of 0.3 percentage points from the previous month, indicating an accelerated overall expansion of enterprise production and operation activities [2]. - In the US, the August S&P Global manufacturing PMI was 53.3 (estimated 49.5, previous value 49.8), the services PMI was 55.4 (estimated 54.2, previous value 55.7), and the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [2]. 3.3 Contract Information - On September 16, the main contract 2510 closed at 1169.7, a decrease of 0.10%, with a trading volume of 32,600 lots and an open interest of 47,500 lots, a decrease of 255 lots from the previous day [3]. - The daily limit for contracts from 2508 - 2606 is adjusted to 18%, the margin is adjusted to 28%, and the daily opening limit for all contracts from 2508 - 2606 is 100 lots [3]. 3.4 Geopolitical Information - On September 16, Israeli Defense Minister Katz stated that the Israeli military is strongly attacking the infrastructure of Hamas armed personnel to create conditions for defeating Hamas and releasing Israeli hostages [5]. - On September 15, US President Trump said that Israel would not attack Qatar again [5].

长江证券指出，VLCC运价近期创2023年3月以来新高。当前，供给受限叠加OPEC增产，且欧美对于非 合规油的制裁可能进一步升级，油轮供需极度紧张的局面正在兑现。油运具有显著利润弹性，通过拟合 发现，VLCC运价对应中远海能年化利润与其市值具有较强相关性，板块有望补涨。 消息面上，据消息人士称，欧佩克+代表计划于周四和周五在维也纳开会，讨论评估该联盟最大产能的 方法。今年4月以来，欧佩克+开始取消之前执行的减产措施，逐步增加产能，部分原因是为了争夺市 场份额。原油价格有望被进一步压低，充分激发有效需求，带动油轮运输需求进入上行周期。 智通财经APP获悉，中远海能(01138)再涨近6%，截至发稿，涨4.28%，报9.5港元，成交额9698.71万港 元。 ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Spot prices are continuously declining, the situation in the Middle East is volatile, and cargo volume before the National Day is concerning. It is not recommended to increase positions, and stop - loss should be set [1] - The tariff issue has shown a marginal effect. The current core is the direction of spot freight rates. The main contract may be in the bottom - building process. It is recommended to participate with a light position or wait and see [3] - The main contract remains weak, while the far - month contracts are stronger. Risk - preferring investors are recommended to lightly try to go long on the 2510 contract around 1200 and increase positions on the 2512 contract around 1600. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [3] - In the context of international situation turmoil, it is recommended to temporarily wait and see or lightly try for the arbitrage strategy. For the long - term strategy, it is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [3] Summary According to Related Content Freight Rate Index - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, a decrease of 8.1% from the previous period; the SCFIS for the US West route was 1349.84 points, an increase of 37.7% from the previous period [2] - On September 12, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 903.32 points, a decrease of 11.71% from the previous period; the NCFI for the European route was 729.42 points, a decrease of 14.78% from the previous period; the NCFI for the US West route was 1216.14 points, a decrease of 9.13% from the previous period [2] - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, a decrease of 46.33 points from the previous period. The SCFI for the European route was 1154 USD/TEU, a decrease of 12.24% from the previous period; the SCFI for the US West route was 2370 USD/FEU, an increase of 8.27% from the previous period [2] - On September 12, the China Export Container Freight Index (CCFI) for the comprehensive index was 1125.30 points, a decrease of 2.1% from the previous period; the CCFI for the European route was 1537.28 points, a decrease of 6.2% from the previous period; the CCFI for the US West route was 757.45 points, a decrease of 2.2% from the previous period [2] Economic Data - In the Eurozone, the manufacturing PMI in August was 50.5 (estimated 49.5, previous value 49.8), the services PMI was 50.7 (estimated 50.8, previous value 51), and the composite PMI rose to 51.1, higher than July's 50.9, with three - month consecutive improvement and the highest since May 2024, higher than the expected value of 50.7. The Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2] - In August in China, the manufacturing PMI was 49.4%, an increase of 0.1 percentage points from the previous month, and the comprehensive PMI output index was 50.5%, an increase of 0.3 percentage points from the previous month, indicating an acceleration in the overall expansion of enterprise production and operation activities [2] - In the US in August, the S&P Global manufacturing PMI was 53.3 (estimated 49.5, previous value 49.8), the services PMI was 55.4 (estimated 54.2, previous value 55.7), and the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [2] Contract Information - On September 16, the main contract 2510 closed at 1169.7, a decrease of 0.10%. The trading volume was 32,600 lots, and the open interest was 47,500 lots, a decrease of 255 lots from the previous day [3] - The daily limit for contracts from 2508 to 2606 was adjusted to 18%, the margin of the company for these contracts was adjusted to 28%, and the daily opening limit for all contracts from 2508 to 2606 was 100 lots [3] Geopolitical Situation - On September 16, Israeli Defense Minister Katz stated that the Israeli military was strongly attacking the infrastructure of Hamas armed personnel and would continue the operation until the mission was completed [5] - On September 15, US President Trump said that Israel would not attack Qatar again [5]

Core Viewpoint - The stock of China Merchants Energy Transportation Co., Ltd. (中远海特) has shown fluctuations in trading activity, with a recent increase in share price and notable changes in shareholder structure and financial performance [1][2][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of 10.775 billion yuan, representing a year-on-year growth of 44.05% [2]. - The net profit attributable to shareholders for the same period was 825 million yuan, reflecting a year-on-year increase of 13.08% [2]. Stock Performance - As of September 17, the stock price was 7.00 yuan per share, with a market capitalization of 19.207 billion yuan [1]. - Year-to-date, the stock has decreased by 0.30%, while it has increased by 5.11% over the last 20 trading days and by 16.45% over the last 60 trading days [1]. Shareholder Structure - As of July 31, the number of shareholders decreased by 6.27% to 87,200, while the average number of circulating shares per person increased by 6.69% to 24,620 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 41.5851 million shares, an increase of 5.8779 million shares from the previous period [3]. Dividend Distribution - Since its A-share listing, the company has distributed a total of 3.689 billion yuan in dividends, with 1.641 billion yuan distributed over the past three years [3]. Business Overview - The company primarily engages in international maritime passenger and cargo transportation, chartering, leasing, and trading of vessels and containers, with shipping business accounting for 94.19% of its revenue [1].

Report Industry Investment Rating No relevant content provided. Core Views - The price of Maersk's Shanghai - Rotterdam route continued to decline in the first week of October, and the freight rate center continued to move down [1]. - For the October contract, it is relatively safe to be short - allocated as the driver is downward, but the key lies in the downward space, and the uncertainty lies in the second half of October [4]. - For the December contract, the pattern of off - peak and peak seasons still exists. After the freight rate bottom becomes clear, long - allocation can be gradually carried out to trade the expected price increase by shipping companies for November and December [5]. - For far - month contracts, attention should be paid to the recent Trump tariff risk, which, if implemented, will have a great impact on the demand of the European line and be negative for the prices of the December contract and far - month contracts [6]. Summary by Directory Market Analysis - Online quotes show that the prices of various shipping companies on the Shanghai - Rotterdam route have different degrees of decline. For example, Maersk's prices in weeks 38 - 40 decreased, and the prices of other companies such as HPL, MSC, and ONE also changed [1]. - Geopolitically, Israel's large - scale ground offensive in the Gaza Strip may affect the shipping market, with nearly 400,000 people having left Gaza City [2]. - The weekly average container ship capacity from China to European base ports in October is 278,000 TEU, with 15 blank sailings and 1 TBN in October and 3 blank sailings and 6 TBN in November. HPL has announced two additional ships in October [3]. Contract Analysis - **October Contract**: It is mainly short - allocated in the off - peak season, and the valuation continues to be revised down. The delivery and settlement price is the arithmetic average of SCFIS on October 13th, 20th, and 27th. The current market price center in the second half of September has dropped to around $1500/FEU. The two additional ships announced by HPL may put pressure on the spot price in October [4]. - **December Contract**: In normal years, the price in December is generally more than 10% higher than that in October. After the freight rate bottom becomes clear, long - allocation can be carried out to trade the expected price increase. However, there are risks such as the bottom of the current freight rate decline and the possible transfer of US - line ships to the European line [5]. - **Far - month Contracts**: Trump's call for NATO to impose a 50% - 100% tariff on China may have a great impact on the European line demand and be negative for the December contract and far - month contracts [6]. Other Information - As of September 16, 2025, the total open interest of all contracts of the container shipping index European line futures is 83,629.00 lots, and the single - day trading volume is 57,388.00 lots. The closing prices of different contracts are provided [6]. - In 2025, it is still a big year for container ship deliveries. As of September 14, 2025, 186 container ships have been delivered, with a total capacity of 1.495 million TEU [7]. - Strategies include a weak - oscillating main contract for the unilateral strategy and shorting the October contract for the arbitrage strategy [8].

Core Insights - The number of international vessels registered under "China Yangpu Port" has increased to 66, with a total tonnage of 3.6142 million and a deadweight tonnage of 6.4161 million tons, maintaining the leading position in terms of registration and capacity among national free trade ports [2] Group 1: Vessel Registration and Capacity - "China Yangpu Port" now has 66 international vessels registered, with a total tonnage of 3.6142 million and deadweight tonnage of 6.4161 million tons, leading the nation in free trade port registration and capacity [2] Group 2: Collaborative Agreements - A significant event was the signing of the "Maritime Inspection and Shipping Financial Coordination Mechanism Construction Agreement" by four entities, aiming to enhance professional service networks [2] - The agreement includes the establishment of three innovative systems: a full-chain service system to streamline processes, a customized financial support system to reduce operational costs by over 15%, and a digital collaboration system for data sharing and training [2] Group 3: Industry Development - The signing of the "Cooperation Framework Agreement" by three entities aims to promote the continuous release of policy dividends in Hainan's free trade port and enhance the openness of Hainan's shipping industry [3] - Nearly a thousand shipping companies have gathered in Hainan, covering various sectors such as shipping transportation, management, crew services, and shipping finance, contributing to the rapid formation of a billion-level port and shipping logistics industry cluster [3]