Core Viewpoint - A significant accident occurred at the Port of Long Beach on September 9, 2023, when approximately 67 containers fell into the water from the container ship "MISSISSIPPI," disrupting operations and impacting sellers during a critical inventory preparation period for the holiday season [2][3][5]. Incident Details - The "MISSISSIPPI," operated by ZIM Integrated Shipping Services, experienced a container stack collapse while unloading at the G terminal, resulting in about 67 containers falling into the port waters [3][5]. - The ship, built in 2024 with a capacity of 5,500 TEU, was carrying a large volume of e-commerce goods from China, including clothing, footwear, and electronics, which are in high demand for the upcoming sales season [5][8]. Seller Impact - Sellers expressed significant concern over potential losses, with one home goods seller estimating a 30% loss of annual sales if their goods were damaged or delayed [8]. - The logistics situation is already strained during the peak season, and sellers face increased shipping costs and limited availability of air freight options [8]. - Sellers are advised to closely monitor the situation and activate emergency plans to mitigate losses [8][12]. Industry Context - Container stack collapses are not isolated incidents in the shipping industry, with historical examples such as the ONE Apus incident in 2020, where over 1,800 containers were lost or damaged due to severe weather, resulting in estimated losses of $200 million [10][11]. - On average, over 1,000 containers are lost at sea each year, not including incidents occurring during port operations [11]. Risk Management Strategies - Sellers are encouraged to diversify their shipping methods and not rely solely on one carrier, considering options like air freight and alternative rail services [12][14]. - Establishing clear responsibility clauses with logistics providers and ensuring adequate cargo insurance coverage are critical steps for risk management [12][14]. - Maintaining a buffer inventory of 20-30 days is recommended to handle potential delays or accidents effectively [14]. Conclusion - The incident involving the "MISSISSIPPI" highlights the vulnerabilities within global supply chains and the importance of proactive risk management strategies for sellers [15].

9月12日，南美西直达航线首航班轮"GREEN SUAPE"号正在张家港港区装载货物。（苏州港供图） 航线开通后，预计每年将有约50万计费吨件杂货从苏州发往中南美西岸，将为苏州及长三角地区企业开拓南美市场提供"门到港"的高 效物流服务，为共建"一带一路"构建更加完善的航运网络支撑。（记者杨绍功） 【纠错】 【责任编辑:王佳宁】 记者从江苏苏州港集团有限公司获悉，12日苏州港张家港港区至秘鲁钱凯港的南美西直达快航班轮航线正式投入运营，这是中国首条 直达钱凯港的件杂货班轮航线。 航线运营方中远海运特种运输股份有限公司有关负责人表示，该航线班轮目前为每月一班，货物最快32天可直达钱凯港，较市场平均 航程缩短5天；航线灵活的多用途船型配置不仅能满足研磨球、工程车辆等货物出口需求，也能支撑铜精矿、铁矿等大宗商品进口需求。 ...

Group 1 - The ongoing US-China trade war has extended into the shipping trade sector, with the US government attempting to impose high toll fees on Chinese shipping companies, while China has responded with punitive tariffs of up to 78% on certain US products [1][10] - Starting from October 14, 2024, all vessels registered in mainland China, Hong Kong, and Macau must pay a fee of $50 per net ton when docking at US ports, which will increase annually to a maximum of $140 per net ton [3][4] - The new US port fee policy is expected to impact 98% of global merchant ships due to their connections with Chinese shipbuilding or shipping companies [4] Group 2 - The US policy aims to weaken the market share of Chinese shipping companies on US routes and revive the declining US shipbuilding industry, which has faced challenges such as skilled labor shortages and supply chain disruptions [5] - Major Chinese shipping companies have already begun to adjust their route allocations, with at least six regular weekly routes to the US being suspended, while other routes have seen increased business [7][8] - China's strategic response includes redirecting shipping capacity from US routes to other regions, effectively avoiding US fees and improving operational efficiency on alternative routes [8] Group 3 - The US's unilateral policy changes have caused significant disruptions in the global shipping industry, with warnings from various US industries about potential chaos in international shipping due to the reliance on vessels associated with China [8] - China's implementation of anti-circumvention measures against US fiber optic products, resulting in additional tariffs, highlights the vulnerabilities in the US supply chain and technology sectors [10] - The outcome of this trade conflict will depend on the resilience of industries, technological innovation, and cost control, emphasizing the need for a balance between protecting domestic industries and maintaining international trade order [11]

Group 1 - The company held its second extraordinary general meeting of shareholders on September 12, 2025, at a designated location in Ningbo [2] - All directors and supervisors attended the meeting, with a total of 9 directors and 3 supervisors present [3] - The meeting was chaired by the chairman of the board, Mr. Chen Xiaofeng, and complied with relevant laws and regulations [2][3] Group 2 - The proposal for the company's 2025 semi-annual profit distribution plan was approved during the meeting [4] - The voting results indicated that the proposal received more than half of the votes from shareholders present with voting rights [4] - The meeting's proceedings were witnessed by Shanghai Jintiancheng Law Firm, confirming the legality and validity of the meeting [5][6]

昨天（9月12日），中远海运特运7.7万吨多用途船"GREENSUAPE"轮搭载3万多吨储能柜、吨袋、 圆钢及其他设备项目货，即将开启"南美西直达快航"（苏州港张家港港区—钱凯港）首航征程，预计最 快32天后抵达秘鲁钱凯港。 钱凯港是中国与秘鲁深化共建"一带一路"取得的重要成果。作为首条从中国直达钱凯港的件杂货班 轮航线，"南美西直达快航"（苏州港张家港港区—钱凯港）填补区域内"件集一体"班轮快航服务的空 白，实现苏州港与南美关键物流节点的直连。 相比传统中转航线，该航线大幅缩短货物交付周期，为苏州及长三角地区企业开拓南美市场提供高 效物流解决方案，助推中国与南美西（南美洲西部太平洋沿岸）国家之间的经贸往来。 此次首航的中远海运特运"GREENSUAPE"轮承运的核心货物是用吨袋包装的研磨球，将直供秘鲁 钱凯港当地精选矿产业，作为破碎矿石、精选矿物的关键原材料，可有效保障当地矿业产业链稳定运 行。 苏州港与钱凯港有着密切交流合作。去年11月，钱凯港开港后即与苏州港互通航线，首艘货轮便来 自苏州港。今年3月，两港签署友好港口协议。目前，苏州港至钱凯港累计完成5个航次，卸载货物约 2.6万吨。 今年4月，苏州中远 ...

Iron Ore - The "anti-involution" policy supports market sentiment and prices; rumors suggest the West Mandeau iron ore project requires a matching smelting plant, coupled with a global shipping volume decline, leading to a temporary tightening of supply; port inventory remains relatively low after destocking; steel mills have strong expectations for resumption of production and pre-holiday restocking demand [1] - Key events to monitor include steel mill blast furnace operating rates, daily pig iron production, apparent steel consumption and inventory changes, global iron ore shipping and arrival volumes, and domestic real estate policies and economic data in China [1] Coking Coal - Increased occurrences of auction failures or discounted transactions for Shanxi coking coal; the number of trucks crossing from Mongolia has returned to high levels; the first round of price reductions for coke has been implemented, with a second round expected; steel mill profits are narrowing, leading to demand-driven procurement of raw materials [1] - Key events to monitor include the implementation of the "anti-involution" policy, weekly coal mine operating rates, raw coal inventory, and coking plant and steel mill coking coal inventory data [1] Lithium Carbonate - Weekly lithium carbonate production continues to increase, with overall supply being very ample; social inventory is at a historical high; market expectations for future new capacity remain; CATL's resumption of production may be faster than previously anticipated [1] - Key events to monitor include whether CATL can resume production as scheduled in November, the production plans for cathode materials, and changes in weekly lithium carbonate production and inventory [1] Live Pigs - The supply of live pigs remains excessive, with abundant output; spot prices continue to weaken, reaching new lows for the year; the downstream slaughter sector has limited capacity to purchase at high prices [1] - Key events to monitor include the pig production capacity regulation meeting on September 16, the actual capacity reduction execution of major enterprises, and data on the breeding sow inventory and live pig slaughter weights [1] Crude Oil - In August, OPEC+ production increased by 509,000 barrels per day; U.S. crude oil production remains at a historical high of 13.495 million barrels per day; the North American summer driving season has ended; global crude oil inventory continues to trend upwards [1] - Key events to monitor include the Federal Reserve's monetary policy meeting, the EU's final plan for the 19th round of sanctions against Russia, and whether OPEC+ will take emergency production cuts due to falling oil prices [1] Shipping Industry - The SCFI for European routes has decreased; major shipping companies have seen a decline in average container prices by the end of September; the Eurozone's September Sentix investor confidence index fell short of expectations, with a weakening macroeconomic environment suppressing trade demand; ongoing pressure from new ship deliveries continues to pose a risk of oversupply in the medium to long term [1][2] - Key events to monitor include weekly opening quotes from leading shipping companies like Maersk, weekly changes in SCFIS and SCFI indices, and the impact of European economic data and geopolitical situations on demand [2] Palm Oil - Palm oil inventory reached its widest level since 2020 in August, with further increases expected in September; the White House's request for small refineries to be exempt from biofuel blending obligations is lower than industry expectations; Indonesia is considering implementing a B45 biodiesel plan before advancing to B50 [2] - Key events to monitor include high-frequency data from Malaysia's SPPOMA, ITS, SGS, and AmSpec, the strength of stocking demand ahead of India's Diwali festival, and the final ruling on the U.S. biodiesel policy (RFS) and EPA blending obligations [2] Precious Metals - Strong expectations for Federal Reserve interest rate cuts are rising; geopolitical events, such as attacks in Doha, have increased demand for precious metals as a safe haven; central banks continue to purchase gold, and investment demand for silver is growing [2] - Key events to monitor include the Federal Reserve's September FOMC meeting, U.S. CPI and PCE data, initial jobless claims, non-farm payroll reports, and potential escalation of geopolitical conflicts in the Middle East [2]

全球航运市场正经历着戏剧性的价格分化。 9月12日，上海航运交易所发布最新数据，上海出口集装箱运价指数（SCFI）报1398.1点，与上期相比跌46.33点；中国出口集装箱运价综合指数 (CCFI)报1125.3点，与上期相比跌2.1%。 图源：上海航运交易所 根据上海航运交易所，北美航线运输需求保持平稳，推动市场运价继续上涨。与之形成鲜明对比的是，欧洲航线运输需求缺乏进一步增长的动 能，供需基本面缺乏支撑，市场运价继续调整走势。 9月以来，远洋航线中，美线持续上涨，欧洲线和地中海航线持续下跌，一涨一跌，将如今的航运市场分成了"冰火两重天"。 美涨欧跌海运市场价格持续分化 8月29日，美线运价在连跌6周后迎来首次上涨，上海港出口至美西和美东基本港市场运价（海运及海运附加费），分别为1923美元/FEU和2866美 元/FEU，较前一周分别上涨17.0%、9.7%。 比数据更直观的是货代人的体感。"美线凭借抽船、减班的策略，成功推动了运价上涨，9月第一周，美线40英尺的大柜涨价700多美元，美西运价 回升到2200-2400美元，美东运价回升到3200-3400美金，不过目前订舱价格已经开始松动了，预计将回落1 ...

Summary of Key Points Core Viewpoint - Pacific Shipping (02343.HK) has conducted significant share buybacks, indicating a strategy to enhance shareholder value and confidence in its stock performance [1][2]. Buyback Details - On September 12, 2025, the company repurchased 4 million shares at prices ranging from HKD 2.420 to HKD 2.450, totaling HKD 975.44 million [1]. - The stock closed at HKD 2.450 on the same day, reflecting a 0.82% increase with a total trading volume of HKD 47.8753 million [1]. Cumulative Buyback Activity - Year-to-date, the company has executed 25 buyback transactions, acquiring a total of 97.079 million shares for a cumulative amount of HKD 173 million [2]. - The buyback activity includes various transactions with the highest repurchase price recorded at HKD 2.450 and the lowest at HKD 1.600 [2].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The shipping market shows a downward trend. The spot freight rates are still falling, and there is a possibility of further price drops in September. The shift of some US - bound ships to European routes increases supply and further pressures freight rates. The recommended strategy is to go short on the October contract and roll the 10 - 12 reverse spread [6][7][8]. 3. Summary by Relevant Content Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) decreased by 0.04% to 1444, and the China Export Container Freight Index (CCFI) decreased by 0.62% to 1149. The SCFI - US West increased by 13.83% to 2189, SCFIS - US West decreased by 3.26% to 980, SCFI - US East increased by 7.22% to 3073, and SCFI - Northwest Europe decreased by 11.21% to 1315. SCFIS - Northwest Europe decreased by 11.68% to 1566, and SCFI - Mediterranean decreased by 8.11% to 1971 [4]. - **Contracts**: All shipping contracts showed a downward trend. For example, EC2506 decreased by 0.92% to 1430.6, EC2608 decreased by 0.31% to 1595.0 [4]. - **Positions**: The positions of some contracts increased. For example, EC2606 positions increased by 6 to 963, and EC2410 positions increased by 2187 to 49507 [4]. - **Monthly Spread**: The 10 - 12 monthly spread increased by 1.3 to - 405.3, the 12 - 2 monthly spread decreased by 38.3 to 111.7, and the 12 - 4 monthly spread decreased by 60.9 to 367.1 [4]. Market News - **Trade Shift**: Tariffs are accelerating the shift of China's trade focus. Southeast Asia and Africa have become the main growth points. From January to July 2025, the number of direct sailings from China to Vietnam increased by 22% year - on - year, and the monthly number exceeded 300 since March, setting a record. However, if US demand weakens, Southeast Asian exports will be affected, which will reduce the demand for Chinese intermediate goods [5]. - **Transport Season**: The peak season for China - US cargo transportation usually lasts until October, but this year's peak occurred in July [5]. - **Shipping Company Policies**: CMA CGM will not charge shippers additional port fees for using Chinese - built container ships on US routes and will not reduce the coverage of US port calls. The Gemini's TP9/WC6 trans - Pacific route will be completely suspended in the fourth quarter of 2025 [5]. EC Market - **Market Review**: The market is in a downward trend. The GEMINI price in mid - September dropped to 1800. The market FMK freight rate center in mid - September was at 1850 [6]. - **Logic**: Maersk's opening price for the new week (wk39) dropped to 1550, a decrease of 150 compared to the previous week. OOCL dropped to 1600, and there is a possibility of further price drops in September. With the cooling of market optimism and the focus on spot quotes, the spot freight rates are still falling. Before the National Day on October 1st, the competition for goods may cause freight rates to continue to decline in the second half of September [7]. - **Strategy**: The recommended strategy is to go short on the October contract and roll the 10 - 12 reverse spread [8].

Core Viewpoint - Antong Holdings (600179.SH) has received a commitment letter from its shareholder, China Foreign Container Transport Co., Ltd. (referred to as "China Foreign Container"), indicating that it has secured a loan commitment from China Merchants Bank Shenzhen Branch to increase its shareholding in Antong Holdings [1] Summary by Categories Company Actions - China Foreign Container has obtained a loan commitment from China Merchants Bank Shenzhen Branch to support its acquisition of additional shares in Antong Holdings [1] - The loan amount is capped at RMB 504 million, specifically designated for increasing the shareholding in Antong Holdings [1] Financial Details - The loan has a term of 36 months, indicating a medium-term financial commitment to support the share acquisition [1]