Core Viewpoint - Ray Car Carriers has signed a contract with HD Korean Shipbuilding for the construction of 4 VLCCs, marking a significant expansion in its operations within the oil tanker market [2][3]. Group 1: Company Overview - Ray Car Carriers, established in 1992, is the largest operator in the car carrier market, managing a modern fleet of 65 vessels and providing services to top shipping companies through long-term charter contracts [3]. - The company has recently entered the VLCC market, purchasing two second-hand VLCCs for $95.5 million each, which are currently leased to commodity trading giant Trafigura [3]. Group 2: Contract Details - The contract for the 4 VLCCs amounts to 762.7 billion KRW (approximately $517 million or 3.68 billion RMB), with an individual ship price of $129 million [2]. - The new vessels are set to be constructed at HD Modern Samho and are scheduled for delivery by mid-August 2028 [2]. Group 3: Market Trends - The VLCC market is experiencing a surge in new orders, with 38 VLCCs ordered since July, compared to only 12 in the first half of the year, driven by optimistic mid-term market prospects and previous underinvestment [3][4]. - VLCC daily charter rates from the Middle East Gulf to China have surpassed $140,000, the highest level in nearly five years, indicating a strong demand in the market [4]. Group 4: Industry Dynamics - Structural changes in the VLCC sector are noted, with increased demand from Middle Eastern exporters like Saudi Arabia, which is ramping up production, potentially shifting reliance away from Russian oil [4]. - HD Korean Shipbuilding has secured a total of 116 vessels this year, achieving approximately 89.9% of its annual order target of $18.05 billion [5].

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly highlighting the strong performance of dry bulk freight rates and VLCC (Very Large Crude Carrier) rates, while also noting the recent increase in new ship prices for oil and bulk carriers [5][6]. Core Insights - Dry bulk freight rates have exceeded expectations, with the Baltic Dry Index (BDI) reaching 2560 points, a 12.5% increase week-on-week. Capesize rates have surged by 22.7%, marking the highest levels in nearly two years [5][6]. - The VLCC market remains robust, with current charter rates at $57,000 per day, significantly higher than the spot market rate of $140,000 per day. The report suggests that if spot rates decline, charter rates may rise, indicating a potential seasonal trading phase [5]. - Newbuilding prices for oil and bulk carriers have seen consecutive increases over the past three weeks, with second-hand ship prices also reaching new highs, suggesting a turning point in the newbuilding market [5]. - The report emphasizes the importance of monitoring the seasonal decline in freight rates from Christmas to the Spring Festival, which could impact market dynamics [5]. Summary by Sections Shipping Market Performance - The shipping index has shown a decline of 0.47%, underperforming the CSI 300 index, which rose by 1.64%. Among the sub-sectors, the intermediate products and consumer goods supply chain services saw the largest increase of 4.20%, while the airline transportation sector experienced the most significant drop of 2.05% [6][13]. Freight Rates and Trends - The report highlights that the dry bulk freight rates have reached a two-year high, driven by increased shipments from major exporters like Australia and Brazil. The Capesize rates have particularly benefited from tight capacity and favorable weather conditions affecting vessel turnover [5][6]. - The report also notes fluctuations in oil tanker rates, with VLCC rates experiencing a slight decline of 3% week-on-week, while Suezmax rates decreased by 2% [5]. Airline and Logistics Sector - The airline industry is poised for significant improvement due to a combination of rising passenger demand and constrained supply, with recommendations to focus on major airlines such as China Eastern Airlines and China Southern Airlines [5]. - The express delivery sector is entering a new phase of competition, with potential for price recovery and improved profitability, particularly for companies like Shentong Express and YTO Express [5]. Investment Recommendations - The report recommends continued investment in companies such as China Merchants Energy Shipping, COSCO Shipping Energy Transportation, and China Shipbuilding Industry Corporation, while also suggesting a watch on companies like SITC International Holdings and Pacific Basin Shipping [5].

Report Industry Investment Rating No information provided in the content. Core Viewpoints - This week's main concerns include a slight rebound in the week-on-week new home sales in 20 cities, a widening year-on-year decline, and only Hangzhou's new home sales were higher than the same period last year. Overall, the real estate sales remained weak. Commodity prices mostly rose, the production remained stable with a differentiated performance in the operating rates. The box office was significantly higher than the seasonal level due to the release of popular movies, which concentratedly reflected the viewing demand [2]. - The year-on-year decline in new home sales widened this week. The week-on-week growth rate of the new home transaction area in 20 cities tracked by Wind was 3.08%, and the year-on-year decline was 33.38%. Specifically, the new home transactions decreased week-on-week, and the year-on-year decline widened. The new home transaction area in second-tier cities was slightly weaker than the previous period, while those in first-tier and third - fourth - tier cities were stronger than the previous period. The year-on-year decline widened significantly, and the new home transaction areas in all tiers of cities were much weaker than the same period last year [2]. - In terms of investment and production, most commodity prices rose. The price of rebar increased slightly, with robust demand, steel mills reducing production, and merchants reluctant to sell, which supported the price increase. The cement price increased slightly as the weather improved, construction accelerated, and manufacturers pushed up the price, but the demand support was limited. The glass futures price rose, with an enhanced expectation of supply contraction, solid cost support, and short - term improvement in production and sales. The asphalt price decreased slightly due to the seasonal shrinkage of demand, sufficient supply, and weakened cost - end support [2]. - In industrial production, the operating rates showed a differentiated performance. The operating rates of petroleum asphalt and automobile tires increased, the operating rate of coking enterprises increased slightly, while the operating rates of steel blast furnaces and PTA decreased, and the operating rate of polyester filament decreased slightly [2]. - In terms of consumption, the travel momentum was strong. The subway ridership, domestic flights, automobile consumption, and box office were higher than the seasonal levels [2]. - In terms of inflation, the pork price decreased, the vegetable price and oil price increased. This week, the vegetable price increased due to cold weather and rainfall leading to vegetable production reduction and poor supply connection. The crude oil price increased, driven by the expected production cut by OPEC+, the decline in US production, and geopolitical risks [2]. - In terms of exports, the SCFI and BDI increased this week. The transportation demand on the East Coast of the United States route rebounded, shipping companies promoted freight rate increases, and the operating cost provided support [2]. Summary by Directory 1. Real Estate Sales: New Home Sales Remained Weak Year-on-Year - From November 21st to November 27th, the new home transactions decreased week-on-week, and the year-on-year decline widened. The week-on-week growth rate of the new home transaction area in 20 cities tracked by Wind was 3.08%, and the year-on-year decline was 33.38%. Among them, the new home transaction area in second-tier cities was slightly weaker than the previous period, while those in first-tier and third - fourth - tier cities were stronger than the previous period. The year-on-year decline widened significantly, and the new home transaction areas in all tiers of cities were much weaker than the same period last year [2][7]. - In terms of key cities, from a week-on-week perspective, except for Beijing (-32.88%), Shenzhen (-28.09%), and Hangzhou (-1.38%), the new home transactions in other key cities were significantly stronger than the previous period. From a year-on-year perspective, except for Hangzhou (18.73%), the new home transaction areas in other key cities were much weaker than the same period last year [7]. - From November 21st to November 27th, the second - hand home transactions showed a differentiated week-on-week performance, and the year-on-year decline widened. In key cities, from a week-on-week perspective, except for Hangzhou (-1.46%) and Shenzhen (-7.75%), the second - hand home transaction areas in other key cities were stronger than the previous period. From a year-on-year perspective, the second - hand home transaction areas in all key cities decreased significantly compared with the same period last year [7]. 2. Investment: Commodity Prices Mostly Rose - In terms of investment, most commodity prices rose this week. The prices of rebar and cement increased slightly, the glass futures price rose, and the asphalt price decreased slightly [31]. 3. Production: Operating Rates Showed a Differentiated Performance - In production, the operating rates showed a differentiated performance this week. The operating rates of petroleum asphalt and automobile tires increased, the operating rate of coking enterprises increased slightly, while the operating rates of steel blast furnaces and PTA decreased, and the operating rate of polyester filament decreased slightly [39]. 4. Consumption: Travel Momentum was Strong - In terms of consumption, the subway ridership, domestic flights, automobile sales, and box office were higher than the seasonal levels [49]. 5. Exports: SCFI Increased, BDI Increased - In terms of exports, the SCFI index increased slightly, the BDI index increased, the port cargo throughput decreased, and the CRB spot index decreased slightly this week [55]. 6. Prices: Pork Price Decreased, Vegetable Price Increased, Oil Price Increased - In terms of prices, the pork price decreased slightly, the vegetable price increased, the oil price increased, and the rebar price increased slightly [60].

Core Viewpoint - The emergence of new energy vessels on the Yangtze River represents a quiet revolution in the shipping industry, raising questions about their cost, support, and technological breakthroughs needed for a sustainable future [1] Group 1: Technological Breakthroughs - The world's first 10,000-ton pure electric bulk carrier, "Gezhouba," launched in Yichang, Hubei, fills a technological gap in the field of inland shipping [3] - The innovative design of "Gezhouba" includes a distributed power distribution device that integrates energy management for intelligent operation [7] - The vessel's total battery capacity is 24,000 kWh, equivalent to the total capacity of 400 household electric vehicles [8] Group 2: Environmental Impact - "Huahang New Energy 1" can reduce fuel consumption by 132 tons and carbon dioxide emissions by 334 tons annually, demonstrating the positive effects of electric vessels [18] - New energy vessels can significantly reduce emissions, with LNG vessels cutting sulfur oxide emissions by 98%, carbon dioxide by 30%, and particulate matter by 80% compared to traditional diesel vessels [26] Group 3: Infrastructure and Support - The first ship-to-shore battery swap station was established in Wuhan, enabling "Huahang New Energy 1" to achieve zero emissions and save 1.8 million yuan in energy costs annually [40] - The development of a green shipping system along the Yangtze River requires adequate energy infrastructure, similar to the charging stations for electric vehicles [41] Group 4: Market Acceptance and Growth - The number of new energy vessels in operation has exceeded 1,000 nationwide, indicating a shift from non-existence to widespread application in inland shipping [24] - The "Junlv" electric cruise ship has successfully created new business models and gained market acceptance, contributing to urban green development [30][34] Group 5: Future Challenges - Despite the technological advancements and market recognition, the proportion of new energy vessels remains small compared to the total of 300,000 inland vessels, indicating a need for accelerated growth [36] - Safety concerns regarding new technologies persist, but intelligent control systems are being developed to ensure operational safety [38]

Summary of Key Points Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. has been actively repurchasing its shares, indicating a commitment to enhancing shareholder value amidst a declining stock price trend [1]. Group 1: Share Buyback Activity - On November 28, the company repurchased 3 million shares at a price range of HKD 13.220 to HKD 13.370, totaling HKD 39.78 million [1]. - Since October 31, the company has conducted buybacks for 21 consecutive days, acquiring a total of 56.598 million shares for a cumulative amount of HKD 780 million [1]. - Year-to-date, the company has executed 112 buybacks, totaling 446 million shares and an aggregate expenditure of HKD 5.935 billion [1]. Group 2: Stock Performance - The stock closed at HKD 13.250 on the day of the latest buyback, reflecting a decrease of 0.45% [1]. - During the buyback period since October 31, the stock has experienced a cumulative decline of 0.97% [1]. - The total trading volume on the day of the latest buyback was HKD 155 million [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The implementation of the mainstream shipping companies' long - term contract season price increase fell short of expectations, and the EC market fluctuated at a low level after a sharp rise and fall. The market has different views on the future freight rate levels, and the freight rate trend in December is relatively volatile [8][17][158]. - The delivery volume of new container ships in October continued to decline, and the container shipping market is expected to face another peak of ship deliveries starting from next year. Attention should be paid to the subsequent ship schedule arrangements and deployments [53]. - The impact of US tariffs continues to affect global trade. Weak demand led to a decline in exports in October. However, Sino - US tariff negotiations have achieved results, and the two sides have mutually adjusted tariff measures, which has released a signal of easing bilateral economic and trade relations [127][146]. 3. Summary According to the Table of Contents 3.1 Foreword Summary - **Market Review**: In December, the traditional peak season arrived, and shipping companies' long - term contract cargo improved. However, due to the average cargo - booking situation in the spot market in the first half of December, most shipping companies lowered their quotes. The actual freight rates were mostly between 2000 - 2400 US dollars/FEU, lower than the initial price increase target of 3100 - 3200 US dollars/FEU. The market still has different views on the December freight rates [3][158]. - **Market Outlook**: From the fundamental perspective, the shipping volume from November to December is expected to gradually improve. In terms of supply, the average weekly capacity from Shanghai to the 5 Nordic ports in November/December is 262,300/272,200 TEU, and it will be 300,300 TEU in January 2026. The valuation center in December has shifted downwards, but there is still an expectation of price support in the second half of December and January. The 02 contract is still given a partial discount based on the spread with the 12 contract, but the spread between 12 - 2 is uncertain, depending on whether shipping companies still have price increase actions in the second half of December and January. Geopolitically, it is expected to be difficult to resume large - scale shipping before the Spring Festival, and the probability of resuming shipping from Asia to Europe may gradually increase after the Spring Festival, which will put pressure on the contracts after 04 [4][158][159]. - **Strategy Recommendation**: For the EC2602 contract, consider going long on dips and pay attention to the subsequent price increase actions of shipping companies and the improvement rhythm of cargo volume. Hold the 2 - 4 positive spread [6][159]. 3.2 Market Review The mainstream shipping companies' long - term contract season price increase implementation fell short of expectations. In November, the EC market first rose sharply due to the digestion of price increase sentiment, then fell back as shipping companies lowered their spot quotes, and finally dropped significantly at the end of November due to the larger - than - expected price cut in December [8]. 3.3 Fundamental Situation - **Differences in Cargo - Booking Situations in the Peak Season**: In November, the actual implementation of shipping companies' price increases was average, and the spot freight rates first rose slightly and then fell back. In December, although the long - term contract cargo improved, the spot cargo - booking situation was average, and some shipping companies lowered their quotes for the first half of December. The market still has different views on the freight rates in the second half of December and January [17]. - **Container New Ship Delivery Volume Continued to Decline in October**: In October, the global delivery of new container ships was 149,000 TEU, a month - on - month decrease of 20.7% and a year - on - year decrease of 29.4%. The new order volume in October was 81,000 TEU, a month - on - month decrease of 80.7% and a year - on - year decrease of 82.8%. It is expected that the container shipping market will face another peak of ship deliveries starting from next year [53]. - **US Tariffs Affected Global Trade and Caused a Decline in Exports in October**: In October, China's exports were 305.35 billion US dollars, a year - on - year decrease of 1.1%, mainly due to the high base in the same period last year and the impact of US tariffs on the global trade chain. Exports to the US continued to decline deeply, exports to the EU grew slowly, and exports to ASEAN maintained strong growth [127]. 3.4 Future Outlook and Strategy Recommendation - **Future Outlook**: The freight rate trend in December is volatile, and the market has different views on the freight rates. The 12 - month valuation center has shifted downwards, but there is still an expectation of price support in the second half of December and January. Geopolitically, it is expected to be difficult to resume large - scale shipping before the Spring Festival, and the probability of resuming shipping from Asia to Europe may gradually increase after the Spring Festival, which will put pressure on the contracts after 04 [158][159]. - **Strategy Recommendation**: For the EC2602 contract, consider going long on dips and pay attention to the subsequent price increase actions of shipping companies and the improvement rhythm of cargo volume. Hold the 2 - 4 positive spread [6][159].

Report Industry Investment Rating No relevant content provided. Core View of the Report - This week, the futures prices of the Container Shipping Index (European Line) declined collectively. The main contract EC2602 fell 6.67%, and the far - month contracts fell between 7 - 11%. The poor implementation of the freight rate increase plan led to a significant decline in the near - month futures prices. The latest SCFIS European Line settlement freight rate index rebounded significantly, up 20.7% week - on - week. The recovery foundation of terminal transportation demand is not solid. Spot freight rates decreased, and the geopolitical conflict between Russia and Ukraine remained stalemated. The eurozone economy continued to improve. The shipping capacity remained loose, and the traditional peak - season boost effect might be weaker than expected. The futures prices are expected to fluctuate more violently [6][42]. Summary According to the Table of Contents 1. Market Review - Futures: The main contract price of the Container Shipping Index (European Line) futures declined rapidly this week. Contracts such as EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 all had different degrees of decline, with the decline ranging from 6.55% to 11.03%. The trading volume and open interest of the EC2512 contract remained high, and market trading warmed up [9][13][15]. - Spot: The latest SCFIS European Line settlement freight rate index was 1639.37, up 271.7 points from last week, a 20.7% week - on - week increase [6][42]. 2. News Review and Analysis - China expressed strong dissatisfaction and firm opposition to Japan's prime minister's wrong remarks on Taiwan. This news was considered neutral to bearish [18]. - Trump's team made progress in ending the Russia - Ukraine conflict, and a peace plan was being negotiated. This news was considered neutral to bullish [18]. - The European Central Bank's meeting minutes strengthened the market's expectation that the current interest - rate cut cycle had ended, which was considered neutral to bullish [18]. - Some Fed officials signaled interest - rate cuts, while others thought it was necessary to hold the rates steady in December. This news was considered neutral [18]. 3. Chart Analysis - The basis and spread of the Container Shipping Index (European Line) futures contracts shrank this week [25]. - The export container freight rate index declined collectively this week [29]. - Global container shipping capacity continued to grow, and the European Line capacity recovered as the peak season approached. The BDI and BPI declined due to geopolitical factors [32]. - The charter price of Panamax ships fluctuated at a high level this week, and the spread between the offshore and on - shore RMB against the US dollar narrowed [36]. 4. Market Outlook and Strategy - The futures prices of the Container Shipping Index (European Line) declined this week. The implementation of the freight rate increase plan was poor, and the recovery of terminal transportation demand was not solid. Spot freight rates decreased, and the geopolitical situation was stalemated while the eurozone economy continued to improve [42]. - The shipping capacity remained loose, and the boost effect of the traditional peak season might be weaker than expected. The futures prices are expected to fluctuate more violently. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, capacity, and cargo volume data in a timely manner [7][43].

（来源：航运界） 阿布扎比港口集团表示，此笔交易是其积极管理其所有业务集群的资产组合战略的一部分，择机将非核 心资产货币化。这是今年第三次剥离非核心资产。 阿布扎比港口集团董事总经理兼集团首席执行官Mohamed Juma Al Shamisi船长表示，此次交易进一步 强化了阿布扎比港口集团对积极投资组合管理的承诺。"收益将加强该集团的财务状况和资本结构。未 来，将继续积极管理资产基础，以释放和最大化价值。" 通过收购阿布扎比港口集团持有的股份，Alpha Dhabi在NMDC持股将增加到约77%。 来源：航运界 Alpha Dhabi控股公司董事总经理兼集团首席执行官Hamad Salem Al Ameri表示，"这一里程碑式的收购 突显了Alpha Dhabi对投资于支持阿布扎比多样性和包容性议程的高影响力垂直产业的承诺。" 航运界网消息，11月27日，阿布扎比港口集团（AD Ports Group）公告称，已将其持有的NMDC9.77% 股权以16亿迪拉姆（约4.36亿美元）出售给Alpha Dhabi控股。 资料、图源：AD Ports集团 ...

格隆汇11月28日｜本周，宁波航运交易所发布的海上丝绸之路指数之宁波出口集装箱运价指数(NCFI)报 收于972.6点，较上周上涨2.8%。21条航线中有10条航线运价指数上涨，11条航线运价指数下跌。"海上 丝绸之路"沿线地区主要港口中，8个港口运价指数上涨，8个港口运价指数下跌。欧洲航线尽管货量表 现乏力，但班轮公司有效控制运力供应偏紧，推动运价实现上涨；地中海航线货量保持较好，舱位紧张 运价涨幅明显。欧洲航线运价指数为1024.6点，较上周上涨7.7%；地东航线运价指数为1157.4点，较上 周上涨17.4%；地西航线运价指数为1451.9点，较上周上涨22.6%。整体货量不足，舱位供大于需，运价 延续下跌态势。美东航线运价指数为778.9点，较上周下跌3.6%；美西航线运价指数为881.7点，较上周 下跌7.8%。 ...

Core Insights - The top three companies with the highest short positions as of November 21 are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 19.60%, 16.49%, and 16.36% respectively [1][2] Summary by Category Top Short Positions - Vanke Enterprises (02202): Previous short position of 390 million shares, current short position of 433 million shares, resulting in a short ratio of 19.60% [2] - COSCO Shipping Holdings (01919): Maintained a short position of 475 million shares, with a short ratio of 16.49% [2] - Heng Rui Medicine (01276): Previous short position of 40.39 million shares, current short position of 42.24 million shares, leading to a short ratio of 16.36% [2] Largest Increases in Short Positions - China Hongqiao Group (01735): Increased short ratio from 0.04% to 2.61%, an increase of 2.58% [2][3] - Vanke Enterprises (02202): Increased short ratio from 17.68% to 19.60%, an increase of 1.92% [2][3] - Dongfang Electric (01072): Increased short ratio from 10.21% to 11.66%, an increase of 1.45% [2][3] Largest Decreases in Short Positions - Contemporary Amperex Technology Co., Ltd. (03750): Decreased short ratio from 13.64% to 10.74%, a decrease of 2.90% [3][4] - Sanhua Intelligent Controls (02050): Decreased short ratio from 10.21% to 8.93%, a decrease of 1.28% [3][4] - GCL-Poly Energy Holdings Limited (03800): Decreased short ratio from 8.86% to 7.67%, a decrease of 1.18% [3][4]