Core Viewpoint - The largest pure electric tugboat fleet in northern China has been officially put into operation in Tianjin, consisting of four 5,400 horsepower electric tugboats designed to assist various vessels in and out of the port and docking operations [1] Group 1: Fleet Details - The electric tugboats are developed by Tianjin Xinjincheng Shipping Technology Service Co., Ltd., equipped with a battery capacity of 6,709 kWh, and can be fully charged in 3 hours using fast charging technology [1] - Each tugboat can travel approximately 120 nautical miles on a full charge, achieving zero exhaust emissions and low noise operation compared to traditional fuel tugboats [1] Group 2: Environmental Impact - Each electric tugboat can reduce emissions by about 1,100 tons of carbon oxides annually, equivalent to the yearly emissions of over 400 small cars [1] Group 3: Market Outlook - The general manager of Tianjin Xinjincheng Shipping Technology Service Co., Ltd. stated that with the continuous upgrade of global port environmental standards, the market space for new energy tugboats is expanding, with plans to deploy 10 to 20 similar tugboats nationwide [1] Group 4: Regulatory Framework - The Tianjin Port and Shipping Administration plans to monitor the entire operational cycle of the tugboats and aims to extract regulatory service experiences from this practice to provide replicable solutions for more green projects [1]

（文章来源：证券日报） 证券日报网讯 8月13日晚间，海峡股份发布公告称，2024年11月18日，公司第八届董事会第一次会议审 议通过了《关于琼州海峡（广东）轮渡运输有限公司更新建造1艘客滚船舶的议案》，同意下属子公司 琼州海峡（广东）轮渡运输有限公司（简称"广东轮渡"）投资26，000万元建造1艘客滚船舶，投入海口 至徐闻航线运营。2025年8月13日，公司第八届董事会第十一次临时会议审议通过了《关于琼州海峡 （广东）轮渡运输有限公司更新建造1艘客滚船舶项目追加投资的议案》，同意广东轮渡更新建造1艘客 滚船舶项目追加投资，追加投资额2，550万元，调整后的项目投资额为28，550万元。该议案将提交公 司2025年第五次临时股东大会审议。 ...

Core Viewpoint - The company has approved an additional investment for the construction of a passenger and roll-on/roll-off (RoRo) vessel, indicating a strategic move to enhance its ferry transportation capabilities [1] Investment Details - The board meeting resulted in 11 votes in favor, with no opposition or abstentions [1] - The additional investment amount is 25.5 million yuan, bringing the total project investment to 285.5 million yuan [1]

Core Viewpoint - The dry bulk shipping industry is witnessing a trend of fleet optimization and capacity upgrades as several companies listed on the NYSE report their Q2 earnings, indicating a strategic shift towards modernizing their fleets and divesting older vessels [1][3]. Group 1: Star Bulk Carriers - Star Bulk Carriers, led by Petros Pappas, has sold 9 vessels that do not align with the company's commercial strategy, including the "Puffin Bulker" and "Star Canary" [1]. - The company has also agreed to sell an additional 6 vessels built between 2006 and 2011, expecting total proceeds of approximately $104 million, with plans to use about $19 million for early debt repayment by Q3 2025 [3]. - Star Bulk is modernizing its fleet with 5 new Kamsarmax vessels currently under construction in China, expected to be delivered in 2026, and operates a total of 142 vessels with a deadweight tonnage of 14.2 million tons [3]. Group 2: Genco Shipping and Trading - Genco Shipping and Trading is also updating its fleet, having announced the acquisition of a 2020-built Capesize bulk carrier, which is expected to be delivered between September and October [3]. - The company has invested approximately $200 million in modern, energy-efficient Capesize vessels since October 2023, with the latest acquisition believed to be related to the sale of the "Bulk Ginza" [5]. - Genco's CEO, John C Wobensmith, emphasized the strategy of selling older, less efficient vessels to invest in environmentally friendly ships, supported by a favorable supply-demand outlook for the Capesize market [6]. Group 3: Safe Bulkers and United Maritime - Safe Bulkers, led by Polys V Hajioannou, has sold the 2007-built Kamsarmax vessel "Pedhoulas Leader" for approximately $13 million as part of its fleet renewal strategy [8]. - The company has invested heavily in newbuilds, with 12 out of 18 vessels ordered delivered as of July 18, and currently operates 47 vessels with a deadweight tonnage of about 4.7 million tons [8]. - United Maritime, led by Stamatis Tsantanis, has confirmed the sale of the 2004-built Capesize vessel "Gloriuship" for about $15 million and is also selling the 2006-built "Tradership" for a net price of approximately $18 million [9]. - These transactions are expected to enhance United Maritime's financial position and enable the company to seize new growth opportunities, managing a fleet of 7 bulk carriers with a total deadweight tonnage of around 750,000 tons [9].

Core Viewpoint - The Shantou Maritime Bureau has initiated a typhoon response, implementing a "现场巡航+远程监管" (on-site patrol + remote monitoring) model to ensure safety in key water areas during adverse weather conditions [1] Group 1: Emergency Response Measures - The maritime authority has organized continuous inspections of construction zones, docks, shipping lanes, and anchorage areas [1] - A strict "call response" mechanism for severe weather has been established, utilizing smart maritime systems, CCTV, and coastal defense systems to monitor vessel activities in real-time [1] - Multiple communication channels, including VHF radio, WeChat, and SMS, are being used to disseminate typhoon warning information and ensure compliance with the "six 100%" measures for typhoon preparedness among shipping companies and construction units [1] Group 2: Operational Adjustments - All passenger vessels and yachts involved in "island-hopping" tourism in the Shantou jurisdiction ceased operations at 20:00 on the 12th to avoid the typhoon [1] - Ten water-related construction projects and 33 construction vessels also halted work and relocated to safe waters by the same deadline [1] - The maritime department has enforced a leadership duty system and 24-hour standby, coordinating 12 emergency vessels to be on standby in Honghai Bay and Qieshi Bay for critical situations [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The freight rate is in a downward cycle, and HPL has announced two additional ships in October [1][2][3] - The 10 - month contract is mainly for short - allocation, and attention should be paid to the downward slope of the freight rate. The 12 - month contract follows the seasonal pattern of peak and off - peak seasons, with the risk of whether the Suez Canal will reopen [3][4] - The strategy suggests that the main contract fluctuates weakly on a single - side basis, and it is advisable to short the 10 - month contract on an arbitrage basis [6] 3. Summary by Relevant Catalogs 3.1 Futures Prices - As of August 12, 2025, the total open interest of all container shipping index European line futures contracts was 79,656.00 lots, and the single - day trading volume was 45,620.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts were 1528.00, 1350.00, 1482.10, 2082.00, 1417.60, and 1742.00 respectively [5] 3.2 Spot Prices - On August 8, the SCFI (Shanghai - Europe route) price was 1961.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 1823.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 2792.00 US dollars/FEU. On August 11, the SCFIS (Shanghai - Europe) was 2235.48 points, and the SCFIS (Shanghai - US West) was 1082.14 points [5] 3.3 Container Ship Capacity Supply - In 2025, it is still a major year for container ship deliveries. As of now, 157 container ships have been delivered, with a total capacity of 1.2513 million TEU. As of July 27, 2025, 49 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 737,300 TEU; 7 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 159,880 TEU [5] - From August to October 2025, the weekly average capacity on the China - European base port route showed certain fluctuations, and there were empty sailings and additional ships in August and September [2] 3.4 Supply Chain - Geopolitically, a Hamas delegation arrived in Cairo for talks on a Gaza cease - fire framework, but Israeli Prime Minister Netanyahu said the possibility of a partial cease - fire and hostage release agreement with Hamas no longer exists [1] - The speed of container ships of different capacities and the number of container ships passing through major canals such as the Suez Canal, Cape of Good Hope, and Panama Canal are important factors affecting the supply chain [52][64][70] 3.5 Demand and European Economy - Western holidays are concentrated in the fourth quarter, and merchants usually stock up in advance, which leads to a relatively high level of shipping volume. The freight rate is usually adjusted to a high level by shipping companies through supply - side measures [4] - The industrial production index, import amount from China, consumer confidence index, and retail sales year - on - year in the EU 27 countries, as well as China's export volume to the EU, are important indicators to measure demand and the European economy [73][80][83]

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong 100 Industrial Index, which has shown significant growth over various time frames, including a 6.35% increase in the past month, a 16.03% increase in the past three months, and a 15.30% increase year-to-date [1] - The index is categorized based on the China Securities industry classification standards, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The index is fully composed of securities listed on the Hong Kong Stock Exchange, indicating a complete focus on this market [1] Group 2 - The index's holdings are primarily concentrated in the express delivery sector, which accounts for 58.50% of the index, followed by comprehensive logistics at 10.56%, industrial group enterprises at 10.33%, commercial vehicles at 7.78%, shipping at 7.51%, and air transportation at 5.32% [1] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in special circumstances, such as changes in the parent index or significant events affecting sample companies [2]

Report Overview - Report Date: August 13, 2025 [1] - Report Type: Container Shipping Daily Report - Research Group: Shipping Research Team Industry Investment Rating - No industry investment rating is provided in the report. Core Views - Geopolitical conflicts and tariff uncertainties increase the difficulty of market gaming, suggesting light - position participation or observation [5] - The spot freight rate is continuously declining, and the market is bearish on future prices, with the market fluctuating weakly [2][5] Summary by Relevant Content Freight Index Data - On August 11, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2235.48 points, down 2.7% from the previous period; for the US - West route, it was 1082.14 points, down 4.2% [3] - On August 8, the Ningbo Export Container Freight Index (NCFI) composite index was 1053.86 points, down 3.11% from the previous period; the European route was 1257.71 points, down 8.37%; the US - West route was 1042.91 points, down 6.42% [3] - On August 8, the Shanghai Export Container Freight Index (SCFI) composite index was 1489.68 points, down 61.06 points from the previous period; the European line price was 1961 USD/TEU, down 4.39%; the US - West route was 1823 USD/FEU, down 9.80% [3] - On August 8, the China Export Container Freight Index (CCFI) composite index was 1200.73 points, down 2.6% from the previous period; the European route was 1799.05 points, up 0.5%; the US - West route was 827.84 points, down 5.6% [3] PMI Data - In July, the eurozone's manufacturing PMI initial value was 49.8, higher than the expected 49.7; the service PMI initial value was 51.2, higher than the expected 50.7; the composite PMI initial value was 51, higher than the expected 50.8. The SENTIX investor confidence index jumped to 4.5 [3] - In July, China's manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month [4] - In July, the US S&P Global manufacturing PMI initial value was 49.5 (expected 52.7), the service PMI initial value was 55.2 (expected 53), and the composite PMI initial value was 54.6, a new high since December 2024 [4] Tariff and Market Situation - Trump's government continues to impose tariffs on multiple countries, mainly in Southeast Asia, and delays the tariff negotiation date to August 1. Some shipping companies announce freight rate increases, and the spot market has a small price increase to test the market [5] - The China - US tariff is postponed for another 90 days, and Maersk's recent quotes are continuously decreasing [5] Trading Strategies - Short - term strategy: The short - term market may rebound. Risk - takers are advised to go long lightly below 1300 for the 2510 contract (with a profit margin of over 300 points), and take partial profits; go short lightly for the EC2512 contract and take profits. Set stop - losses [5] - Arbitrage strategy: In the context of international situation turmoil, with a positive spread structure and large fluctuations, it is recommended to wait and observe or try with a light position [5] - Long - term strategy: For each contract, take profits when the price rises, wait for the price to stabilize after a pull - back, and then judge the subsequent direction [5] Contract Information - On August 12, the main contract 2510 closed at 1417.6, down 1.48%, with a trading volume of 3.60 million lots and an open interest of 5.60 million lots, a decrease of 734 lots from the previous day [5] - The daily trading limit for contracts 2508 - 2606 is adjusted to 18%, the company's margin is adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [5]

Core Viewpoint - The successful completion of ammonia fuel bunkering for the first ammonia-powered port operation vessel in Dalian marks a significant step in the global shipping industry's transition to low-carbon and sustainable fuel options, showcasing China's advancements in green shipping technology [1] Industry Summary - The ammonia-powered port operation vessel, developed by China COSCO Shipping Heavy Industry in collaboration with Dalian University of Technology, is the world's first to utilize ammonia as a fuel in shipping [1] - Ammonia, being carbon-free, plays a crucial role in reducing reliance on traditional fossil fuels, with the vessel achieving a maximum ammonia energy replacement ratio of 91%, significantly lowering carbon emissions during operation [1] - The ammonia fuel used in this operation was produced entirely using green electricity and is the first green ammonia product certified by an international authority, promoting a shift towards low-carbon and sustainable practices in the global shipping industry [1] Company Summary - Dalian has established itself as a leader in alternative marine fuels, having previously completed the first domestic trade of biofuel oil, gray ammonia fuel, and green methanol bunkering, making it the only city globally capable of bunkering biofuels, green methanol, LNG, and green ammonia [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Geopolitical conflicts combined with tariff fluctuations make trading difficult, so it is recommended to participate with light positions or wait and see [5]. - The spot freight rate is continuously declining, and the market is pessimistic about future prices. The market is oscillating weakly, and it is not recommended to increase positions. Stop - loss should be set [2]. Summary by Related Content Freight Index - On August 11, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2235.48 points, down 2.7% from the previous period; the SCFIS for the US - West route was 1082.14 points, down 4.2% from the previous period [3]. - On August 8, the Ningbo Export Container Freight Index (NCFI) composite index was 1053.86 points, down 3.11% from the previous period; the NCFI for the European route was 1257.71 points, down 8.37% from the previous period; the NCFI for the US - West route was 1042.91 points, down 6.42% from the previous period [3]. - On August 8, the Shanghai Export Container Freight Index (SCFI) composite index was 1489.68 points, down 61.06 points from the previous period; the SCFI for the European route was 1961 USD/TEU, down 4.39% from the previous period; the SCFI for the US - West route was 1823 USD/FEU, down 9.80% from the previous period [3]. - On August 8, the China Export Container Freight Index (CCFI) composite index was 1200.73 points, down 2.6% from the previous period; the CCFI for the European route was 1799.05 points, up 0.5% from the previous period; the CCFI for the US - West route was 827.84 points, down 5.6% from the previous period [3]. Economic Data - The preliminary value of the euro - zone's manufacturing PMI in July was 49.8, higher than the expected 49.7; the preliminary value of the service PMI was 51.2, higher than the expected 50.7; the preliminary value of the composite PMI was 51, higher than the expected 50.8. The SENTIX investor confidence index in July jumped to 4.5 [3]. - China's manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month [4]. - The preliminary value of the US S&P Global manufacturing PMI in July was 49.5, lower than the expected 52.7; the preliminary value of the service PMI was 55.2, higher than the expected 53; the preliminary value of the composite PMI was 54.6, a new high since December 2024 [4]. Policy and Market Situation - Trump continued to impose tariffs on multiple countries, mainly in Southeast Asia, which further hit transit trade. The Trump administration postponed the tariff negotiation date to August 1. Some shipping companies announced freight rate increases, and the market price range was set with a small price increase to test the market [5]. - The US - China tariff negotiation was postponed for 90 days. Maersk's recent quotes have been continuously declining, and the market is pessimistic about future prices [5]. Trading Strategies - Short - term strategy: The short - term market may rebound. Risk - takers are advised to go long lightly below 1300 for the 2510 contract (already with a profit margin of over 300 points) and take partial profits; go short lightly for the EC2512 contract and take profits. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [5]. - Arbitrage strategy: In the context of international situation turmoil, the market is mainly in a positive arbitrage structure with large fluctuations. It is recommended to wait and see or try with light positions [5]. - Long - term strategy: It is recommended to take profits when the contracts rise, wait for the market to stabilize after a pullback, and then judge the subsequent direction [5]. Contract Information - On August 12, the closing price of the main contract 2510 was 1417.6, down 1.48%, with a trading volume of 360,000 lots and an open interest of 560,000 lots, a decrease of 734 lots from the previous day [5]. - The up - limit and down - limit for contracts 2508 - 2606 were adjusted to 18%. The company's margin for contracts 2508 - 2606 was adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 was 100 lots [5].