Financial Data and Key Metrics Changes - For Q2 2025, total net revenues were reported at $11.3 million, a 35.3% decrease from $17.4 million in Q2 2024 [27] - The net loss attributable to controlling shareholders was $3.1 million, compared to a net loss of $0.3 million in the same period last year [28] - Adjusted EBITDA for Q2 2025 was $1.9 million, down from $5 million in Q2 2024 [29] - For the first half of 2025, total net revenues were $20.5 million, a 35.7% decrease from $31.9 million in the first half of 2024 [30] Business Line Data and Key Metrics Changes - The fleet consisted of 12 vessels with a total carrying capacity of approximately 843,000 deadweight tons [10] - Fixed rate covers for the remainder of the year stood at approximately 25% based on existing time charter agreements [11] - The average time charter equivalent rate for Q2 2025 was $10,420 per vessel per day, down from $14,427 in Q2 2024 [33] Market Data and Key Metrics Changes - Panamax spot rates increased from an average of $10,300 per day to $11,900 per day, a 15% gain [12] - The Baltic Dry Index and the Baltic Panamax Index declined by approximately 21% and 28% year over year, respectively [13] - Global GDP growth is projected at 3% for 2025, with trade growth in the dry bulk sector expected to be slightly positive at 0.2% [14][18] Company Strategy and Development Direction - The company is prioritizing operational flexibility by not committing vessels to longer-term contracts until market conditions improve [8] - Plans to continue executing share repurchases under a $10 million program, with an extension approved for an additional year [6] - The company aims to monitor market developments closely and may sell older vessels while seeking opportunities to renew the fleet with more modern vessels [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the recent spike in rates was influenced by stockpiling due to anticipated tariffs and geopolitical events [42] - The outlook for the remainder of the year remains uncertain, with expectations for a seasonal improvement in September and October [46] - The company is addressing liquidity needs and plans to refinance some vessels to improve cash flow [48] Other Important Information - The company has repurchased $3.3 million worth of shares under its repurchase plan [6] - The average margin of debt as of June 30, 2025, was approximately 2.07% over SOFR, with an estimated cost of senior debt around 6.4% [36] - The net asset value per share is estimated at $36, indicating potential for stock appreciation [38] Q&A Session Summary Question: Can you discuss the improvement in the Baltic Dry Index and expectations for the remainder of the year? - Management explained that the spike was due to stockpiling and geopolitical events, but future predictions are difficult due to various influencing factors [42] Question: Are you willing to lock in rates as of August 1, or do you expect rates to go higher? - Management indicated they are close to levels where they would lock in rates, aiming for around $15,000 for significant profit [45] Question: Can you discuss liquidity and plans for debt repayment? - Management acknowledged tight liquidity but mentioned options for raising liquidity, including refinancing vessels [48] Question: What accounted for the decline in voyage expenses from Q1 to Q2? - Management noted that variability in voyage expenses is influenced by the type of charters and contracts in place [50]

证券日报网讯 8月11日晚间，中远海特发布2024年年度权益分派实施公告称，公司2024年年度权益分派 方案为A股每股现金红利0.279元（含税），股权登记日为2025年8月18日，除权（息）日为2025年8月19 日。 （文章来源：证券日报） ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The loading rate of the European route fleet departing from China decreased, and the loading difference between Asia and China decreased to the average level of April - May. The supply pressure in October remains high, and the delay of ship schedules has improved, while the decline of the SCFIS index will continue to widen [7][14][18][19] 3. Summary by Relevant Catalogs 3.1. European Route Loading Rate Tracking - W32 European route fleet's average loading rate when departing from China was 89.7%, a 3.0% decrease from the previous period, reaching the lowest point since April. The loading rate of the European route fleet departing from Asia in W31 was 96.8%, a 0.3% decrease from the previous period, and the loading difference between Asia and China decreased to the average level of April - May [7] - Among different alliances, the OA's loading rate when departing from China was 92.2%, with a slight decline; PA and MSC's was 91.3%, continuing to decline; Gemini's was 85.2%, with a large decline, dragging down the comprehensive loading rate [9] 3.2. European Route Ship Schedules and Capacity - The average weekly capacity in August was 326,000 TEU, higher than that in July. The average weekly capacity in September was 308,000 TEU, higher than the average level of June - July. The average weekly capacity in October was 286,000 TEU, higher than that in March and the same period last year, and the supply pressure remains high [14] - The SWAN route's last port was changed from Antwerp to Felixstowe, and the ship schedule delays are expected to improve significantly after October. MSC's ALBATROS route cancelled Shanghai挂靠 from W28, and the BRITANNIA route cancelled Ningbo挂靠 and added new ports from W28 [12][14] 3.3. Ship Schedule Delays and Spot Overview - In W32, 6 ship schedules were delayed to W33, and the delay situation improved compared to last week. The proportion of previously delayed capacity in the actually departed ships last week was over 60%. With relatively calm weather in the northern East China Sea this week, the delay situation is expected to improve further [18] - The SCFIS (European route) index closed at 2235.48 points, a 2.7% decline. Due to the high proportion of previously delayed capacity, the decline of the index was less than expected. As the spot price is adjusted downwards and the ship schedule delays improve, the index decline will continue to widen [19] - The actual departing capacity of the European route from Shanghai Port in W32 was 332,200 TEU, of which 62% were delayed ship schedules from W31. By alliance, the weights of Gemini, OA, and PA + MSC were 18%, 37%, and 45% respectively [19] 3.4. Ship Schedule Delay Observation and Early Warning - Different alliances have different ship schedule delay situations and early - warning routes in different weeks. For example, in W32, OA's AE1 and AE2 routes were delayed, and in W33, there were early - warnings for OA's AE3 and AE5 routes, etc. [21][28][30] 3.5. Related Port Congestion Data - In China, due to the residual impact of previous typhoons, the congestion pressure in Ningbo and Shanghai ports is still high. Yangshan Port's average turnover time is about 2.0 days, Ningbo Port's is about 2.8 days, and Yantian Port's is about 1.2 days. As the shipping volume decreases, the port pressure is expected to ease, but potential weather disturbances need to be monitored [39] - In Southeast Asia, the port congestion pressure has significantly decreased. The average in - port time of ships in Singapore Port is 1.4 days, and in Port Klang is 1.0 days [39] - In Europe, problems such as summer holidays, labor shortages, railway construction in Germany, and low water levels in the Rhine River are still ongoing. The average in - port time of Antwerp Port is about 1.8 days, Rotterdam's is 2.5 days, Hamburg Port's is 2.7 days, and Bremen Port's is 3.1 days [39]

Core Viewpoint - Short selling the stock of Maersk, the world's largest publicly traded shipping company, during the global trade war has resulted in significant losses for investors since April, despite initial expectations of profit from this strategy [1][4]. Group 1: Stock Performance and Short Selling - As of now, nearly one-third of Maersk's freely traded shares have been borrowed, marking the highest short interest level since data collection began in 2014, reflecting a 15% increase since the announcement of tariffs by President Trump in early April [1][4]. - Following an initial drop after the tariff announcement, Maersk's stock has surged approximately 50% from its low in April [1]. - Analysts on Wall Street generally hold a pessimistic view on Maersk's long-term performance, with an average 12-month target price indicating a potential decline of about 15% from current levels [4]. Group 2: Business Resilience and Market Opportunities - Maersk's CEO, Vincent Clerc, emphasized that tariffs have not significantly hindered global trade, as many products cannot be easily replaced with local alternatives, presenting market opportunities for the company [5]. - The company has raised its financial performance expectations for 2025, citing resilient global transportation demand outside the U.S. [1][5]. - Historical trends indicate that shipping stocks often rebound quickly after major negative global events, suggesting a potential for continued growth in the shipping sector despite current challenges [7]. Group 3: Market Sentiment and Investment Logic - The primary rationale for shorting Maersk's stock is not based on its fundamental performance but rather on its high valuation and the belief that Trump's tariff policies will ultimately harm global trade [9]. - Despite the bearish sentiment from some investors, the stock has not performed as expected, indicating that the short sellers' logic has not yet been validated [9].

Core Viewpoint - The article emphasizes the growing interest in dividend funds, particularly in the Hong Kong stock market, as investors seek stable and attractive returns in a low deposit interest rate environment. The Tianhong CSI Hong Kong Stock Connect High Dividend Investment Index A (022072) is highlighted as a prime example of a dividend fund that offers a dual advantage of "high dividend + low valuation" [1]. Group 1: Fund Characteristics - The Tianhong CSI Hong Kong Stock Connect High Dividend Investment Index A (022072) closely tracks the CSI Hong Kong Stock Connect High Dividend Investment Index, with strict selection criteria for constituent stocks, including a record of continuous dividends, high liquidity, and leading dividend yields [2]. - The fund's holdings are concentrated in traditional high-dividend sectors such as finance, industrials, and energy, featuring companies like Minsheng Bank and China Petroleum, which exhibit stable profitability and strong cash flow [2]. - The fund's performance benchmark is set as "CSI Hong Kong Stock Connect High Dividend Investment Index Return × 95% + Bank Demand Deposit Rate (after tax) × 5%", reflecting its close tracking objective [2]. Group 2: Dual Income Sources - The fund generates income from both "dividend income" and "capital appreciation," with a reported dividend yield of 5.8% over the past 12 months, significantly higher than bank deposit rates and most bond yields [3]. - As of the first half of 2025, the fund achieved a return of 10.96%, outperforming its benchmark by 2.14%, driven by the recovery in stock prices of high-dividend index constituents [3]. Group 3: Low Volatility and Stability - The fund exhibits low volatility, with maximum drawdowns from 2021 to 2024 being less than that of the Hang Seng Index, showcasing strong defensive characteristics during market downturns [4]. - The fund's ability to maintain stability is evident even during market fluctuations, achieving a net value increase of 0.44% in the first quarter of 2025 despite a lackluster performance in dividend assets [4]. Group 4: Adaptation to Low-Interest Environment - In the context of declining market interest rates, the average dividend yield of the fund's constituent stocks reached 7.2% in the second quarter of 2025, enhancing the appeal of high-dividend assets [5]. Group 5: Cost Efficiency - The fund boasts a low management fee of 0.15% per year and a custody fee of 0.05% per year, resulting in a total cost ratio of only 0.20%, significantly lower than actively managed dividend funds [6]. Group 6: Long-term Value and Suitable Scenarios - The fund is particularly suitable for investors seeking stable dividend income, such as retirees and low-risk investors, as well as those looking to diversify their investments in high-dividend assets through the Hong Kong Stock Connect [6]. - The fund's design allows for tactical and strategic allocation, making it a valuable tool for long-term investors in a low-interest environment [7].

中新网厦门8月9日电 (林永传 刘韵婕)8月9日，在厦门边检总站东渡边检站移民管理警察高效保障下， 利比里亚籍"地中海奥索拉"轮首航厦门顺利靠泊海沧嵩屿码头，标志着美西地中海新航线SENTOSA正 式开通。 该航线主要装载跨境电商货物、高科技产品、汽车及零部件、化工产品和纺织品等。此次新增挂靠厦门 港，完成装载后出境直达美国长滩，不仅节省了中转时间，强化了中国华南至美西的核心链路，同时覆 盖东南亚主要枢纽港，满足多元中转需求。新航线开通后预计每年将为厦门港新增6万标准箱吞吐量。 图为厦门东渡边检站移民管理警察在码头前沿办理边防检查手续。宋远威 摄 图为厦门港嵩屿码头。宋远威 摄 为保障新航线首航船舶靠泊作业高效有序，厦门东渡边检站执勤四队民警靠前服务，积极对接口岸联检 单位和相关港航企业，实时掌握船舶动态，通过"单一窗口"网上办、查验前置等服务举措，满足快线集 装箱船舶"快进快出"通关需求，实现了船舶到港"零延误"，装卸作业"零延时"，为"中国制造"出海按下 加速键。(完) 该航线共部署8艘14000至15000标准箱级别船舶，将挂靠巴生港、新加坡、林查班、头顿、盐田、厦 门、长滩、奥克兰等港口，连接了东南亚 ...

*注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 8月11日，上证指数涨0.34%，收报3647.55点，恒生指数涨0.19%，收报24906.81点。 中远海能AH溢价达63.71%，位居AH股溢价率第57位。当日收盘，中远海能A股报10.17元，跌幅 0.49%，H股报6.79港元，上涨0.44%。 资料显示，中远海运能源运输股份有限公司(股票代码:600026.SH,1138.HK)2016年6月6日成立于上海,是 中国远洋海运集团有限公司旗下从事油品、液化天然气、液化石油气、化学品等储运业务的专业化公 司,由原中国远洋、中国海运两大集团能源运输板块重组而成。公司致力成为全程能源运输方案解决者, 业务覆盖全球300多个港口,为200多家国内外客户提供全船型全天候、定制化服务。中远海运能源聚焦 油轮运输和LNG运输两大核心主业,拥有多年丰富的经验以及较高的品牌知名度,在业界树立了良好的公 司形象。公司油轮船队运力规模世界第一,覆盖全球主流的油轮船型,是全球油轮船队中船型最齐全的航 运公司。 本文源自：金融界 作者：行情君 ...

中金发布研报称，近日，美国总统发布行政命令，对印度因持续购买俄罗斯石油征收额外25%关税，此 举将使印度对美国的进口总关税提升到50%。如果后续印度降低俄罗斯原油进口量，并增加对中东、美 洲、西非等地区进口，有利于VLCC合规市场运输需求，此外长航线货量增加亦有利于增加海运需求。 标的方面，油运板块估值偏低，板块内公司上有弹性，下有股息支撑，建议关注左侧机会；集运板块重 视高股息标的配置价值；干散货近期运价强劲，关注后续需求端改善催化。 今年4月份以来OPEC+持续增产，但海运出口量没有同步增长(5月、7月出口减少)，由于夏季是中东及 欧美的用油旺季，叠加近期为国内季节性淡季，出口量及运价保持偏低水平。根据Vortexa数据，2024 年OPEC+8国9月-11月出口量持续增加，待三季度末中东用油旺季结束后，OPEC+增产或有望带动海运 出口量增加，叠加北半球四季度油品需求旺季，运价弹性有望显现。 估值与建议 油运板块估值偏低，板块内公司上有弹性，下有股息支撑，建议关注左侧机会，看好供需边际改善的旺 季弹性，看好中远海能（600026）(01138)、招商轮船（601872）(601872.SH)，关注招商南 ...

中金发布研报称，基于行业风险偏好改善，将太平洋航运(02343)目标价上调14.3%至2.4港元(对应 2025/2026年市盈率分别为10.1倍和9.1倍)，潜在上行空间4.3%，维持"跑赢行业"评级。 太平洋航运上半年营收同比下降20.5%至10.19亿美元，归属股东净利润2,600万美元。期内公司处置五 艘老旧船舶，若剔除资产处置收益，上半年核心盈利为2,200万美元，同比下降50%。业绩低于该行预 期，主要因平均期租租金(TCE)表现疲弱，维持2025至2026年盈利预测基本不变，当前股价对应 2025/2026年预测市盈率分别为9.8倍和8.8倍。 ...

太平洋航运上半年营收同比下降20.5%至10.19亿美元，归属股东净利润2,600万美元。期内公司处置五 艘老旧船舶，若剔除资产处置收益，上半年核心盈利为2,200万美元，同比下降50%。业绩低于该行预 期，主要因平均期租租金(TCE)表现疲弱，维持2025至2026年盈利预测基本不变，当前股价对应 2025/2026年预测市盈率分别为9.8倍和8.8倍。 智通财经APP获悉，中金发布研报称，基于行业风险偏好改善，将太平洋航运(02343)目标价上调14.3% 至2.4港元(对应2025/2026年市盈率分别为10.1倍和9.1倍)，潜在上行空间4.3%，维持"跑赢行业"评级。 ...