来源：市场资讯 希腊船舶经纪公司Xclusiv的数据分析印证，高企的现货运价显著刺激了二手船买卖市场。该公司在近 期报告中指出："仅运价水平就足以让2026年1月显得不同寻常，而船舶买卖（S&P）市场的活跃度证实 了这一点。" 报告显示，2026年1月成为过去五年来最活跃的油轮交易月份，共计有87艘油轮易手，远超去年同期的 20艘。其中，VLCC是最活跃的船型，交易量达37艘。 据船舶经纪人消息，特盈海运已将其旗下唯一一艘船舶——29.72万载重吨的"Asian Lion"号（建于2009 年）以6000万美元的价格出售给希腊买家。该公司于2025年3月才从越南Asia Pacific Shipping公司以 4900万美元购入该船，当时船名为"交响乐"号（Symphony）。此次转手净赚约1100万美元。 面对船价已处高位的现状，为何交易反而加速？Xclusiv在一周前的报告中提出了这个问题，并给出解 读："当其他选择更不理想时，高昂的二手船价格并不会阻碍交易。"报告进一步解释称："新造船的置 换成本依然高企，船厂船位仍然紧张。许多船东因此更倾向于立即购入已在运营的船舶来锁定市场机 会，而不愿承受新造船漫长 ...

Group 1 - CMB.Tech has sold two 14-year-old Very Large Crude Carriers (VLCCs) for up to $89 million each, with the buyer being Sinokor Maritime, a Korean shipping company active in the tanker market [1][3] - The company expects to gain approximately $98.2 million in capital gains from this transaction, which will be realized after the vessels are delivered in the second quarter of 2026 [3] - The sale price of $89 million per vessel is significantly higher than the market benchmark, which is around $75 million for a 15-year-old VLCC, indicating strong demand for specific tonnage vessels and robust asset prices [6] Group 2 - This transaction marks the second large-scale asset sale by CMB.Tech, following a previous sale of six VLCCs built between 2007 and 2016, which generated $261 million in revenue [6] - The sold vessels, "Ingrid" and "Ilma," were acquired by CMB.Tech from Euronav, which purchased them in early 2014 for approximately $80 million each [6] - The series of asset sales has significantly improved CMB.Tech's cash flow and reflects the active state of the tanker asset trading market, while Sinokor Maritime's acquisitions indicate a long-term optimistic view and expansion intent in the VLCC sector [6]

Core Viewpoint - The U.S. is escalating its "maximum pressure" policy against Iran by implementing significant tariffs and sanctions targeting countries and companies involved in trade with Iran, particularly affecting Chinese shipping companies and their operations [1][3][9]. Group 1: Tariff Implementation - On February 6, 2026, President Trump signed an executive order allowing the U.S. government to impose tariffs of up to 25% on goods exported to the U.S. from any country that is found to have purchased goods from Iran [1][4]. - The order officially took effect on February 7, 2026, and targets major trade partners of Iran, including China, India, and Turkey, although the execution of these tariffs requires a complex evaluation process [4][9]. - This executive order serves as a deterrent and a tool for negotiation, extending U.S. unilateral sanctions from financial entities to international trade flows [4][9]. Group 2: Sanctions on Shipping Companies - Concurrently, the U.S. Treasury updated its sanctions list, including three Chinese shipping management companies and 14 vessels identified as part of a "shadow fleet" involved in transporting Iranian oil [3][5]. - Being placed on the Specially Designated Nationals (SDN) list results in immediate asset freezes and prohibits U.S. individuals and entities from engaging in any transactions with these companies [5][8]. - The "shadow fleet" consists of older vessels that frequently change flags and are difficult to track, primarily used to transport oil from sanctioned countries like Iran [6][7]. Group 3: Broader Industry Implications - The sanctions and tariffs are expected to have immediate and widespread impacts on the shipping, trade, and financial ecosystems, leading to increased caution among banks and insurers regarding transactions related to these companies [8][9]. - The U.S. is systematically amplifying risks associated with Iran by extending sanctions from financial institutions to trade policies and specific shipping assets, creating a comprehensive blockade [9][11]. - Companies involved in shipping must prioritize compliance and due diligence regarding Iranian exposure, as any oversight could lead to significant commercial and legal risks [11].

（原标题：加纳港口首次停靠30万吨巨轮） 该船名为MVCBSYears，载重吨为30万吨，于2026年1月27日靠泊，标志着该公司在2026年将产量和出 口量提高到1000万吨的计划中迈出了一步。 在通话之前，加纳锰业公司赞助了部分加纳港务局海事运营人员（包括引航员）前往中国，接受针对好 望角型船舶的高级模拟和靠泊培训。 据《每日写真网》2月4日报道，加纳锰业公司、加纳港务局以及中远海运集团在塔科拉迪港迎接了一艘 散货船，以支持加纳提高矿产出口，并提升加纳的航运效率。 ...

来源：市场资讯 （来源：信德海事） 2025年，在红海绕航常态化、运价回落与供给扩张交织的背景下，马士基与赫伯罗特纷纷交出了意料之 中的业绩下滑的年度答卷。虽然业绩下滑，但两公司纷纷实现了正向营收和利润。业界除了关注两公司 的年度业绩外，也注目于其运行近一年的双子星联盟的实际表现情况。 据信德海事了解，在两公司年度财报里都着墨了双子星联盟的表现，马士基强调协同效率已开始兑现， 赫伯罗特更是一改之前谨慎措辞，直言协同节约将于2026年充分释放。以下结合两家公司披露的最新财 报表述，拆解其业绩对比、对Gemini的态度变化，以及对2026年的展望。 核心业绩对比：2025 vs 2024 说明：赫伯罗特披露为"初步业绩"（preliminary figures）；马士基为年报披露口径（consolidated totals）。 赫伯罗特（Hapag-Lloyd） 指标 2025 2024 同比变化 运输量（百万TEU） 13.5 12.5 平均运价（USD/TEU） | 1,376 | | --- | | 1,492 | | -116 | | 收入（USD bn） | | 21.1 | | 20.7 | | +0 ...

WASHINGTON — A decades-old reliance on paper-based export documentation is set to end for container vessel operators and exporters under a new proposed rulemaking from U.S. Customs and Border Protection. The 180-page proposed rule, set to officially publish on Tuesday, will require the advance electronic submission of Electronic Export Manifest data for all vessel cargo departing the United States. “The requirement to submit manifest data electronically under specific time frames will facilitate a more ...

Industry Insights - The Ministry of Industry and Information Technology and three other departments jointly issued the "Implementation Plan for Digital Transformation in the Automotive Industry," aiming to enhance the top-level design of digital transformation and promote high-quality development in the automotive sector [1] - The National Development and Reform Commission and four other departments released opinions on strengthening the construction of data element disciplines and digital talent teams, aiming to activate data elements to empower new productivity and promote the integration of education, talent, industry, and innovation chains in the data field [1] - Zhejiang Province has launched a major technological initiative for low-altitude economy, targeting key technologies in equipment manufacturing, operational support, and scenario applications over the next three years to support the development of a low-altitude economy [1] Company News - China Ocean Shipping Group signed contracts for 87 new ship orders with China Shipbuilding Group, with a total contract value of approximately 50 billion RMB, marking the highest single cooperation signing amount for domestic shipbuilding enterprises [1] - JD Logistics has launched its sixth-generation intelligent delivery vehicle in Saudi Arabia, which will collaborate with JoyExpress couriers to provide last-mile delivery services for local consumers [1] - Cainiao's Hong Kong eHub smart air cargo center has officially launched an automated stacking system, becoming the first in Hong Kong to achieve full-process automation from security inspection to grouping [1] - Deppon Express has created a "direct train" for Middle East logistics, opening air and sea transport routes connecting China to six countries including the UAE and Saudi Arabia, providing full-link logistics services to connect with the Middle East market [1] - Beijing Hualian Printing has introduced BYD's new energy forklifts, achieving a dual leap in environmental efficiency and operational efficiency [1] - Shenzhou Holdings has opened its flagship warehouse in South China, serving as a logistics center to empower the upgrade of fast-moving consumer goods in the South China region [1] - New Stone Technology has officially entered JD's self-operated mall, becoming the first unmanned vehicle brand to partner with a comprehensive e-commerce platform, exploring new paths for unmanned vehicle commercialization [1]

据媒体报道，尽管有迹象表明美国集装箱进口流量趋于正常化，且提前备货的影响减弱，但 预计至少在2026年前四个月，进口量将继续下滑。 Descartes也指出，由于美国最高法院尚未就关税问题作出裁决，"进口商面临的政策不确定性仍然较 高，关税条件短期内不会改变"。特朗普政府还威胁称，如果美国最高法院推翻其现行关税政策，将采 取新的行动。 美国全国零售联合会和Descartes Global均指出，2026年进口量开局疲软。Descartes估算，1月份集装箱 总量为230万标准箱（TEU），较12月增加逾9万标准箱，但同比减少近7%。去年，进口商被认为是在 特朗普重返白宫前提前备货。 零售联合会预测，1月份零售进口量为211万标准箱，同比下降逾5%。该协会表示，进口量环比增加是 因为进口商提前下订单，以赶在将于下周开始的农历新年假期前到货，届时亚洲各地的工厂将停工。 "由于关税问题仍在法院和国会中争论不休，其对进口的影响已显而易见，"美国全国零售联合会负责供 应链和海关政策的副总裁Jonathan Gold表示，"这一情况凸显了制定清晰、可预测的贸易政策的必要 性，以支持供应链的确定性和可靠性、商业规划以及消费 ...

研究所 航运研发报告 航运日报 2026 年 2 月 10 日 航运日报 第一部分 集装箱航运——集运指数（欧线） 期货从业证号： F3084078 投资咨询证号： Z0018656 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数 | | | | （欧线） 日报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 | 收盘价 | 涨跌 | 涨跌幅 | 成交量（手） | 增减幅 | 持仓量(手) | 增减幅 | | EC2604 | 1,179.0 | -59.0 | -4.77% | 29,560.0 | 105.51% | 33,899.0 | 8.89% | | EC2605 | 1,273.0 | 1,273.0 | / | 271.0 | / | 228.0 | / | | EC2606 | 1,499.8 | -53.2 | -3.43% | 4,155.0 | 88.35% | 14,740.0 | 0.10% | | EC2 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The China - Southeast Asia shipping route is the world's largest trade corridor, showing resilience in trade tensions. The Southeast Asian container shipping market has strong growth momentum driven by economic growth and industrial transfer [8][33]. - In 2025, the North Asia - Southeast Asia route had the highest capacity share and the fastest growth rate among intra - Asia trades. However, future capacity growth may be constrained by the high average age and low orderbook of feeder vessels [26][34]. - Southeast Asian shipping routes generally have lower freight rate volatility than long - haul routes, with certain correlations to Northern Europe rates. New contracts listed by the Shanghai International Energy Exchange provide more options for hedging [2][35]. 3. Summary by Directory 3.1 Current Situation of the Southeast Asia Container Shipping Market - The China - Southeast Asia route is the world's largest trade corridor. In 2025, the trade value between China and ASEAN reached 1,055.87 billion USD, up 7.3% year - on - year. Asian intra - regional routes are the world's largest container shipping market. From January to October 2025, the cargo volume in this regional market reached 41.234 million TEUs, accounting for 25.9% of the global total, with a year - on - year growth rate of 5.1% [8]. - Due to short shipping distances, the China - Southeast Asia route is highly competitive, with carriers including global giants and regional specialists. Major routes include services from China to Singapore/Malaysia, Thailand/Vietnam, and Indonesia [11]. - Freight rates on Southeast Asian routes generally have lower volatility than long - haul routes, with seasonal patterns. Rates usually retreat from highs in January and February, rebound in early March, and are driven up in mid - April by the Songkran Festival. In 2025, due to tariff - driven front - running, rates surged prematurely between March and May, fell during the traditional peak period (June - August), hit a floor in the August - September off - season, and rebounded in October [12][13]. 3.2 Demand in Southeast Asian Shipping Market - The six major economies of ASEAN (Singapore, Indonesia, the Philippines, Malaysia, Thailand, and Vietnam) have shown economic resilience, with a three - year compound GDP growth rate of 3% in 2024, surpassing the overall GDP growth rate of Asia by 0.3 percentage points [16]. - The trade war between China and the United States has led to a global supply chain restructuring, and Southeast Asia has become an important destination for industrial transfer. From January to November 2025, China's exports to five ASEAN countries reached 492.33 billion US dollars, a year - on - year increase of 14.6%. By October 2025, the container cargo volume in the Asian market reached 41.234 million TEUs, a cumulative year - on - year increase of 5.3% [20]. - Among the commodities transported by general cargo containers, Vietnam accounts for the highest proportion (31.5%) of China's exports to the five ASEAN countries. In 2025, the total value of China's exports of 33 categories of commodities to the five ASEAN countries reached US$202.48 billion [24]. 3.3 Southeast Asian market capacity and competition landscape - In 2025, the North Asia - Southeast Asia route had the highest capacity share (56.1%) and the fastest growth rate (19.1% year - on - year) among all intra - Asia trades. By the end of 2025, the total capacity deployed by carriers within the intra - Asia market reached 3.415 million TEUs, a year - on - year increase of 11.7% [26]. - Regional carriers such as Wan Hai, SITC, and TS Lines maintain a strong presence in the intra - Asia market. They focus on strategic layouts within Southeast Asian feeder routes and offer differentiated services, serving as essential supplements to regional market coverage [30]. 3.4 Outlook - From a demand perspective, the Southeast Asian market shows diversified and high - growth characteristics in importing Chinese goods, driven by economic growth and industrial transfer dividends [33]. - Future capacity growth may be constrained by the high average age and low orderbook of feeder vessels. - Southeast Asian routes typically have lower freight rate volatility than long - haul routes, with a 75.8% correlation between rates from China to Singapore and Malaysia and Northern Europe rates, and a 51.7% correlation for Thailand, Vietnam, and the Philippines. New contracts EC2605, EC2607, and EC2609 listed on February 10th provide more options for hedging [35].