Core Viewpoint - The implementation of China's special port service fee for U.S. vessels has led to significant changes in the shipping and logistics landscape, with companies adapting through rerouting and restructuring to maintain operational stability despite the absence of U.S.-flagged vessels in Chinese ports [1][3]. Port Operations - Major ports are operating smoothly, with no U.S.-owned shipping companies conducting business in Chinese ports since the policy took effect [3]. - The Guangzhou Port, a key gateway in South China, continues to maintain stable cargo and container throughput, ranking among the world's top ports [3]. Shipping Company Responses - Shipping companies have quickly adapted to the new regulations, with Maersk and other firms implementing rerouting measures to avoid U.S. flagged vessels docking at Chinese ports [6]. - Pacific Shipping is restructuring its operations by relocating part of its fleet to Singapore and changing the flag of its vessels to avoid the special port service fee [6][7]. Market Dynamics - The shipping market, particularly for bulk commodities, is expected to require time to adjust, but signs of stabilization are emerging [10]. - The overall supply of vessels remains sufficient, and there is no structural shortage, with charterers managing their shipping schedules to avoid market volatility [10]. Future Outlook - The recent discussions between China and the U.S. regarding maritime logistics and shipbuilding measures indicate a potential for constructive dialogue and resolution of trade issues [11]. - The adjustments made by shipping companies may lead to a more favorable market environment in the long term, as they seek clarity on regulatory changes and aim to minimize operational costs [10].

Core Viewpoint - The article discusses the impact of China's countermeasures against the U.S., specifically the implementation of special port service fees for U.S.-flagged vessels, which has led to a significant reduction in U.S. shipping operations in Chinese ports while maintaining overall shipping capacity through rerouting and restructuring efforts [1][3]. Group 1: Port Operations - Major ports are operating smoothly despite the new policies, with no U.S.-owned shipping companies conducting business in the South China region [2][3]. - The Guangzhou Port, a key gateway for South China, continues to maintain stable cargo and container throughput, ranking among the world's top ports [3]. Group 2: Special Port Service Fees - Since October 14, China has implemented special port service fees for U.S.-flagged vessels, mirroring the U.S. policy on Chinese vessels [3]. - The only reported case of a vessel being charged this fee involved the "Manukau" container ship from Matson Navigation Company, which allegedly incurred a fee of 4.4584 million yuan during its stay at Ningbo [3]. Group 3: Shipping Company Responses - Shipping companies have quickly adapted to the new regulations, with Maersk shifting its U.S.-flagged vessels to third-country non-U.S. registered ships to avoid port fees [6]. - Pacific Shipping is restructuring its operations by relocating half of its bulk carrier fleet to Singapore and changing its flag to avoid the special port service fees [7]. Group 4: Market Adjustments - The shipping market, particularly for bulk commodities, is expected to require time to adjust, but signs of stabilization are emerging [9]. - As of the week of October 23, the ultra-large tanker market remains cautious, with both charterers and shipowners adopting a wait-and-see approach, although some shipowners are beginning to seek cargo [9]. Group 5: Future Outlook - The shipping industry anticipates that the adjustments will lead to a more stable market in the long run, with a focus on regulatory clarity from both governments [9]. - There is a potential for non-U.S. shipowners to gain a premium in the market, particularly those with Chinese backgrounds, due to resource supply chain security considerations [10].

船司转运改组作应对 自中方采取反制措施、对美船舶收取船舶特别港务费政策实施已近两周，相关政策影响正逐渐显现。证 券时报记者从港口、航运相关公司了解到，虽然近期已经几乎没有美国背景船舶在我国港区开展业务， 但是各方合力通过转运、改组等方式保持美线整体运力的稳定。 各大港口运作平稳 "自10月14日起，中国对美国实施反制措施。从南沙港区运营情况看，区域内没有美资航运企业开展业 务。根据当前情况，南沙港区美线整体运力保持稳定，航线服务未受到干扰，将继续保障华南地区至美 国航线的服务连续性。"广州港（601228）相关负责人对证券时报记者表示。作为华南连接世界的门 户，广州港货物吞吐量和集装箱吞吐量稳居世界前列。 10月14日起，美国贸易代表办公室对中国公司拥有或运营的船舶、中国造船舶、中国籍船舶加收港口服 务费。作为维护中国海运企业合法权益的正当举措，我国决定将于10月14日起对涉美船舶收取船舶特别 港务费，内容和收费标准和美方政策基本一致。 与广州港情况类似，多家上市港口企业在接受记者采访时普遍表示，自船舶特别港务费政策生效以来， 没有美资背景的船舶靠港作业，相关航线服务运作正常。 唯一一个可能被收取特别港务费的 ...

Meeting Information - The 23rd meeting of the 9th Board of Directors of Phoenix Shipping (Wuhan) Co., Ltd. was held on October 24, 2025, via a combination of in-person and communication methods [2] - The meeting was chaired by Chairman Wang Yanke, with all 6 directors present and voting [2] - The meeting's procedures complied with the Company Law and the company's articles of association, confirming its legality and validity [2] Resolutions Passed - The board approved the proposal regarding the Q3 2025 report, with a unanimous vote of 6 in favor, 0 against, and 0 abstentions [3] - Detailed content of the Q3 2025 report is available on the Shenzhen Stock Exchange and other platforms [3] Documentation - The board resolution was signed by the attending directors and stamped with the board seal, confirming the decisions made during the meeting [4]

Core Viewpoint - Phoenix Shipping (000520.SZ) reported a significant decline in revenue and an increase in net loss for the third quarter of 2025 compared to the previous year [1] Financial Performance - The company achieved a revenue of 205 million yuan in the third quarter, representing a year-on-year decrease of 20.73% [1] - For the first three quarters, the total revenue was 549 million yuan, which is a year-on-year decrease of 27.40% [1] - The net loss for the third quarter was 56.8473 million yuan [1] - Cumulatively, the net loss for the first three quarters amounted to 55.6171 million yuan [1]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The actual implementation prices in the first half of November are gradually being revised downward, and attention should be paid to whether there will be price increase notices for the second half of November next week [7]. - For the October contract, the valuation is becoming clearer, but there are significant differences in the market regarding the final delivery settlement price due to factors such as vessel delays, the intersection of low - and high - priced vessels, and price opacity [6]. - For the December contract, trading focuses on the rhythm. Shipowners will adjust supply to keep freight rates high for next year's long - term agreement negotiations. The trading rhythm will involve alternating between price increase expectations and actual implementation until delivery [7]. - The February 2026 contract may have significant expectation differences but is currently suppressed by the expectation of resumed voyages [8]. 3. Summary by Directory 3.1 Market Analysis - **Online Quotes**: Different shipping alliances and companies have different price quotes and price increase notices. For example, Gemini Cooperation's Maersk Shanghai - Rotterdam 45 - week quote is 1420/2370, and HPL has price increase notices for November [1]. - **Geopolitical Factor**: The US has agreed to postpone the opening of the Rafah Crossing until all Israeli detainees' remains are handed over. The crossing is an important channel for humanitarian aid to Gaza [2]. 3.2 Dynamic Supply - The average weekly container shipping capacity from China to European base ports in October is 32.41 million TEU, 29.39 million TEU in November, and 32.18 million TEU in December. There are 8 blank sailings and 3 TBNs in November and 5 TBNs in December [3]. 3.3 Counter - measures and Their Impact - China has taken counter - measures against the US USTR port surcharge, and the US will also impose port fees on Chinese - related vessels. However, the impact on the European route is relatively small as the number of US - flagged vessels is limited [4]. 3.4 Contract Analysis - **October Contract**: The delivery settlement price is the arithmetic average of SCFIS on October 13th, 20th, and 27th. The prices of some shipping alliances have been revised downward in the second half of October. There are large differences in the market regarding the final delivery settlement price [5][6]. - **December Contract**: It focuses on the trading rhythm. Shipowners will adjust supply to maintain high freight rates. The trading will alternate between price increase expectations and actual implementation [7]. - **February 2026 Contract**: It may have significant expectation differences but is currently suppressed by the expectation of resumed voyages. If the duration of price - holding contracts is extended and high prices are realized in January 2026, the February contract price may be higher than the December contract [8]. 3.5 Container Ship Delivery - 2025 is a major year for container ship deliveries. As of October 26, 2025, 215 container ships with a total capacity of 1.7618 million TEU have been delivered [9]. 3.6 Strategy - **Unilateral Strategy**: The December contract is expected to be strongly volatile. - **Arbitrage Strategy**: No arbitrage opportunities are currently available [10].

Group 1 - Phoenix Shipping (SZ 000520) reported a revenue of approximately 549 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 27.4% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 55.62 million yuan, with a basic earnings per share loss of 0.0554 yuan [1] - As of the report date, Phoenix Shipping's market capitalization was 4.7 billion yuan [1]

Core Insights - Company reported a revenue of 1.18 billion yuan for the first three quarters of 2025, a year-on-year increase of 2%, while net profit attributable to shareholders decreased by 30% to 190 million yuan [1] - In Q3 2025, revenue was 400 million yuan, a 1% year-on-year growth, but net profit fell by 40% to 60 million yuan [1] Operational Analysis - The decline in freight rates led to a significant drop in profits year-on-year in Q3 2025, attributed to insufficient operating rates at downstream refineries in domestic business and a high base from the previous year in international business [2] - The gross profit margin decreased by 11.5 percentage points year-on-year to 26%, primarily due to falling freight rates, while the overall expense ratio improved slightly to 7.7% [2] - The net profit margin fell by 10.3 percentage points to 14.7% in Q3 2025 [2] Capacity Growth - The company achieved a score of 95.2 in the capacity review by the Ministry of Transport in September 2025, securing 7,000 cubic meters of LPG shipping capacity, marking its eighth consecutive first-place achievement in capacity approvals since 2019 [3] - As of H1 2025, the company has 12 chemical tankers under construction, with a total capacity of 235,000 deadweight tons, and expects four of these vessels to be operational in H2 2025 [3] Profit Forecast and Valuation - Due to the decline in freight rates, the company has revised its net profit forecasts for 2025-2027 to 260 million yuan, 330 million yuan, and 410 million yuan, down from previous estimates [4] - The company maintains a "buy" rating despite the adjustments in profit forecasts [4]

Group 1: Oil and Gas Industry Conference - The eighth Oil Merchants Conference was held in Zhoushan from October 21 to 23, focusing on "Deepening Open Cooperation to Build a Green, Low-Carbon, and Sustainable Bulk Commodity Market" [1] - A total of 366 domestic and international companies participated, with representatives from major firms like Saudi Aramco, BP, and S&P Global sharing insights on industry trends and opportunities in the Chinese market [1] - The conference provided decision-making references for Chinese companies to expand internationally and for foreign companies to enter the domestic market, facilitating the integration of domestic and international "dual circulation" [1] Group 2: Establishment of Commodity Alliance - The Zhejiang Free Trade Zone Commodity Resource Allocation Hub Industry Alliance was officially launched, with Chen Xin from Material Zhongda Group as the first chairman [2] - The alliance consists of over a hundred leading companies, industry associations, research institutions, and financial institutions, aiming to create a collaborative development system covering the entire commodity industry chain [2] - The initiative is supported by various provincial government offices and aims to enhance the efficiency of resource allocation in bulk commodities, focusing on storage, transportation, processing, trade, and maritime services [2] Group 3: Financial Innovation and Agreements - A specialized meeting on "Financial Innovation and Spot-Futures Linkage" was held during the conference, where a report on building an international bulk commodity trading center was released [3] - A total of 21 projects were signed during the conference, with a total agreement amount of approximately 643.6 billion yuan [3] - The establishment of the China Green Ship Repair International Certification Innovation Alliance and the unveiling of the International Bulk Commodity College at Zhejiang Ocean University also took place [3] Group 4: eRWA Product Launch - The first eRWA product based on physical asset anchoring was launched at a forum in Shenzhen, focusing on the digitalization of physical assets [5] - The MiWan.LOVE brown sugar chain product aims to create a new path for RWA in China, ensuring that digital rights correspond to physical assets [6] - The product leverages a high-standard sugarcane planting base and IoT technology to ensure traceability and compliance, addressing core challenges in the industry [6][7] Group 5: New Barter Trade Model - A new barter trade model is emerging, utilizing digital forms to reshape the commercial ecosystem amid challenges like inventory backlog and cash flow issues [8] - The YiDe International Barter Trading Platform allows for the exchange of various goods and services using barter credits, enhancing resource allocation and operational efficiency for businesses [9] - The platform has expanded to over 40 regions, serving more than 70,000 enterprises, with a projected barter credit transaction volume of 610 million yuan by mid-2025 [9][10]

Core Viewpoint - The launch of the "Nanjing-Jakarta" container shipping route marks a significant development in enhancing maritime logistics between China and Southeast Asia, reducing transportation time and improving supply chain efficiency [1] Group 1: Shipping Route Details - The "Jiangyuan Yansui" vessel departed from Nanjing Longtan Port, indicating the successful inaugural voyage of the new shipping route [1] - The new route reduces transportation time from 13-15 days to 8 days and operates with a bi-weekly schedule [1] - The route connects major Southeast Asian and South Asian ports, including Port Klang, Chennai, and Visakhapatnam, enhancing route flexibility and market coverage [1] Group 2: Cargo and Trade Implications - Outbound cargo primarily consists of industrial products such as electromechanical products, white goods, steel products, new energy vehicles, and chemical products [1] - Return cargo mainly includes resource-based products like nickel ore processing products, palm oil, and tropical fruits [1] - The new route aims to meet trade demands between China and emerging markets like Indonesia and India, supporting local enterprises in optimizing supply chains and expanding foreign trade opportunities [1] Group 3: Broader Logistics Network - The shipping route is part of a broader logistics network that includes major routes to Indonesia, India, and Thailand, creating a comprehensive logistics ecosystem [1] - The integration of shipping routes and resource consolidation enhances cargo aggregation capabilities and supply chain resilience [1] - This development provides strong network support for expanding into the RCEP regional market [1]