Core Viewpoint - The International Maritime Organization (IMO) is set to make a historic decision in October regarding the approval of a "net zero emissions framework," which, if passed, will impose the strictest carbon emission regulations on the global shipping industry [1][2]. Group 1: Net Zero Emissions Framework - The net zero emissions framework, approved by the IMO in April, will be submitted for review in October and is expected to take effect in 2027. It combines mandatory emission limits and greenhouse gas pricing for the entire shipping sector [2][3]. - The framework includes two main components: technical emission reduction requirements based on fuel and market-based economic incentives [2]. - A greenhouse gas fuel intensity (GFI) indicator will be established, requiring ships to control their annual greenhouse gas emissions within set limits [2][3]. Group 2: Financial Implications for Shipping Companies - The framework will impose significant financial burdens on shipping companies, with McKinsey predicting an annual cost increase of approximately $20 billion for the global shipping industry by 2030 due to fuel upgrades and carbon emission costs [3]. - From 2028, ships will need to meet two emission reduction targets annually, with penalties for non-compliance [2]. Group 3: Transition to Alternative Fuels - Major shipping companies are actively pursuing green alternatives, with many setting net zero emissions targets for 2050 or earlier [7]. - The demand for alternative fuel vessels is rising, with a 78% increase in new orders for alternative fuel ships in the first half of 2025 compared to the previous year [7][8]. - Green methanol is gaining traction as a preferred alternative fuel due to its storage and transportation advantages, as well as its alignment with the net zero framework's goals [7][8]. Group 4: Green Methanol Production in China - Maersk has signed a long-term agreement with Goldwind Green Energy Chemical to procure green methanol, with plans to receive 500,000 tons annually starting in 2026 [9]. - The green methanol production process relies on renewable energy and involves multiple steps, including biomass conversion and hydrogen production [10]. - The Goldwind project in Inner Mongolia is expected to produce 250,000 tons of green methanol annually, with plans for expansion to a million-ton production capacity by 2027 [14][15].

该行又认为，集团在小型船只领域的定位具防御性，因其货种丰富，可抵达的港口和航程均具灵活性， 而且燃油成本稳定可提升盈利能见度。加上散货航运受红海干扰影响最轻，2024年前仅约3%干散货经 过该区域，远低于原油的10%与成品油的15%，而霍尔木兹海峡风险主要涉及油轮，集团的盈利敏感度 较低。该行指，在干散货与油轮板块中，更看好太平洋航运多过中远海能（600026）(01138)，因前者 受地缘冲击影响较小、资本开支稳定，且对美国301条款关税风险敞口有限。 摩根大通发布研报称，首次覆盖太平洋航运(02343)，予"增持"评级，目标价3.2港元。该行认为，美关 税推动提前出货，虽然会令今年下半年的TCE价格承压，但随着补库存周期重启，和建筑业带动小宗散 货需求反弹，2026年需求有望复苏。另外，运力增长有所放缓，全球船队扩张速度减慢至约3%，而且 船龄老化令拆解旧船量增加。 ...

Group 1 - Morgan Stanley has resumed coverage of China Merchants Energy Shipping Company (中远海能) with a neutral rating [1]

一、市场表现 二、重要新闻 （责任编辑：马欣） 1、巴基斯坦国家银行（SBP）货币政策委员会9月15日召开会议，宣布将政策利率维持在11%不变，这是自2025年6月来连续第三次维持现状。巴国家 银行发布的声明称，考虑到包括大规模制造业在内的经济指标所反映的通胀下降趋势，以及近期洪涝灾害导致短期宏观经济所出现的轻微恶化，委员会认为 维持物价稳定这一决策是合理的。 2、据巴基斯坦媒体《商业记录报》9月15日报道，受近期持续的洪水影响，该国经济前景，尤其是农业部门面临的形势有所恶化，巴基斯坦国家银行 （SBP）重新预估了该国2025至2026财年（2025年7月至2026年6月）的国内生产总值，预计增长率约为3.25%，较此前预测值下调了近一个百分点。 3、据巴基斯坦媒体《国民报》9月15日报道，现任政府任期的前16个月（2024年3月至2025年6月），该国月均新增债务超8173.75亿卢比，债务总额增 加了13.078万亿卢比，达到77.888万亿卢比。债务增长的大部分来自国内债务，增长了11.796万亿卢比，较过渡政府最后一个月（2024年2月）国内债务存量 增长了27.64%。外部债务增加了1.282万亿卢 ...

Core Insights - The global shipping industry is experiencing a surge in demand for green fuels to meet the International Maritime Organization's (IMO) 2050 net-zero emissions target, but the supply capacity and scalability of biofuels and other green fuels are severely lacking, leading to a widening supply-demand gap that poses challenges to achieving net-zero emissions [1][2] - The CEO of the American Bureau of Shipping (ABS) emphasized that the ability of the shipping industry to achieve net-zero emissions by 2050 remains uncertain, highlighting the critical role of liquefied natural gas (LNG) and biofuels in this process [1] - A report titled "Vision and Reality" released by ABS indicates that the core issue with biofuel application is not technological but rather the limited and controversial supply of sustainable raw materials [1] Industry Challenges - The shipping industry's decarbonization faces a significant issue of "misalignment between targets and supply," where decarbonization goals are increasing while the production of green fuels is growing slowly [2] - Key signals affecting investment decisions, such as regulatory policies, fuel pricing, penalty mechanisms, supply stability, and scalability potential, are progressing at inconsistent paces, further constraining the development of the green fuel industry [2] Cost Analysis - From a cost perspective, biofuels are currently the cheapest option among all green fuels, with a price premium of approximately 1.5 to 3 times compared to very low sulfur fuel oil (VLSFO) [2] - Green methanol has a price premium of 2 to 4 times, while green ammonia and green hydrogen have even higher premiums ranging from 3 to 8 times [2]

9月19日，全国绿色智能航运行业产教融合共同体成立大会在泉州海洋职业学院举行。 原标题：全国绿色智能航运行业产教融合共同体成立 其中，山东海运以"企业领航"为己任，将其在LNG动力船舶运营、智能航运管理等领域的实战经验与资 源全面融入教学与实践环节，致力于搭建产学研用深度融合平台。上海海事大学突出"科研赋能"，依托 国家级科研平台和学科优势，推动科技成果向产业双向转化，构建"需求‐供给"精准对接机制。泉州海 洋职业学院则立足"院校筑基"，凭借在航海技术、轮机工程等领域的大规模人才培养能力，以及覆盖全 船员的27项培训资质，牵头人才标准制定与实训体系建设，年培训能力可达3万人次。 "共同体成立恰逢其时，为破解航运业绿色与智能化转型中的人才与技术瓶颈提供了创新引擎。"福建省 教育厅二级巡视员李建华指出，福建省教育厅将加强政策引导和保障，鼓励校企探索学徒制、现场工程 师等培养模式改革，推动资源整合共享，打造产学研用协同发展标杆，形成可复制、可推广的产教融合 新范式。 成员单位证书颁发仪式 签约仪式 福建海事局副局长王华明表示，共同体的成立，让"课堂跟着船舶走、研发跟着航运走、标准跟着发展 走"成为一种可能。海事局将 ...

Group 1 - The company Ningbo Ocean announced its profit distribution plan for the first half of 2025, stating a cash dividend of 0.087 yuan per share (including tax) for A-shares [2] - The record date for the dividend is set for September 25, 2025, with the ex-dividend date and cash dividend payment date both on September 26, 2025 [2]

Report Overview - Report Date: September 18, 2025 [1] - Report Type: Container Shipping Daily Report - Research Group: Shipping Research Group Industry Investment Rating - Not provided in the report Core Viewpoints - The tariff issue has a marginal effect, and the core is the direction of spot freight rates. The main contract may be in the process of bottom - building, suggesting light - position participation or waiting and seeing [4] - With liner companies significantly reducing freight rates and pre - holiday cargo volume being concerning, the near - month contracts have obvious declines, and further position - adding is not recommended. Stop - loss should be set [2] Summary by Related Content Freight Index Changes - From September 12 to September 15, the Ningbo Export Container Freight Index (NCFI) (composite index) dropped 11.71% to 903.32 points; the Shanghai Export Container Settlement Freight Index (SCFIS) (European route) fell 8.1% to 1440.24 points; the NCFI (European route) decreased 14.78% to 729.42 points; the SCFIS (US West route) rose 37.7% to 1349.84 points; the NCFI (US West route) declined 9.13% to 1216.14 points [2] - From September 12, the Shanghai Export Container Freight Index (SCFI) decreased 46.33 points to 1398.11 points; the China Export Container Freight Index (CCFI) (composite index) dropped 2.1% to 1125.30 points; the SCFI European route price fell 12.24% to 1154 USD/TEU; the CCFI (European route) decreased 6.2% to 1537.28 points; the SCFI US West route rose 8.27% to 2370 USD/FEU; the CCFI (US West route) declined 2.2% to 757.45 points [2] PMI Data - Eurozone's August manufacturing PMI preliminary value was 50.5 (estimated 49.5, previous 49.8), service PMI preliminary value was 50.7 (estimated 50.8, previous 51), and composite PMI preliminary value rose to 51.1, higher than July's 50.9, hitting the highest since May 2024 and higher than the expected 50.7. The August Sentix investor confidence index was - 3.7 (expected 8, previous 4.5) [2] - China's August manufacturing PMI was 49.4%, up 0.1 percentage point from last month, and the composite PMI output index was 50.5%, up 0.3 percentage point from last month [3] - The US August S&P Global manufacturing PMI preliminary value was 53.3, reaching a 39 - month high; the service PMI preliminary value was 55.4; the Markit manufacturing PMI preliminary value was 53.3, the highest since May 2022 [3] Trade and Tariff Situation - The Sino - US tariff extension negotiation has no substantial progress, and the tariff war has evolved into a trade negotiation issue between the US and other countries. The spot price has slightly decreased, and the tariff issue has a marginal effect [4] Market and Contract Information - On September 17, the main contract 2510 closed at 1109.7, with a decline of 6.72%, a trading volume of 4.35 million lots, and an open interest of 4.96 million lots, an increase of 2092 lots from the previous day [4] Trading Strategies - Short - term strategy: For risk - takers, try to go long lightly around 1200 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, avoid holding losing positions, and set stop - loss [4] - Arbitrage strategy: In the context of international situation turmoil, each contract maintains a seasonal logic with large fluctuations. Temporarily wait and see or try with a light position [4] - Long - term strategy: Take profit when each contract rises, wait for the pull - back to stabilize, and then judge the subsequent situation [4] Policy Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [4] - The margin for contracts 2508 - 2606 is adjusted to 28% [4] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4] Geopolitical Events - The EU will announce measures against Israel on September 17, including suspending trade preferences and imposing sanctions on extreme - right ministers and violent settlers, to pressure Israel to end the Gaza conflict [4][5]

Group 1 - Company announced a plan to repurchase A-shares, with a target of repurchasing between 40 million to 80 million shares at a maximum price of 3.81 yuan per share [2] - The repurchase will be funded through self-owned and self-raised funds, and all repurchased shares will be canceled to reduce registered capital [2] - The company received a loan commitment letter from Bank of China Shanghai Branch, agreeing to provide a special loan support for the A-share repurchase, with a maximum loan amount of 274.32 million yuan [3] Group 2 - The loan commitment is valid for one year and the loan term will not exceed three years, subject to compliance with relevant laws and regulations [3] - The actual amount and number of shares to be repurchased will depend on market conditions and will be subject to shareholder approval [3] - The company will disclose information in a timely manner regarding the implementation of the share repurchase plan [3]

当夕阳的余晖渐渐隐去，夜幕悄然降临，万千灯火逐渐亮起，将这两座高楼装点得分外妖娆。霓虹闪 烁，流光溢彩，灯光与建筑的完美交融，仿佛在新英湾畔缓缓展开了一幅绚丽多彩的画卷，令人心旷神 怡，久久不愿离去。 这"双子星座"，正是中国能建葛洲坝二公司匠心独运、倾力打造的洋浦国际航运大厦。如今全面落成、 盛大绽放，配套的儋州洋浦葛洲坝希尔顿花园酒店也于1月13日正式开业，成为了海南自贸港西部一颗 耀眼的明珠和城市的新地标。 来源：环球网 在新英湾那碧波荡漾的岸边，中国能建葛洲坝二公司投资建设的两座百米之高的摩天大楼犹如璀璨 的"双子星座"，傲然屹立于蔚蓝大海之前，以它们雄伟的姿态诉说着现代建筑的辉煌篇章。 在空间设计上，大厦通过科学合理的规划与布局，使得办公区域宽敞明亮、通风良好，工作环境极为舒 适。站在窗前远眺，无垠海景尽收眼底，令人心旷神怡、精神焕发。A、B两栋大楼之间由下沉式商业 广场巧妙连通，下沉广场内业态丰富，涵盖餐饮、休闲、娱乐等多种消费形态，为洋浦国际航运大厦增 添了一抹浓厚的商业氛围。大厦成功打造"一站式商务商业圈"，成为洋浦名副其实的城市中心，不仅有 效拓宽了城市空间，更充分发挥了城市中心的承载力、辐 ...