Core Viewpoint - SITC International Holdings Co., Ltd. announced that its wholly-owned subsidiary, SITC Shipowning Group Company Limited, exercised options under the seventh and eighth shipbuilding contracts with Huang Hai Shipbuilding Co., Ltd. to construct two vessels for a maximum total price of USD 76.36 million (equivalent to HKD 599 million), subject to the final specifications of the vessels [1] Group 1 - The shipbuilding contracts will allow the company to expand its owned container fleet to meet the growing operational demands [1] - The price of the vessels is determined based on fair negotiations referencing the market price for constructing similar-sized new vessels, ensuring that the terms of the shipbuilding are fair and reasonable [1] - The board believes that the shipbuilding terms align with the overall interests of the company and its shareholders [1]

格隆汇1月30日丨海丰国际(01308.HK)公布，于2026年1月30日，海丰船东行使与造船商所订立第七份造 船合约及第八份造船合约项下建造两艘船舶的期权，最高总代价为7636万美元，惟视乎船舶的最终规格 而定。 ...

（记者 胡玲） 每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 每经AI快讯，凤凰航运1月30日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润亏损4000 万元~6000万元。基本每股收益亏损0.0395~0.0593元。上年同期归属于上市公司股东的净利润亏损 8270.19万元。基本每股收益亏损0.0817元。业绩变动主要原因是，船舶运营结构与市场环境优化。公司 积极调整运营策略以应对市场变化。其中，将内外贸兼营船舶由内贸航线专注于单船收益更高的外贸航 线，结构调整效益在报告期内逐步释放，成为公司重要的利润增长点。同时，受益于环境，沿海散货运 价指数稳中有升，进一步拓展了公司船舶的盈利空间。成本管控与资产效能提升。公司持续推进精细化 管理，通过优化采购流程、提升燃油使用效率及精简组织架构等措施，有效控制了运营成本。此外，公 司主动优化船队结构，处置并拆解了部分老旧低效船舶，船队平均船龄得以降低，整体运营效率与资产 质量得到提升。 ...

上海香山路 李铭 珅 摄（资料照片） 上海的香山路，总能在梧桐叶影里透出一缕南国的气息。这条路不长，却像一条时光隧道，连接着黄浦 江的波光与珠江的浪涌。1943年，当彼时法租界莫利爱路更名为香山路时，上海以一种含蓄的方式，向 一位广东香山走出的伟人致意。而此时，距离孙中山先生逝世已18年，他的故乡香山县早在1925年便已 改名为中山县。 南宋绍兴二十二年（1152）香山设县，伶仃洋的涛声里千年文脉就此扎根；元至元二十九年（1292）上 海设县，黄浦江的潮起潮落间一座新城悄然崛起。时光流转到19世纪，两座城市在西风东渐的浪潮中率 先迈出近代化的步伐。香山面朝南海，毗邻澳门，早得海外风气；上海扼守长江，眺望太平洋，后发而 先至。及至近代，它们几乎同步踏上转型路。一个扼守长江咽喉，吞吐着江南的富庶物产；一个雄踞珠 江门户，承载着岭南的开放基因。珠江与长江，一南一北，最终都汇入那片蔚蓝，历史的巧思就这样把 两座城连在一起。 上海开埠之初，外滩洋行楼宇次第而起，商机涌动，一群香山人乘风破浪而来，在这片热土上书写了波 澜壮阔的实业传奇。1851年首届伦敦世博会上，香山人徐荣村带着12包精心挑选的湖丝一举摘得"制造 业和手 ...

中金发布研报称，"十四五"新能源装机快速增长，2025年末，风电/太阳能累计装机容量达6.4/12.0亿千 瓦2，为2020年末的2.3倍/4.7倍，电源投资增速快于需求使得局部地区限电率升至30%+，行业发展面临 消纳新难题，促使政策重点转向压实需求侧责任，探索绿电制氢氨醇等新业态。当前国内风电企业深度 参与绿色甲醇领域，在技术特性、区域资源、成本等环节具备先决条件，建议关注布局绿色甲醇业务的 相关公司。 中金主要观点如下： 三北地区风力资源优势明显，部分地区可达3,000小时，是生产绿色甲醇必要的连续、稳定且更低成本 的绿氢来源。此外，北方地区往往也是生物质原料(如秸秆)富集区，为产业链协同提供条件。 当前，多家风电相关公司已经深度参与到绿色甲醇领域进行业务拓展，包括1)风电设备厂商如金风科技 （002202）(内蒙兴安盟项目一期25万吨/年)、运达股份（300772）(邯郸绿色甲醇项目)以及远景能源(内 蒙古赤峰元宝山零碳氢能产业园绿色氢氨项目)，2)风电运营商：吉电股份（000875）(梨树风光制绿氢 生物质耦合绿色甲醇项目)、嘉泽新能（601619）(黑龙江鸡西绿氢醇航油化工联产项目)、中国天楹 （ ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - In February, prices gradually declined, and the pre - holiday freight rate drive was weak. The market is gambling on the price - holding expectation of relatively low capacity pressure in March. The near - term 04 contract is expected to fluctuate. The cancellation of VAT export tax rebates for products like photovoltaics may disrupt shipping schedules and shipping company pricing strategies. The 04 contract's volatility is expected to increase, and the short - selling direction has an advantage before the Spring Festival. The delivery of ultra - large ships in 2026 is relatively small, and the far - month contracts are expected to fluctuate greatly due to the uncertainty of the Suez Canal's reopening time [1][4][5][6] Summary by Relevant Catalogs 1. Futures Price - As of January 29, 2026, the total open interest of all contracts of the container shipping index (European line) futures was 64,530.00 lots, and the single - day trading volume was 37,978.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2612 contracts were 1717.50, 1249.70, 1576.00, 1645.40, 1151.20, and 1413.70 respectively [6] 2. Spot Price - On January 23, 2026, the SCFI prices were 1595 US dollars/TEU for Shanghai - Europe route, 2084 US dollars/FEU for Shanghai - US West route, and 2896 US dollars/FEU for Shanghai - US East route. On January 26, 2026, the SCFIS was 1859.31 points for Shanghai - Europe and 1294.32 points for Shanghai - US West [6] 3. Container Ship Capacity Supply - **Static Supply**: As of December 31, 2025, 268 container ships with a total capacity of 2.155 million TEU were delivered in 2025. For ships of 12,000 - 16,999 TEU, 80 ships with a total capacity of 1.213 million TEU were delivered, and for ships over 17,000 TEU, 13 ships with a total capacity of 277,672 TEU were delivered. In terms of delivery expectations, for 12,000 - 16,999 TEU ships, 781,200 TEU (53 ships) are expected to be delivered in 2026, 944,500 TEU (64 ships) in 2027, 1.212 million TEU (82 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships over 17,000 TEU, 210,400 TEU (9 ships) are expected to be delivered in 2026, 862,800 TEU (40 ships) in 2027, 1.5734 million TEU (78 ships) in 2028, and 1.3755 million TEU (67 ships) in 2029. The delivery pressure of ultra - large ships in 2026 is relatively small [2][3] - **Dynamic Supply**: The average weekly capacity in February was 283,000 TEU, and the capacities in weeks 6, 7, 8, and 9 were 340,000, 342,000, 261,100, and 188,300 TEU respectively. The average weekly capacity in March was 295,800 TEU, and the capacities in weeks 10 - 14 were 252,400, 338,600, 348,700, 285,200, and 254,500 TEU respectively. There were 13 blank sailings in February and 5 blank sailings and 3 TBNs in March [3] 4. Supply Chain - Geopolitical factors affect shipping routes. Maersk announced on January 15 that it would resume the Suez Canal route for its MECL service as the stability in the Red Sea improved. CMA has decided to divert ships on FAL 1, FAL 3, and MEX routes via the Cape of Good Hope instead of the Suez Canal due to the complex international situation [2][6] 5. Demand and European Economy - The cancellation of VAT export tax rebates for photovoltaics and other products by the Ministry of Finance and the State Taxation Administration on January 8, 2026, may disrupt the shipping schedules of related industries and further affect shipping companies' pricing strategies. It is necessary to monitor whether the freight volume from the Far East to Europe in February and March can increase significantly and whether the actual freight rates will be stronger than in normal years [5]

投资咨询业务资格：证监许可【2012】31号 II GER期货 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 卢钉毅 数据来源：Clarksons、Wind 投资咨询号: Z0021177 从业资格号: F03101843 2026/1/30 | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 综合指数SCFI | 指数CCFI | | | | | | 業 | 现值 | 1458 | 1209 | 2084 | 1294 | 2896 | 1595 | | | 前値 | 1574 | 1210 | 2194 | 1305 | 3163 | 1676 | | 运 | 涨跌幅 | -7.39% | -0.09% | -5.01% | -0.84% | -8.44% | -4.83% | | HS te | | SCFIS-西北欧 | SCFI-地中海 | | | | | | 数 | | | | ...

Group 1 - The Guozheng Free Cash Flow Index fell by 2.86% as of January 30, 2026, with mixed performance among constituent stocks, led by Fostar, while Nanshan Aluminum experienced the largest decline [1] - CICC pointed out that the supply-demand gap for electrolytic aluminum continues to widen, and with global fiscal and monetary policies resonating, aluminum prices are expected to reach new highs, with profit per ton of aluminum likely to expand as prices rise [1] - Guotai Junan Securities noted that while copper prices are currently affected by macro sentiment and AI-related demand adjustments, the long-term outlook remains strong due to ongoing tight supply of copper mines and declining spot processing fees [1] Group 2 - The National Grid's fixed asset investment for the "14th Five-Year Plan" is expected to reach 4 trillion yuan, a 40% increase compared to the previous plan, which supports the copper price outlook [1] - Yingda Securities emphasized the importance of following the "14th Five-Year Plan" and subsequent policy directions, suggesting a focus on technology growth stocks with earnings support, as well as cyclical varieties, domestic consumption, dividend stocks, and sectors with improving economic conditions [1] - The top ten weighted stocks in the Guozheng Free Cash Flow Index as of December 31, 2025, include China National Offshore Oil Corporation, SAIC Motor, Gree Electric Appliances, and others, accounting for 51.95% of the index [2]

1. Contract Data - EC2602 had a closing price of 1717.5, a decline of -0.09%, a basis of 141.8, a trading volume of 432, an open interest of 2812, and an open interest change of -374 [2][30] - EC2604 had a closing price of 1249.7, an increase of 1.68%, a basis of 609.6, a trading volume of 27481, an open interest of 39669, and an open interest change of -477 [2][30] - EC2606 had a closing price of 1576.0, an increase of 5.55%, a basis of 283.3, a trading volume of ୧୫32, an open interest of 11306, and an open interest change of 1704 [2][30] - EC2608 had a closing price of 1645.4, an increase of 5.42%, a basis of 213.9, a trading volume of 1154, an open interest of 1666, and an open interest change of 117 [2][30] - EC2610 had a closing price of 1151.2, an increase of 1.42%, a basis of 708.1, a trading volume of 2032, an open interest of 8933, and an open interest change of 211 [2][30] 2. Month - Spread Data - The month - spread of EC2502 - 2604 was 467.8, with a day - on - day change of -22.2 and a week - on - week change of -111.6 [2][30] - The month - spread of EC2504 - 2606 was -326.3, with a day - on - day change of -62.1 and a week - on - week change of -51.7 [2][30] 3. Spot and Index Data - The spot (European line) index on 2026/1/26 was 1859.31 points, a decline of -4.86% compared to the previous period [2][30] - The SCFI (European line) on 2026/1/23 was 1676 dollars/TEU, a decline of -4.83% compared to the previous period [2][30] 4. Market Analysis and Suggestions - Recent geopolitical tensions, stable February quotes from Maersk, and potential rush shipments and price - holding stories in March may prevent the market from falling in the short term. The current valuation is moderately high, and the upward space depends on capital behavior [3][31] - It is recommended to look for short - selling opportunities on rallies. The focus of short - selling should be on the far - month contract 2610, which is more affected by the off - season and policies. Caution should be maintained for the 2604 contract unless there is a significant premium on the board [3][31] - The export tax rebate adjustment policy is negative for contracts after April. The valuations of the 06 and 08 contracts are difficult to determine, and they are currently within a reasonable range but are greatly affected by geopolitics, so cautious operation is recommended [3][31] 5. European Line Spot Situation - In Week 5, MSK's opening price was 2450 (down 300 from the previous period), PA was 2400 (special price 2200), and OA was 2500 - 2700 dollars. The central price was 2500 dollars, equivalent to 1750 points on the board [4][32] - In Week 6, MSK's opening price was 2050 (down 400 from the previous period), PA was around 2200, MSC was 2340, and OA was 2300 - 2400 dollars. The central price was 2300 dollars, equivalent to 1580 points on the board [4][32] - On Tuesday, MSK's opening price for February weeks 7 - 9 was 1950 (down 100 from the previous period), lower than market expectations [4][32] 6. Related News - On January 30, Hamas announced that the handover of governance in the Gaza Strip was fully ready [5][33] - On January 30, US President Trump said that Hamas seemed about to disarm and that a team was going to Iran [5][33]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the dry bulk shipping industry, focusing on iron ore and bauxite markets, as well as coal transportation dynamics [1][2][3][4][5]. Key Points and Arguments Iron Ore and Bauxite Market - **Optimistic Price Forecasts**: The Cape FFA index is expected to exceed $25,000 per day in January 2026, driven by fundamental factors, particularly iron ore and bauxite as major incremental sources [1][2]. - **Global Iron Ore Exports**: Significant growth in global iron ore exports is anticipated in 2025, with Brazil, Australia, and West Africa contributing the majority of the increase. The Simandou project is expected to add approximately 20 million tons of production in 2026 [1][2]. - **Bauxite Exports**: Guinea is projected to maintain its dominance in bauxite exports, with expectations of a rebound to 200 million tons in 2026, an increase of about 30 million tons from the previous year [1][2]. - **Price Dynamics**: An increase in iron ore supply is expected to lead to a price decline from $160 per ton in 2021 to around $90 per ton this year. However, this price drop is not expected to significantly impact emerging projects like Simandou due to Chinese policy support [3][12]. Coal Transportation - **Declining Coal Transport Volumes**: Global sea transport of coal is projected to decrease by 58 million tons in 2025, with Capesize coal transport volumes dropping by 46 million tons, indicating a continued decline in coal's competitiveness among bulk commodities [4][5]. - **Impact of Coal Prices**: The decline in coal prices has limited trade flows, particularly affecting Colombian coal exports due to high transportation costs [5]. Steel and Shipping Dynamics - **Chinese Steel Exports**: China’s steel exports, which reached approximately 120 million tons last year, are crucial for absorbing domestic surplus and provide incremental support to the global shipping market, with 70% transported via dry bulk [8]. - **New Ship Orders**: Following the suspension of the US 301 investigation, new ship orders have rebounded significantly, indicating restored confidence in Chinese shipyards [9]. Environmental Regulations and Fleet Aging - **Impact of Environmental Policies**: Stricter environmental regulations are leading to a trend of slower ship operations and an increase in the average age of the fleet, as older vessels are less likely to be replaced due to previous high freight rates [10][14]. - **Future Supply Dynamics**: The aging fleet and environmental policies are expected to support the supply side in the medium to long term, as older ships are gradually replaced by new builds [10][12]. Market Outlook - **Demand Growth**: The overall demand for iron ore and bauxite is expected to grow by approximately 3% in 2026, with new capacity additions projected to be around 2-2.5% [11]. - **Geopolitical Considerations**: Potential geopolitical changes may introduce short-term uncertainties that could impact market dynamics [11]. Additional Important Insights - **Coal vs. Ore Transportation**: There are significant differences in the transportation and storage of coal compared to iron ore and bauxite, with coal being less suitable for long-term storage [6]. - **Trade Route Changes**: The grain market remains stable, but trade routes have shifted significantly due to geopolitical factors, particularly between the US and China [7]. This summary encapsulates the key insights from the conference call, highlighting the dynamics of the dry bulk shipping industry, particularly in relation to iron ore, bauxite, and coal transportation.