Core Viewpoint - Jinhui Group (00137) announced the cancellation of a ship sale agreement due to a failure to meet a timely delivery clause, which will not significantly impact the company's financial status or operations [1] Group 1 - The agreement for the sale of the vessel was made with a buyer for a price of $14.4 million [1] - The agreement was officially revoked on January 23, 2026, due to non-compliance with delivery terms [1] - A deposit of $1.44 million that was delivered to the escrow agent will be refunded to the buyer [1] Group 2 - The board believes that the cancellation of the vessel sale will not have any major adverse effects on the group's financial condition and operations [1]

Report Information - Report Type: Container Shipping Index Daily Report [1] - Date: January 23, 2026 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - No relevant information provided Core Viewpoints - The spot market shows signs of peaking, with the Shanghai Port's export freight rate to European base ports falling, and major shipping companies lowering their quotes for late January. The inflection point of the spot high should have appeared. The sudden change in the Red Sea re - navigation may boost the sentiment of far - month contracts [8] Summary by Directory 1. Market Review and Operation Suggestions - Spot Market: The Shanghai Port's export freight rate to European base ports stopped rising and turned down, with a 2.5% decline to $1676/TEU. The SCFIS index also dropped slightly. Shipping companies are lowering quotes, indicating a signal of price cuts to attract cargo [8] - Red Sea Re - navigation: Maersk changed the route of ships on some routes via the Cape of Good Hope instead of the Suez Canal, which may boost far - month contracts [8] 2. Industry News - Market Conditions from January 12 - 16: To cope with the Spring Festival holiday, the cargo volume increased slightly, while the freight rate of ocean routes and the composite index decreased. The Shanghai Export Container Composite Freight Index dropped 4.4% to 1574.12 points [9] - European Routes: The Sentix euro - zone investor confidence index in January was - 1.8, better than expected. The shipping demand was stable with a slight increase, and the average cabin utilization rate was close to full, but the freight rate dropped 2.5% to $1676/TEU [9] - Mediterranean Routes: Similar to European routes, the spot booking price dropped more, with a 7.7% decline to $2983/TEU [9] - North American Routes: The US labor market was stable. The shipping market supply - demand was generally stable, and the average cabin utilization rate was over 90%. The spot booking price fluctuated slightly, with a 1.1% decline to $2194/FEU for the US West and a 1.2% increase to $3165/FEU for the US East [10] - Futures Contract Adjustment: The Shanghai International Energy Exchange will adjust the contract months of the Container Shipping Index (European Line) futures from February 10, 2026, adding EC2605, EC2607, EC2609, and adding EC2703 on March 31, 2026 [10] - Gaza Cease - fire Plan: The second - stage plan of the Gaza cease - fire involves setting up a peace committee and a transitional government, but there are differences between Netanyahu and Trump [10] - Yemen Situation: The Houthi armed forces warned Saudi Arabia against military action, and the Yemeni President's Leadership Council established a supreme military committee [10] 3. Data Overview 3.1 Container Shipping Spot Prices - SCFIS: The European route decreased 0.1% to 1954.19 points, and the US West route decreased 1.4% to 1305.27 points from January 12 to January 19 [12] 3.2 Container Shipping Index (European Line) Futures Quotes - The table shows the trading data of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2612 on January 22, including opening price, closing price, settlement price, etc. [6] 3.3 Shipping - Related Data Charts - The report provides charts of container ship capacity in Europe, global container ship orders, Shanghai - European base port freight rates, etc. [18][22]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The spot freight rate is in a downward channel, with the near - month futures market remaining volatile. However, due to geopolitical factors, the expectation of full - scale resumption of the European route in the first half of the year is weak, and the far - month contracts are slightly stronger. The export tax rebate may slow down the decline of spot freight rates but is unlikely to reverse the trend. The market is divided on the intensity of the potential pre - policy rush of shipments, and the subsequent spot booking situation needs to be monitored [6][7]. 3. Summary by Section Container Shipping - Freight Index (European Route) - **Futures Market Data**: On January 22, 2026, for different EC contracts, the closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interests, and open interest change rates are presented. For example, EC2602 closed at 1,707.6, up 0.4 (0.02%), with a trading volume of 748.0 (down 3.86%) and an open interest of 4,681.0 (down 8.32%) [4]. - **Spread Structure**: The spreads between different contracts and their changes are given. For instance, the spread between EC02 - EC04 was 570, down 7.6 [4]. - **Container Freight Rates**: Weekly container freight rates, including SCFIS and SCFI for various routes, show different trends. SCFIS European route was at 1954.19 points, down 0.11% week - on - week and 29.89% year - on - year. SCFI: Shanghai - Europe was at 1676 USD/TEU, down 2.50% week - on - week and 41.21% year - on - year [4]. - **Fuel Costs**: WTI crude oil near - month was at 60.45 dollars/barrel, up 1.68% week - on - week and down 19.52% year - on - year. Brent crude oil near - month was at 64.62 dollars/barrel, up 1.86% week - on - week and down 17.6% year - on - year [4]. Market Analysis and Strategy Recommendation - **Market Analysis**: Spot freight rates are in a downward trend during the off - season. The 04 contract has a discount. The high spot settlement price is due to ship delays in January, and the index is expected to decline. The spot freight rate inflection point has emerged, and the market is divided on the intensity of the potential pre - policy rush of shipments. Geopolitical uncertainties make it difficult for large - scale resumption of the European route in the first half of the year [6][7]. - **Trading Strategies**: For unilateral trading, it is recommended to wait and see due to many short - term disturbances in the 04 contract and market divergence on the rush of shipments. For arbitrage, it is recommended to hold the 6 - 10 long - short spread [8][9]. Industry News - Trump stated at the Davos World Economic Forum that the US has no intention of using excessive force to acquire Greenland and will not implement the planned European tariff measures on February 1. - The European Parliament's International Trade Committee Chairman announced an indefinite freeze on the review of the EU - US trade agreement, and Denmark rejected Trump's negotiation request regarding Greenland [10][12]. Related Attachments The report includes multiple figures showing various shipping indices and container freight rates, such as SCFIS European and US West lines, SCFI comprehensive index, and container freight rates for different routes [13][16][19].

Core Insights - The shipping industry is making significant strides towards normalization after over six years of turmoil caused by the COVID-19 pandemic, Middle Eastern conflicts, and trade wars initiated by the U.S. [1] - Maersk's decision to resume operations through the Suez Canal is seen as a pivotal moment for the global shipping industry, indicating growing confidence in regional stability [2][3] Industry Developments - Maersk plans to restart its MECL service through the Suez Canal starting January 26, 2024, after a two-year hiatus due to safety concerns [2] - The Suez Canal previously handled about 10% of global maritime trade, and its disruption has led to increased shipping times and costs as companies rerouted around the Cape of Good Hope [2][4] - The successful trial run of a Maersk vessel through the Suez Canal occurred after a ceasefire agreement in Gaza, highlighting a potential turning point for the industry [2][3] Market Reactions - The cautious return of Maersk and other shipping companies signals a potential recovery in the Red Sea shipping routes, with expectations that more companies may follow suit if safety improves [4][6] - The Suez Canal Authority is optimistic about a return to normal operations by late 2025, which could significantly impact Egypt's economy, as a substantial portion of its foreign exchange income relies on canal revenues [4] Operational Adjustments - The global shipping industry has adapted to the absence of Red Sea routes, with many companies continuing to operate around the Cape of Good Hope, indicating a shift in operational strategies [6][7] - Despite the cautious optimism, the industry remains vigilant, as the return to normalcy is not guaranteed and depends on ongoing geopolitical stability [8][9] Geopolitical Considerations - Experts emphasize that the full recovery of the Red Sea shipping routes is contingent upon resolving regional conflicts, particularly the situations in Yemen and Gaza [9][10] - The complex geopolitical landscape, including the actions of regional powers and the U.S. Middle East policy, continues to pose risks to shipping safety and operations [10]

证券日报网讯1月21日，招商轮船（601872）在互动平台回答投资者提问时表示，截至2026年1月20日， 公司股东总户数为82006户。 ...

Core Viewpoint - Guangdong Province is accelerating the construction of a comprehensive protection and governance framework for marine ecology, aiming for integrated land-sea development and protection during the 14th Five-Year Plan period [1][2]. Group 1: Marine Ecological Protection Achievements - Over 200 kilometers of coastline have been restored, with more than 40 kilometers of new ecological restoration coastline added, exceeding national targets for maintaining natural coastline [1][2]. - The area of newly created mangroves ranks first in the country, with over 4,900 hectares of new mangroves and more than 2,600 hectares of restored mangroves, surpassing the 2025 target of 1,500 hectares [3]. - The proportion of excellent water quality in coastal waters is expected to reach 91.2% by 2025, with significant improvements in nearshore water quality over the past five years [1][3]. Group 2: Regulatory Framework and Funding - Guangdong has established a marine ecological protection red line covering 16,600 square kilometers, accounting for 25.62% of the province's marine area, and implemented detailed management of coastline protection [2]. - The province has received over 3.3 billion yuan in central and provincial funding for marine ecological restoration projects, with 33 projects initiated [2]. Group 3: Pollution Control and Water Quality Improvement - The province has completed a comprehensive survey of over 9,900 river mouth pollution outlets, achieving a 100% remediation rate in six cities including Guangzhou and Shenzhen [3]. - By 2025, the total nitrogen concentration in rivers entering the sea is expected to show a negative growth compared to 2020 levels, with 73.9% of the water quality in the Pearl River Estuary meeting excellent standards [3]. Group 4: Marine Ranching and Aquaculture Development - Guangdong is promoting the construction of modern marine ranches, with over 70,000 acres of aquaculture facilities upgraded and traditional net cages being transformed [4]. - The province has built 8,000 gravity-type deep-water cages and 28 truss-type cages, facilitating the development of deep-sea aquaculture [4]. Group 5: Green and Low-Carbon Shipping Initiatives - The Guangdong Maritime Bureau has implemented a monitoring platform for ship water pollutants, conducting over 13,510 inspections and reducing illegal discharges by 40% compared to the previous five years [5]. - Support has been provided for the construction or retrofitting of 228 liquefied natural gas-powered vessels during the 14th Five-Year Plan period [5]. Group 6: Innovative Carbon Trading Projects - Guangdong has launched several pioneering carbon trading projects, including the first "blue carbon" project in 2021, generating approximately 388,000 yuan from the sale of carbon credits [6][7]. - In 2023, Shenzhen completed the first carbon credit transaction for mangrove protection, achieving a record price of 485 yuan per ton [7]. - The province has also initiated public subscription models for carbon credits, expanding the scope of blue carbon trading [7].

新型城镇化战略着力提升中心城区能级和功能品质，建成通车雄商高铁济宁段，同时推动县域经济 争先进位。乡村全面振兴则学习运用"千万工程"经验，保障粮食安全，提升农业产业，建设宜居宜业和 美乡村。绿色低碳转型攻坚战瞄准更高标准，协同推进降碳、减污、扩绿、增长，建设美丽济宁。民生 保障网将织得更密更牢，全力推动高质量就业，办好人民满意教育，深化健康济宁建设，提高社会保障 水平。最后，防范化解重点领域风险，毫不放松抓好安全生产、财政金融安全和社会治理，以高水平安 全护航高质量发展。 十二条工作线，条条清晰务实，共同指向一个目标：推动经济实现质的有效提升和量的合理增长， 保持社会和谐稳定，确保"十五五"开好局、起好步。（记者 孟一 郭炉） 扩内需、强航运、兴文旅，多维驱动塑造新优势。紧随工业突破，扩大内需成为关键发力点。济宁 将着力打造鲁南消费中心城市，举办丰富多彩的促消费活动，并加快推进1250个省市县重点项目。济宁 打造北方内河航运中心的目标坚定不移，将加快港口与集疏运体系建设，培育临港产业，发展绿色智能 船舶，力争港口货物吞吐量达1.4亿吨。文化是济宁的"金字招牌"，建设世界文化旅游名城将通过办好 国际孔子文化节、 ...

证券代码：601872 证券简称：招商轮船 公告编号：2026-007 招商局能源运输股份有限公司关于下属全资子公司拟新建3000TEU型集装箱船舶的关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 交易简要内容：招商局能源运输股份有限公司（下称"本公司"或"公司"）拟通过下属全资子公司设立 的单船公司与关联方招商局工业集团有限公司（下称"招商工业"）下属公司签署《船舶订造协议》，订 造4艘装配脱硫塔的3,000TEU型传统燃料集装箱船，项目总投资金额预计不超过人民币13.24亿元。交船 期为2027-2028年。 ● 招商工业与本公司均受招商局集团有限公司（下称"招商局集团"）控制，本次交易构成关联交易。 ● 本次交易已经公司第七届董事会第二十六次会议审议通过，关联董事回避表决。本次交易与12个月内 与同一关联人发生的关联交易累计计算后，交易金额已达到股东会审议标准，尚需提交公司股东会审 议，与该关联交易有利害关系的关联股东将在股东会上对此议案回避表决。 ● 截至本公告披露日，除本次关联交易、 ...

Group 1 - The core viewpoint of the article is that the container shipping industry has not yet passed its worst period, with excess supply and the reopening of the Red Sea route likely leading to EBIT losses in 2026 [1] - Bank of America Securities predicts that the first half of 2026 will be negatively impacted by a significant increase in vessel supply, while the second half will face increasing pressure from the prospects of the Red Sea reopening [1] - The anticipated losses are expected to prompt container shipping companies to reduce shareholder returns in 2026 to preserve cash during the downturn [1] Group 2 - The bank maintains a "underperform" rating on COSCO Shipping Holdings (01919), Orient Overseas International (00316), and Evergreen Marine (2603.TW), while holding a "neutral" rating on Japanese shipping companies due to current valuations being above historical lows [1] - There is a need to closely monitor negative news regarding the restoration of the Red Sea route, as well as the risk of further declines in spot freight rates due to easing port congestion and seasonal factors [1]

Core Viewpoint - Citigroup has upgraded the rating of China COSCO Shipping Holdings (01919) from "Sell" to "Buy," raising the target price from HKD 12.1 to HKD 15.9, despite negative investment sentiment in the container shipping industry expected until the end of 2025 [6]. Group 1: Company Analysis - The upgrade reflects a positive outlook on the risk-return profile for shipping companies in the Asia-Pacific region [6]. - China COSCO Shipping Holdings has a net cash per share of HKD 12, which supports its valuation [6]. Group 2: Industry Outlook - The shipping industry is expected to face negative sentiment due to concentrated demand in the first half of 2025 and the resumption of traffic through the Suez Canal [6]. - Citigroup anticipates that freight rates will rise in the first half of 2026, driven by inventory replenishment demand in Western economies and managed supply [6]. - The overall valuation of Asia-Pacific shipping companies is attractive, with forecasted price-to-book ratios ranging from 0.6 to 0.8 times [6]. - The impact of weak domestic transportation demand in China and pressure from U.S. port fees is gradually diminishing [6].