Group 1: Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) for October 14, 2025, is 1.00, down 0.05 from October 7, 2025 [1][4] - The decline in the YHEI is attributed to a decrease in the "import dry bulk freight index," which fell 0.25 to 1.01 [1][4] - Post-National Day holiday, the "8-city subway flow index" decreased by 0.04 to 1.15, while the "30-city commodity housing sales index" increased by 0.08 to 0.41 [1][4] Group 2: Price Indices - In September, the Consumer Price Index (CPI) decreased by 0.3% year-on-year, with the core CPI increasing by 1.0%, marking a continuous rise for five months [2][49] - Food prices saw a year-on-year decline of 4.4%, with pork and fresh fruit prices dropping to 17.0% and 4.2%, respectively [2][49] - The Producer Price Index (PPI) fell by 2.3% year-on-year in September, with the decline narrowing by 0.6 percentage points compared to the previous month [3][50] Group 3: Monetary Policy - As of October 14, 2025, the central bank's net fund injection was 765.8 billion yuan, with a reverse repurchase operation of 1.3658 trillion yuan [6][7] - The overnight interbank rate decreased by 26 basis points to 1.36%, while the seven-day repo rate fell by 17 basis points to 1.48% [11][12] Group 4: Industrial Production - As of October 14, 2025, the price of steel billets decreased by 0.68% week-on-week, while cement prices fell by 2.42% [29][31] - The operating rate of short-process steel mills dropped from 69.79% to 64.58%, while the operating rate of long-process steel mills increased from 50.00% to 51.67% [29] Group 5: Real Estate Market - After the National Day holiday, new housing transaction areas in first, second, and third-tier cities increased by 180.22%, 486.81%, and 221.87% respectively [42][43] - The transaction area for second-hand houses in first, second, and third-tier cities surged by 2267.37%, 723.57%, and 49589.55% respectively [45][46] Group 6: Global Economic Indicators - The US dollar index rose by 1.23 points to 99.05, while the RMB to USD exchange rate fell by 225 basis points to 7.1411 [53][56] - The Chicago Board Options Exchange (CBOE) VIX index increased by 3.57 points to 20.81 [61]

Core Viewpoint - The company, Intercontinental Shipping (02409.HK), has entered into a bareboat charter agreement for three bulk carriers, enhancing its fleet and operational capacity while ensuring capital liquidity and diversification [1][3]. Group 1: Charter Agreement Details - The company has signed a bareboat charter agreement with an owner for a bulk carrier with an estimated value of approximately $86.6 million, with a lease term of 180 months from the delivery date [1]. - The owner of the vessels is wholly owned by Bank of China Financial Leasing Co., Ltd., which is approximately 92.6% owned by Bank of China [1]. - The charterers are indirect wholly-owned subsidiaries of the company, primarily engaged in ship ownership and leasing services [1]. Group 2: Lease Payment Structure - The lease payments consist of fixed and variable components, with fixed payments structured as follows: $195,000 for the first three years, $260,000 for the second three years, $325,000 for the third three years, $390,000 for the fourth three years, and $455,000 for the final three years [2]. - The variable lease fee is calculated at a rate of 1.88% plus a reference rate on the outstanding principal balance of the lease [2]. Group 3: Strategic Implications - The bareboat charter arrangement aligns with the company's ongoing strategy to expand its controlled fleet by acquiring three bulk carriers, thereby increasing its bulk transport capacity [3]. - This expansion is expected to better meet market demand for large equipment shipping services, generate additional revenue, and create greater value and returns for shareholders [3].

Core Viewpoint - The company, Intercontinental Shipping (02409), has announced a bareboat charter agreement to lease a vessel, which aligns with its strategic goal of expanding its controlled fleet while maintaining capital liquidity [1] Group 1: Charter Agreement Details - The company has entered into a bareboat charter agreement with one of the owners for the leasing of a vessel [1] - The leasing involves three wholly-owned subsidiaries of the company: SEACON ATLANTA LTD., SEACON BARCELONA LTD., and SEACON COLOMPO LTD. [1] - The vessels are bulk carriers with a deadweight tonnage of approximately 40,400 dwt, constructed under respective shipbuilding contracts [1] Group 2: Strategic Implications - The bareboat charter arrangement is part of the company's ongoing strategy to enhance its controlled fleet by acquiring three bulk carriers [1] - This acquisition is expected to increase the company's bulk transportation capacity, allowing it to better meet market demand for large equipment shipping services [1] - The initiative aims to generate additional revenue and create greater value and returns for shareholders [1]

Core Viewpoint - The company, Intercontinental Shipping (02409), has announced a bareboat charter agreement to lease a vessel, which aligns with its strategy to expand its controlled fleet and enhance its bulk shipping capacity [1] Group 1: Charter Agreement Details - The company has entered into a bareboat charter agreement with one of the owners for a vessel to be leased to its three wholly-owned subsidiaries: SEACON ATLANTA LTD., SEACON BARCELONA LTD., and SEACON COLOMPO LTD. [1] - The vessel is a bulk carrier with a deadweight tonnage of approximately 40,400 dwt, constructed under the respective shipbuilding contracts [1] Group 2: Strategic Implications - This charter arrangement is part of the company's ongoing strategy to diversify and expand its controlled fleet while maintaining capital liquidity [1] - By acquiring these vessels, the company aims to increase its bulk transportation capacity, better meet market demand for large equipment shipping services, and generate additional revenue, thereby creating greater value and returns for shareholders [1]

Core Viewpoint - The company announced a cash dividend distribution plan for the first half of 2025, indicating a commitment to returning value to shareholders [1] Summary by Categories Dividend Announcement - The company will distribute a cash dividend of 0.07 yuan per share (including tax) for A-shares [1] - The record date for the dividend is set for October 23, 2025, and the ex-dividend date is October 24, 2025 [1]

大宗商品研究所 航运研发报告 航运日报 2025 年 10 月 16 日 | 第一部分 | 集装箱航运——集运指数（欧线） | 研究员：贾瑞林 | | --- | --- | --- | | 期货从业证号： | | | | F3084078 | | | | 投资咨询证号： | | | | Z0018656 | | | | 联系方式： | | | | :jiaruilin_qh@chinastock.com.cn | | | 期货从业证号： F3084078 投资咨询证号： Z0018656 联系方式： :jiaruilin_qh@chinastock.com.cn 1 / 6 航运日报 大宗商品研究所 航运研发报告 一、市场分析及策略推荐 近期部分船司调降 10 月下旬运价，11 月宣涨已经开启，持续博弈未来宣涨落地预 期，今日 EC 盘面震荡走弱：从盘面表现来看，10 月 16 日，EC2512 收盘报 1651.1 点， 较上一日收盘价-3.37%。10/10 日，发布的最新一期 SCFI 欧线报 1068 美金/TEU，环比 +10%，现货报价结束 9 周跌势出现首次反弹。周一盘后发布最新一期 SCF ...

Core Viewpoint - The Pacific Shipping has announced measures in response to the U.S. Trade Representative's (USTR) 301 investigation, which will impose port fees on Chinese-owned or operated vessels starting October 14, 2025. The company believes these fees will not apply to its operations and has taken steps to mitigate their impact [3][5]. Group 1: Regulatory Response - The USTR will impose port fees on Chinese maritime, logistics, and shipbuilding industries starting October 14, 2025 [3]. - The Chinese Ministry of Transport has announced a "special port fee" for U.S. vessels effective the same date [3]. - Pacific Shipping has proactively taken measures to reduce the impact of the USTR 301 port fees and has sought clarifications from U.S. and Chinese authorities regarding its vessels [3][5]. Group 2: Structural Changes - To mitigate the USTR 301 port fees, Pacific Shipping is implementing structural changes, including expanding its Singapore company structure and transitioning half of its owned vessels to Singapore-flagged ships [5]. - The company has completed the flag change for several vessels and will deploy only Singapore-flagged vessels for calls at U.S. ports during the fee's enforcement period [5]. - The strategic leadership and technical management of the Singapore-flagged fleet will be handled by the Singapore team, while maintaining a decentralized operational management structure globally [5]. Group 3: Financial Performance - In Q3 2025, the average net charter rate for the company's flexible vessels was $11,680, a decrease of 15% year-on-year, while the average rate for super-flexible vessels was $13,410, an increase of 10% year-on-year [7]. - The owned fleet, primarily fixed-cost, remains a key driver of profit growth, with cash break-even levels for flexible and super-flexible fleets at approximately $7,210 and $6,540, respectively [9]. - For Q4 2025, the company has locked in 72% and 87% of its operational day revenue for flexible and super-flexible fleets at average rates of $12,380 and $14,060, respectively [9]. - For 2026, 8% and 24% of operational day revenue for flexible and super-flexible fleets have been locked in at average rates of $9,790 and $13,200, respectively [9]. - The company's OP business performed well, achieving an average profit of $750 per operational day over 6,830 operational days in Q3 [9]. Group 4: Fleet Overview - Currently, Pacific Shipping operates 120 flexible and super-flexible vessels, controlling approximately 259 vessels on average, including leased ships [10].

目前，山东港口已常态化运营中韩日日达、半岛速航等多条精品航线，开通青岛、日照、烟台、威海至韩国的邮轮、客货班轮航线，架起了服务中韩经贸 合作和人文交流的强劲"动脉"。"青岛—济州"集装箱航线的开通将进一步织密山东港口对韩航运网络，构建高效、稳定的海上物流通道。 "将积极响应两国客户多元化需求，依托'天天班'、'日日达'等高效产品，创新跨境电商、特色拼箱等多维业态，打造'端到端'供应链综合服务体系，助力 济州产品经青岛中转至全球市场，为中韩乃至东北亚的经贸合作持续注入动能。"山东省港口集团党委书记、董事长霍高原表示。 据悉，"山港日照"轮为山东港口自主建造的智能化集装箱船，船长118米，型宽20.8米，最大载箱量712TEU，具备多用途船与普通干货船双船型功能，可 承运普通集装箱、冷藏集装箱、包装货及大件设备。同时，该轮配备在船冻柜插头109个，可充分保障各类生鲜、冷链及温控货物的高质量运输。 为保障航线运营，双方港口设立"中韩快线绿色通道"，推行"提前申报、船边验放"等便利措施，有力保障生鲜、冷链及跨境电商等高附加值货物的运输。 青岛大港海关物流监管科科长刘兵表示："我们根据船舶类型、预计航行计划等情况，指定 ...

Core Viewpoint - China has initiated reciprocal measures against the U.S. 301 investigation to promote corrections from the U.S. and the exemption clauses are expected to help maintain the competitiveness of China's shipbuilding industry [1][2] Group 1: Reciprocal Measures - China will impose special port fees on U.S.-owned, operated, or built vessels docking at Chinese ports starting October 14, 2025, with a fee of 400 RMB per net ton, which is higher than the U.S. fee of 50 USD per net ton [2] - The reciprocal measures aim to maintain a fair competitive environment in international shipping and shipbuilding, countering the discriminatory practices of the U.S. [2] Group 2: Impact on Shipping Industry - The increase in non-industry costs on the U.S. routes may not lead to significant industry-wide cost increases, as companies may adjust their operations to mitigate impacts [3] - The Chinese Ministry of Transport has initiated an impact investigation, which may lead to compensatory measures to alleviate pressure on Chinese shipping companies [3] Group 3: Effects on Oil and Bulk Shipping - The reciprocal measures will extend to oil and bulk shipping, potentially leading to a reduction in effective capacity and increased freight rates [4] - Approximately 15% of oil tankers and 4% of bulk carriers are owned or operated by U.S. listed companies, which may face significant operational costs due to the new fees [4] - The expected increase in oil transportation rates is projected to be higher than market expectations, driven by the supply-demand dynamics and the ongoing rigidity in tanker supply [4]

Group 1 - The Chinese government maintains a consistent and clear stance, advocating for dialogue and negotiation based on equality, respect, and mutual benefit, rather than pressure and intimidation from the U.S. [3] - The Chinese Ministry of Commerce criticized U.S. Treasury Secretary's comments as a serious distortion of facts, emphasizing that the Chinese delegation's visit to Washington was in line with discussions on U.S.-China economic relations [4][6] - The Chinese side has been actively engaging with the U.S. regarding the 301 investigation and related restrictions, while the U.S. has shown a negative attitude, insisting on implementing restrictive measures [6] Group 2 - The U.S. measures against Chinese shipbuilding and related industries are characterized as unilateralism and protectionism, which harm China's industrial interests and could increase inflation in the U.S., affecting port competitiveness and employment [6] - The Chinese government views its countermeasures as necessary defensive actions to maintain a fair competitive environment in international shipping and shipbuilding markets [6] - The Chinese side hopes the U.S. will recognize its erroneous actions and return to the correct path of dialogue and negotiation [6]