$14,064 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Handysize Market Spot Rates (BHSI) 38k dwt (tonnage adjusted^) US$/day net* 3Q25 Average: $11,602 1%YoY $15,093 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Supramax Market Spot Rates (BSI) 58k dwt US$/day net* 3Q25 Average: $14,345 4%YoY 2023 2024 2025 2025 (FFA) FFA Average* FFA Average* $13,090 $14,140 Data as at 10 October 20 ...

Core Viewpoint - Ningbo Ocean (601022) experienced a significant increase of 5.17% in stock price, with a trading volume of 6.97 billion yuan and a turnover rate of 26.64% on the day of reporting [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange's "Dragon and Tiger List" due to its turnover rate reaching 26.64%, with a net purchase of 47.57 million yuan from the Shanghai-Hong Kong Stock Connect [2] - The top five trading departments accounted for a total transaction volume of 170 million yuan, with a net purchase of 42.71 million yuan [2] - The largest buying department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 60.21 million yuan and a selling amount of 12.64 million yuan, resulting in a net purchase of 47.57 million yuan [2] Fund Flow - The stock saw a net inflow of 40.81 million yuan from main funds, with large orders contributing 11.32 million yuan and big orders contributing 29.49 million yuan [2] - Over the past five days, the main funds have seen a net inflow of 39.19 million yuan [2] Margin Trading Data - As of October 15, the margin trading balance for the stock was 139 million yuan, with a financing balance of 139 million yuan and a securities lending balance of 587,900 yuan [3] - The financing balance increased by 14.06 million yuan over the past five days, representing an increase of 11.27% [3] - The securities lending balance increased by 35,900 yuan, with a growth rate of 6.51% [3] Financial Performance - According to the semi-annual report released on August 28, the company achieved a revenue of 2.928 billion yuan in the first half of the year, reflecting a year-on-year growth of 19.85% [3] - The net profit for the same period was 378 million yuan, marking a year-on-year increase of 36.46% [3]

太平洋航运(02343)发布公告，于2025年第三季度，集团的核心业务取得小灵便型及超灵便型干散货船 按期租合约对等基准的日均收入分别为11680美元及13410美元，其按年变动分别为减少15%及增加 10%，与上半年的按期租合约对等基准日均收入相比则分别为增加6%及增加10%。 于2025年第三季度，集团以具吸引力的价格行使两艘以长期期租合约租入的现有小灵便型干散货船及一 艘以长期期租合约租入但尚未交付的超大灵便型干散货船的购买权。集团亦于本季度获交付两艘在日本 建造并以长期期租合约租入的新建造、64000载重吨超灵便型干散货船。上述货船均在日本建造，并附 带以固定租金及价格延长租赁期及购买的选择权。于2026年，集团可选择行使四艘小灵便型干散货船的 购买选择权，而按当前市场价值计算，这将有助集团以具吸引力的价格更新自有船队。 集团一直在外聘顾问的协助下，检视美国贸易代表署于2025年4月制定并公布的301条款计划，包括附件 一涉及对中国拥有或经营的船隻加征港口费的条款。集团已主动在可控范围内采取措施，务求保护集团 的业务，并确保太平洋航运能继续以具竞争力的价格自由无阻地进出及通过包括中国及美国在内的所有 ...

于2025年第三季度，集团以具吸引力的价格行使两艘以长期期租合约租入的现有小灵便型干散货船及一 艘以长期期租合约租入但尚未交付的超大灵便型干散货船的购买权。集团亦于本季度获交付两艘在日本 建造并以长期期租合约租入的新建造、64000载重吨超灵便型干散货船。上述货船均在日本建造，并附 带以固定租金及价格延长租赁期及购买的选择权。于2026年，集团可选择行使四艘小灵便型干散货船的 购买选择权，而按当前市场价值计算，这将有助集团以具吸引力的价格更新自有船队。 集团一直在外聘顾问的协助下，检视美国贸易代表署于2025年4月制定并公布的301条款计划，包括附件 一涉及对中国拥有或经营的船隻加征港口费的条款。集团已主动在可控范围内采取措施，务求保护集团 的业务，并确保太平洋航运能继续以具竞争力的价格自由无阻地进出及通过包括中国及美国在内的所有 安全港口及国家，以为全球客户提供服务。 太平洋航运(02343)发布公告，于2025年第三季度，集团的核心业务取得小灵便型及超灵便型干散货船 按期租合约对等基准的日均收入分别为11680美元及13410美元，其按年变动分别为减少15%及增加 10%，与上半年的按期租合约对等基准日均 ...

美国消费者当前面临的总体平均有效关税税率为17.9%，为1934年以来的最高水平。 美国的贸易伙伴正竞相与美方达成新的贸易协议，以抵消特朗普保护主义政策带来的冲击。 截至16日，耶鲁预算实验室估算的数据显示，美国消费者当前面临的总体平均有效关税税率为17.9%， 为1934年以来的最高水平。 上述计算已经包括了特朗普政府于10月宣布的对药品、家具和重型卡车征收的关税。 不过，全球经济和贸易对特朗普政府的保护主义贸易政策冲击表现出了韧性。世贸组织（WTO）和国 际货币基金组织（IMF）相将2025年全球增长的预测小幅上调，但远期的下行风险是贸易限制措施和政 策不确定性蔓延至更多经济体和行业。 此外，贸易的流向显示，全球各大贸易体正在积极重新规划贸易联盟，企业也在寻求其他市场以规避美 国自上世纪30年代以来的最高关税。 新加坡国立大学东亚研究所所长、前国际货币基金组织（IMF）驻华首席代表席睿德教授（Alfred Schipke）对第一财经记者表示，"如今（全球）最国际化或全球化的国家当属中国，而非美国。" "过去80年间，尤其二战后，美国在国际舞台上扮演着独特角色。许多方面（表现）积极，有些或许不 尽如人意，但 ...

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints - Amid China's sanctions on South Korean shipbuilders and the uncertain Sino - US trade friction, the market may remain volatile. The core issue is the direction of spot freight rates, and the main contract may be in the bottom - building process. It's recommended to participate with a light position or just observe [2][6]. - Although the SCFI index has rebounded, the overall atmosphere is still bearish, and the market is under downward pressure. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [6]. Summary by Related Content Freight Indexes - On October 13, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1031.8 points, down 1.4% from the previous period; the SCFIS for the US - West route was 862.48 points, down 1.6% from the previous period. On October 10, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 818.97 points, up 11.50% from the previous period; the NCFI for the European route was 698.67 points, up 11.39% from the previous period; the NCFI for the US - West route was 844.43 points, down 0.34% from the previous period [4]. - On October 10, the Shanghai Export Container Freight Index (SCFI) was 1160.42 points, up 45.90 points from the previous period; the SCFI price for the European route was 1068 USD/TEU, up 9.9% from the previous period; the SCFI price for the US - West route was 1468 USD/FEU, up 10.76% from the previous period. The China Export Container Freight Index (CCFI) for the comprehensive index was 1014.78 points, down 6.7% from the previous period; the CCFI for the European route was 1287.15 points, down 8.2% from the previous period; the CCFI for the US - West route was 777.77 points, down 5.7% from the previous period [4]. Economic Data - The eurozone's September manufacturing PMI preliminary value was 49.5, back below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service industry PMI preliminary value rose from 50.5 to 51.4, exceeding expectations of 50.5. The eurozone's September composite PMI preliminary value was 51.2, exceeding analysts' expectations. The eurozone's September Sentix investor confidence index was - 9.2, with an expected value of - 2 and a previous value of - 3.7 [4]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the manufacturing prosperity level improved. The comprehensive PMI output index was 50.5%, up 0.3 percentage point from the previous month, remaining above the critical point, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [5]. - The preliminary value of the US September S&P Global manufacturing PMI was 52 (the final value in August was 53); the preliminary value of the service industry PMI was 53.9 (the final value in August was 54.5); the preliminary value of the composite PMI was 53.6 (the final value in August was 54.6) [5]. Market Conditions - The Sino - US tariff issue has shown a marginal effect. As of October 10, the main contract 2512 closed at 1570.0, down 3.04%, with a trading volume of 31,500 lots and an open interest of 28,100 lots, an increase of 3834 lots from the previous day [6]. - The situation in the Middle East is improving, but the overall atmosphere is still bearish, and the market is under downward pressure [6]. Strategies - **Short - term Strategy**: The main contract is weak, and the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - takers are advised to take profits. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [7]. - **Arbitrage Strategy**: Given the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It's recommended to wait and see or try with a light position [7]. - **Long - term Strategy**: Each contract is advised to take profits when the price rises, wait for the price to stabilize after a pullback, and then determine the subsequent direction [7]. Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% - The company's margin for contracts 2508 - 2606 is adjusted to 28% - The daily opening limit for all contracts 2508 - 2606 is 100 lots [7]

Group 1 - Shipping stocks are showing active performance with notable increases in share prices [1] - China Merchants Energy (01138.HK) rose by 3.21%, reaching HKD 9.65 [1] - Orient Overseas International (00316.HK) increased by 3%, trading at HKD 126.9 [1] - China Merchants Industry (01919.HK) saw a rise of 2.97%, priced at HKD 12.82 [1] - Yang Ming Marine Transport (02510.HK) gained 1.7%, with shares at HKD 8.39 [1]

Core Viewpoint - The shipping stocks are experiencing active performance due to the upcoming implementation of the U.S. 301 port fee measures on October 14, which has prompted China to announce retaliatory port fees on U.S. vessels. This situation is expected to create short-term volatility in shipping rates, particularly in the oil transportation sector, where rates have already surged due to recent sanctions and fee announcements [1][2]. Group 1: Shipping Stock Performance - Cosco Shipping Energy (01138) rose by 3.21% to HKD 9.65 [1] - Orient Overseas International (00316) increased by 3% to HKD 126.9 [1] - Cosco Shipping Holdings (01919) gained 2.97% to HKD 12.82 [1] - Yang Ming Marine Transport (02510) saw a rise of 1.7% to HKD 8.39 [1] Group 2: Impact of U.S.-China Port Fee Measures - The U.S. port fee measures are expected to have a limited overall impact on freight rates, but initial implementation chaos may lead to rate fluctuations [1] - The introduction of special port fees by China on U.S. vessels is anticipated to increase costs for shipping companies, potentially leading to a stronger motivation for cost pass-through and increased bargaining power for these companies [2] - In the medium to long term, shipping companies may adjust their capacity across global routes to mitigate the impact of port fees, but the significant role of China in global dry bulk, energy transport, and manufacturing exports necessitates ongoing observation of the situation [2] Group 3: Oil Shipping Market Outlook - Following the recent sanctions and the announcement of special port fees, there is heightened concern regarding port congestion and supply chain efficiency, leading to a significant increase in VLCC shipping rates week-on-week [1] - The combination of seasonal demand and the current market conditions suggests that oil shipping rates are likely to perform strongly in the short term [1]

Group 1 - Shipping stocks are experiencing active performance, with notable increases in share prices for companies such as COSCO Shipping Energy (up 3.21% to HKD 9.65), Orient Overseas International (up 3% to HKD 126.9), COSCO Shipping Holdings (up 2.97% to HKD 12.82), and Yang Ming Marine Transport (up 1.7% to HKD 8.39) [1] - The U.S. 301 port fee measures will be implemented on October 14, prompting China to announce special port fees for U.S. vessels starting the same day. This reciprocal action is expected to create short-term price fluctuations in shipping rates due to initial implementation chaos [1][2] - Concerns over port congestion and supply chain efficiency have intensified following new U.S. sanctions and China's announcement of special port fees, leading to a significant increase in VLCC shipping rates last week. The combination of these factors and the seasonal peak is expected to result in strong performance for oil shipping rates in the short to medium term [1] Group 2 - The reciprocal port fee measures between China and the U.S. are anticipated to increase costs for shipping companies, potentially disrupting established trading rhythms and causing short-term chaos. This environment may empower shipping companies to pass on costs and exert greater pricing power, supporting short-term rate increases [2] - In the medium to long term, shipping companies may adjust capacity across global routes to mitigate the impact of port fees. However, given China's critical role in global dry bulk, energy transport, and manufacturing exports, the ultimate effects of these measures will require further observation [2] - Investment opportunities in shipping stocks related to U.S.-China trade tensions are suggested, with oil and dry bulk shipping rates likely to benefit from the short-term risk premium associated with the current chaos [2]

2025年10月16日 集运日报 (航运研究小组) 中国制裁韩造船商，中美贸易摩擦阴晴不定，盘面或保持震荡，不建议继续加仓，设置好止损。 SCFIS、NCFI运价指数 | 10月13日 | 10月10日 | | --- | --- | | 上海出口集装箱结算运价指数SCFIS（欧洲航线）1031.8点，较上期下跌1.4% | 宁波出口集装箱运价指数NCFI（综合指数）818.97点，较上期上涨11.50% | | 上海出口集装箱结算运价指数SCFIS（美西航线）862.48点，较上期下跌1.6% | 宁波出口集装箱运价指数NCFI（欧洲航线）698.67点，较上期上涨11.39% | | 10月10日 | 宁波出口集装箱运价指数NCFI（美西航线）844.43点，较上期下跌0.34% | | 上海出口集装箱运价指数SCFI公布价格1160.42点，较上期上涨45.90点 | 10月10日 | | 上海出口集装箱运价指数SCFI欧线价格1068USD/TEU, 较上期上涨9.9% | 中国出口集装箱运价指数CCFI（综合指数）1014.78点，较上期下跌6.7% | | 上海出口集装箱运价指数SCFI美西航线1 ...