Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the impact of changing US tariffs on trade flows with China, focusing on shipping, shipbuilding, ports, international freight flights, and land transportation [2] - Container throughput at key ports in China showed an acceleration, with a year-on-year increase of 11% compared to 6% in the previous week [3] - The spot container freight rate between China and the US increased significantly, with a 58% rise on the West Coast and 46% on the East Coast week-on-week [4] - Early signs of port congestion are noted in Europe due to strikes, tariffs, and climate change, with an 8% increase in global average waiting time for container ships over 8k TEU [5][28] - Import volume estimates at the Port of Los Angeles indicated a year-on-year decline of 2% in week 25, an improvement from a 12% decline in week 24 [8][2] Summary by Sections Trade Flows - The report tracks trade flows amid changing US tariffs, gathering data from various sources to present the latest trends [2] - The number of international freight flights rose by 21% year-on-year last week, indicating increased shipping activity [31] Port Activity - Container throughput at China's key ports increased by 11% year-on-year, while showing a slight week-on-week decline of 1% [6][7] - The average waiting time at the Port of Singapore increased by 9% week-on-week [19] Shipping Rates - The Shanghai Containerized Freight Index (SCFI) rose by 31% week-on-week but showed a year-on-year decline of 32% [11] - Container ship newbuild prices remained flat, with a slight increase of 0.4% year-on-year [25] Freight and Transportation - Direct shipping volume from China to ASEAN decreased by 7% week-on-week, while shipping volume from China to the US increased by 7% [14] - China expressway truck traffic decreased by 4% year-on-year last week [26]

Core Viewpoint - The Shilongyan Terminal in Sichuan has successfully welcomed large cargo ships, enhancing its capacity for international trade and contributing to the economic development of Luzhou [3][4]. Group 1: Terminal Operations - The Shilongyan Terminal has received three large cargo ships since May, with a total cargo throughput exceeding 300,000 tons, and is expected to surpass 600,000 tons for the year [3]. - The terminal is facilitating the import of lithium ore, iron ore, and construction materials from countries like South Africa, Zimbabwe, and Australia, while exporting local products such as pulp and PVC granules [3][5]. Group 2: Transportation Efficiency - Water transport at the terminal is significantly more cost-effective than land transport, costing only 0.02 yuan per ton per kilometer compared to 0.5 yuan for land transport, saving substantial costs for cargo owners [3]. - The terminal's strategic location reduces transportation distances by approximately 30 kilometers compared to nearby container terminals [3]. Group 3: Strategic Partnerships - The terminal is actively collaborating with well-known companies in the logistics industry, including Jiangsu Tianyou Logistics and Chongqing Shipping Group, to enhance its operational capabilities [5]. - The Shilongyan Terminal is entering a new era of handling large vessels, which is expected to increase its visibility and influence in the logistics sector [5]. Group 4: Future Development - The terminal aims to expand its shipping routes and establish trade connections with more countries and regions, supporting Luzhou's goal of becoming a new inland open highland [5].

Core Insights - The article highlights the development of the Lianshan Port area in Shandong, focusing on its integration with the city and the high-quality growth of the port industry [1][3]. Group 1: Port Operations - A cargo ship loaded with timber is currently docked at the Lianshan Port area, indicating active operations [1]. - The port has a natural coastline of 15 kilometers and a designed annual cargo throughput capacity of 300 million tons, with 193 planned operational berths, of which 26 are currently in operation [3][5]. - The operational berths include 15 bulk cargo berths and 11 oil and liquid chemical berths [3]. Group 2: Port Structure and Services - The port is divided into three operational zones: North, Central, and South, with a total of 193 planned berths [5]. - The North zone has 124 planned berths primarily serving the Rizhao Steel premium base, with 2 registered port enterprises [5]. - The Central zone is designated for oil and liquefied products, while the South zone represents the traditional Lianshan Port with 27 planned berths [5]. Group 3: Growth Strategy - The Lianshan District has implemented a "port-based district" strategy, enhancing support services for port operations, leading to a continuous increase in the number of port enterprises [5]. - The internal structure adjustment of cargo types within the Rizhao Port area has shifted most cargo types to Lianshan, resulting in a significant increase in cargo throughput [5].

作 者丨高江虹 周蕊 向秀芳 编 辑丨和佳 刘雪莹 视 频丨许婷婷 柳润瑛 美国政府挑起的关税战，究竟对美国经济带来怎样的冲击？ 2 1世纪经济报道在美国一线港口观察到的情况，可以侧面印证。 作为美国第一大和第二大集装箱港口， 洛杉矶港和长滩港的装卸量占全美总量的 4 0%。 也 就 是 说 ， 美 国 有 四 成 的 进 出 口 货 物 是 在 洛 杉 矶 这 两 大 港 口 装 卸 的 ， 每 天 的 繁 忙 程 度 可 想 而 知。贯穿洛杉矶市的南北大通道7 1 0号公路，其中一头连接着这两大港口，原本每天早晚被无 数的大货车堵得满满当当，但如今，7 1 0公路上跑的多是小轿车，鲜有大货车出现。为什么？ 因为港口没有那么多货物要运送了。 他提醒，市场当前所面临的不仅是数据分化，更是政策逻辑与资本流动趋势的系统重构。在 此背景下，美元指数在1 0 0附近寻求企稳，而黄金价格则在避险需求与收益率调整之间震荡上 行，反映出市场对中长期不确定性的持续定价。 Ca r d ill o还认为， 联储继续观望或将持续至9月。 Ca r d ill o强调，在关税、利率和经济预期之 间寻找平衡，将成为未来数月全球资产定 ...

Group 1 - Tallinna Sadam will pay dividends of 0.073 euros per share for the year 2024, totaling 19,199,000 euros [1] - The ex-dividend date is set for 8 May 2025, meaning shares purchased on or after this date will not be eligible for the 2024 dividends [1] - Dividends will be disbursed to shareholders on 16 May 2025 [1] Group 2 - Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region [2] - The company operates ferry services between the Estonian mainland and its largest islands through its subsidiary OÜ TS Laevad [2] - Tallinna Sadam also engages in shipping business, chartering its multifunctional vessel Botnica for icebreaking and offshore services [2] - The company holds a stake in AS Green Marine, which provides waste management services [2]

Core Viewpoint - Tallinna Sadam is hosting an investor conference webinar to present its unaudited Q1 2025 results, scheduled for May 12, 2025, with presentations in both Estonian and English [1] Group 1: Webinar Details - The webinar will take place on Microsoft Teams, with the Estonian session starting at 10:00 EET and the English session at 11:00 EET [1] - The management board chairman Valdo Kalm and CFO Andrus Ait will present the results and address questions from participants [1] - Participants are encouraged to submit questions in advance due to time constraints [1] Group 2: Company Overview - Tallinna Sadam is a major cargo and passenger port complex in the Baltic Sea region, providing various services including ferry operations and shipping [3] - The company operates through subsidiaries such as OÜ TS Laevad, which offers ferry services, and OÜ TS Shipping, which charters the multifunctional vessel Botnica for icebreaking and offshore services [3] - Tallinna Sadam is also a shareholder in AS Green Marine, which focuses on waste management services [3] Group 3: Additional Information - Contact information for investor relations is provided, including the head of investor relations, Angelika Annus, and her contact details [4]

Core Points - The annual general meeting of AS Tallinna Sadam was held on April 24, 2025, with 79 shareholders representing 76.25% of the votes [1][3] - The Annual Report for 2024 was approved with 99.99% votes in favor [4] - The profit distribution proposal for 2024 was approved, with dividends set at €0.073 per share, totaling €19,199,000 [5][8] - AS PricewaterhouseCoopers was appointed as the auditor for the financial year 2025 with 99.99% votes in favor [6] - New members of the supervisory board were elected for the term from July 1, 2025, to June 30, 2028, with Priit Perens appointed as chairman [9] Company Overview - AS Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region, providing various services including ferry operations and waste management through its subsidiaries [10]

Summary of Conference Call Notes on China Industrials Industry Overview - The focus is on the shipping supply chain in China, particularly the maritime, logistics, and shipbuilding sectors due to USTR's proposed actions [2][3]. Key Points and Arguments 1. **USTR's Proposed Actions**: - USTR confirmed findings from the Section 301 investigation regarding China's shipping sectors and will hold a public hearing on March 24, 2025 [2]. - Proposed service charges on shipping companies with China exposure could be significantly higher than market expectations [2][3]. 2. **Impact on Chinese Shipping Companies**: - COSCO Shipping could face annual service fees between US$1 billion to US$3.5 billion, representing 33% to 116% of its estimated net profit for 2026 [4]. - SITC is expected to be unaffected due to no US exposure [4]. - Smaller tonnage Chinese-built vessels may be disproportionately impacted as the increased costs become more significant relative to revenue [4]. 3. **Service Fees Structure**: - Proposed fees include: - Up to US$1 million per ship per trip for Chinese shipping companies. - Up to US$1.5 million for companies with sizable Chinese-built vessel fleets. - Up to US$1 million for companies with significant orders from Chinese shipyards in the next 24 months. - Refunds of up to US$1 million for US-built vessels [3]. 4. **Impact on Shipyards**: - Negative implications for Chinese shipyards due to the proposed fees, but potential positive impacts for Korean shipyards [5]. - Major shipping companies have over 50% of their order books from Chinese shipyards, indicating limited impact on order wins for Chinese shipyards in the next two years [5]. 5. **Market Reactions**: - Following USTR's claims, share prices of Korean shipyards rose by 10-15%, while Chinese shipyards are expected to experience weakness [8]. Additional Important Insights - **Risks for Chinese Shipyards**: - Key downside risks include weaker-than-expected shipbuilding demand, changes in freight rates, and increased costs of inputs like steel [13][17]. - Upside risks could arise from better-than-expected shipping demand and potential disruptions in shipping schedules leading to increased freight rates [15]. - **Valuation Methodology**: - Price targets for companies like CM Port and COSCO Shipping are derived using sum-of-the-parts (SOTP) and EV/IC methodologies [14][16]. - **Investment Ratings**: - COSCO Shipping is rated as a "Sell," while China Merchants Port is rated as a "Buy" [31]. This summary encapsulates the critical aspects of the conference call regarding the implications of USTR's proposed actions on the shipping industry in China, highlighting potential impacts on companies and market dynamics.