Core Viewpoint - The company aims to enhance its container shipping business competitiveness by optimizing its fleet structure and route layout through the construction of new vessels [1] Group 1: Company Actions - The company's board approved a plan for its wholly-owned subsidiary to sign a shipbuilding agreement with an affiliate, China Merchants Industry [1] - The agreement involves the construction of four 3,000 TEU traditional fuel container ships equipped with desulfurization towers [1] - The expected total investment for this project is not to exceed 1.324 billion RMB [1] Group 2: Future Outlook - The delivery of the new vessels is scheduled for 2027-2028, indicating a long-term strategic investment in fleet modernization [1]

Core Viewpoint - The company, China Merchants Energy Shipping Company (招商轮船), plans to sign a shipbuilding agreement to construct four 3000 TEU traditional fuel container ships equipped with desulfurization towers, with a total investment not exceeding 1.324 billion yuan, and delivery expected between 2027 and 2028 [1]. Group 1 - The company will establish a single-ship company through its wholly-owned subsidiary [1]. - The shipbuilding agreement will be signed with a subsidiary of China Merchants Industry Group (招商局工业集团) [1]. - The total investment for the project is estimated to be no more than 1.324 billion yuan [1].

Group 1 - The company, China Merchants Energy Shipping Company (招商轮船), announced plans to sign a shipbuilding agreement for four 3000TEU traditional fuel container ships equipped with desulfurization towers [1] - The total investment for the project is expected to be no more than 1.324 billion yuan [1] - The delivery period for the ships is set for 2027-2028 [1] Group 2 - The transaction constitutes a related party transaction and will require approval from the shareholders' meeting [1]

1. Report Industry Investment Rating - Not mentioned in the provided text 2. Core View of the Report - The freight rate increase has not materialized, many shipping companies have successively lowered prices, weakening the support for futures prices; the geopolitical situation may improve, and the freight rate has dropped significantly. The current freight rate market is generally greatly affected by seasonal demand. It is recommended that investors be cautious, pay attention to operation rhythm and risk control, and timely track geopolitical, capacity and cargo volume data [1] 3. Summary According to Relevant Catalogs 3.1 Futures Market Data - EC main contract closing price: 1112.600, down 16.2; EC sub - main contract closing price: 1317.4, down 4.3 [1] - EC2604 - EC2606 spread: - 204.80, down 19.00; EC2604 - EC2608 spread: - 355.30, down 28.50 [1] - EC contract basis: 841.59, up 19.60 [1] - EC main contract open interest: not shown in a clear format in the text [1] - SCFIS (European Line) weekly: 1954.19, down 2.10; SCFIS (US West Line) weekly: 1305.27, down 18.71 [1] - SCFI (composite index) weekly: not shown in a clear format; CCFI (composite index) weekly: 1209.85, up 14.96; CCFI (European Line) weekly: 1582.60, up 14.85 [1] - Baltic Dry Index (daily): 1567.00, up 83.00; Panama - type freight index (daily): 1458.00, up 63.00 [1] - Average charter price (Panama - type ship): 0.00, no change; Average charter price (Cape - type ship): 17000.00, down 2627.00 [1] 3.2 Industry News - IMF raised the global economic growth forecast for 2026 by 0.2 percentage points to 3.3%, and also raised the economic growth forecasts for China, the US, the euro area and Japan in 2026. The report pointed out that the growth of information technology investment driven by artificial intelligence is becoming an important driving force for the global economy [1] - The EU will hold an emergency summit on January 22 to discuss issues such as US President Trump's announcement of imposing tariffs on European countries that oppose the US getting Greenland, and evaluate possible counter - measures. The EU is preparing to impose retaliatory tariffs on US goods worth 9.3 billion euros [1] 3.3 Market Analysis - On Tuesday, the futures prices of the container shipping index (European Line) fell collectively. The main contract EC2604 closed down 1.44%, and the far - month contracts fell between - 1% and - 1% [1] - Since April 1, 2026, all photovoltaic - related products on the list will no longer enjoy the VAT export tax - rebate preferential policy. The cancellation of the full - amount tax rebate for photovoltaic products is expected to lead to a rush of shipments, boosting long - term contract cargo volume, but weakening the support on the spot side [1] - China's manufacturing PMI data in December showed a slight recovery, generally in line with seasonal laws. The new export order index rebounded to 49, indicating a significant recovery in terminal transportation demand boosted by Christmas [1] - In the spot freight rate, the fourth - week quotation for large containers ranged from 2600 to 3200 US dollars. Maersk's fourth - week opening price for large containers was 2700 US dollars, up 100 US dollars from the third week [1] - Zelensky said during a visit to Cyprus that the negotiations with US and European partners have reached a new level, and there is hope to end the conflict with Russia in the first half of 2026, and the expectation of resuming navigation in the Red Sea has improved [1] - Inflation pressure in the euro area has eased, weakening the market's expectation of an interest - rate hike by the European Central Bank before the end of the year. The CPI in the euro area in December returned to the medium - term target level set by the European Central Bank [1] 3.4 Key Points to Watch - UK December CPI monthly rate at 15:00 on January 21 [1] - UK December retail price index monthly rate at 15:00 on January 21 [1] - UK January CBI industrial order difference at 19:00 on January 21 [1]

Group 1: Report Overview - Report Name: Shipping Research Report - Shipping Daily - Date: January 20, 2026 [1] Group 2: Container Shipping - Freight Index (European Line) Futures Market - **Contract Performance**: EC2602 closed at 1,710.0, down 0.25%; EC2604 at 1,112.6, down 1.73%; EC2606 at 1,317.4, down 0.05%; EC2608 at 1,467.9, up 0.61%; EC2610 at 1,052.9, down 0.11%; EC2612 at 1,318.0, up 1.38% [4] - **Volume and Open Interest**: Volume and open interest of different contracts showed various increases and decreases, such as EC2602 volume down 14.46% and open interest down 13.42% [4] - **Monthly Spread Structure**: The spreads between different contracts also changed, e.g., EC02 - EC04 spread was 597, up 15.3 [4] Container Freight Rates - **SCFIS and SCFI Index**: SCFIS European Line was 1954.19, down 0.11% week - on - week and 29.89% year - on - year; SCFI Comprehensive Index was 1574.12, down 4.45% week - on - week and 37.17% year - on - year. Different routes had different price changes, like SCFI Shanghai - Europe was 1676, down 2.50% week - on - week and 41.21% year - on - year [4] Fuel Cost - WTI crude oil near - month contract was $59.26 per barrel, down 0.34% week - on - week and 23.17% year - on - year; Brent crude oil near - month contract was $63.41 per barrel, down 0.05% week - on - week and 20.2% year - on - year [4] Group 3: Market Analysis and Strategy Recommendation Market Analysis - The market is still debating the future decline and trend of off - season freight rates. The EC market is in a weak oscillation. The spot freight rate is at the top - falling stage. The export tax - rebate - driven rush shipment may delay the decline but is hard to reverse it [6] - The spot freight rate inflection point has emerged. MSK's WK6 Shanghai - Rotterdam quote dropped by $400/HC compared to last week. The demand is reaching a peak and then declining, and the supply has little change in the short term. The traditional off - season is from February to March, but the upcoming cancellation of export tax - rebate policy may lead to a rush shipment [6][7] - CMA decided to divert ships on some routes via the Cape of Good Hope due to geopolitical instability, which is expected to repair the backwardation of far - month contracts [6][7] Trading Strategy - **Single - side**: It is recommended to wait and see for the 04 contract due to many short - term disturbances and uncertainties in the rush - shipment strength. The far - month contracts are expected to repair the backwardation [9] - **Arbitrage**: Hold the 6 - 10 calendar spread long position [9] Group 4: Industry News - There are various geopolitical news, including issues related to Greenland, the US President's hope for a Gaza agreement, Israel - Iran relations, and the non - attendance of the Iranian Foreign Minister at the Davos Forum [10][11][13]

Core Viewpoint - The 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] Group 1: Industry Outlook - Bank of America Securities predicts that the first half of 2026 will be negatively impacted by a significant increase in vessel supply [1] - The second half of 2026 is expected to face increasing pressure from the anticipated reopening of the Red Sea route [1] - The expected losses will likely lead shipping companies to reduce shareholder returns in 2026 to preserve cash during the downturn [1] Group 2: Company Ratings - The bank maintains a "underperform" rating for COSCO Shipping Holdings (601919), Orient Overseas International (00316), and Evergreen Marine (2603.TW) [1] - A "neutral" rating is maintained for Japanese shipping companies due to current valuations being above historical lows [1] Group 3: Risks and Monitoring - Close attention is required regarding negative news related to the restoration of the Red Sea route [1] - There is a risk of further declines in spot freight rates as port congestion eases and seasonal factors diminish [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - MSC's online prices in February remain the same as in January, and the focus is on Maersk's WEEK6 quotation. The SCFIS at the beginning of February is an important point of contention for the settlement price of the February contract. The cargo volume in December and January is at a relatively high level within the year. The delivery of ultra-large vessels in 2026 has relatively less pressure, while the annual delivery volume of vessels over 17,000 TEU in 2027, 2028, and 2029 exceeds 40 ships. The cancellation of the VAT export tax rebate policy for photovoltaic products may disrupt the off - season nature of the 04 contract, and the volatility of the 04 contract is expected to increase. Maersk's attempt to resume navigation through the Red Sea and the Suez Canal will affect the expectations of more distant - month contracts. The 2 - month contract is expected to fluctuate, and the 4 - month contract is driven by a bearish trend [1][2][3][4][6]. 3. Summary According to the Directory I. Futures Price - As of January 19, 2026, the total open interest of all contracts of the container shipping index (European route) futures is 62,201.00 lots, and the daily trading volume is 36,458.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2612 contracts are 1714.30, 1132.20, 1318.00, 1459.00, 1054.10, and 1300.00 respectively [7]. II. Spot Price - Online quotations from different shipping alliances are provided, including the prices of Maersk, HPL, MSC, ONE, HMM, CMA, EMC, and OOCL for different time periods from Shanghai to Rotterdam. The SCFI (Shanghai - Europe route) price on January 16 is 1676 US dollars/TEU, the SCFI (Shanghai - US West route) price is 2194 US dollars/FEU, and the SCFI (Shanghai - US East) price is 3165 US dollars/FEU. The SCFIS (Shanghai - Europe) on January 19 is 1954.19 points, and the SCFIS (Shanghai - US West) is 1305.27 points [1][7]. III. Container Ship Capacity Supply - **Static Supply**: As of December 31, 2025, 268 container ships have been delivered in 2025, with a total capacity of 2.155 million TEU. For 12,000 - 16,999 TEU ships, 80 ships have been delivered with a total capacity of 1.213 million TEU; for ships over 17,000 TEU, 13 ships have been delivered with a total capacity of 277,672 TEU. The expected delivery of 12,000 - 16,999 TEU ships from 2026 - 2029 is 781,200 TEU (53 ships), 944,500 TEU (64 ships), 1.212 million TEU (82 ships), and 415,400 TEU (29 ships) respectively. The expected delivery of ships over 17,000 TEU from 2026 - 2029 is 210,400 TEU (9 ships), 862,800 TEU (40 ships), 1.5734 million TEU (78 ships), and 1.3755 million TEU (67 ships) respectively [2][3]. - **Dynamic Supply**: The average weekly capacity in January is 342,200 TEU, with the capacities in WEEK4 and WEEK5 being 408,600 TEU and 275,800 TEU respectively. The average weekly capacity in February is 273,700 TEU, and the capacities in WEEK6, WEEK7, WEEK8, and WEEK9 are 255,800 TEU, 325,200 TEU, 292,100 TEU, and 221,800 TEU respectively. The average weekly capacity in March is 289,700 TEU. There are 2 TBNs and 8 blank sailings in February and 5 blank sailings and 3 TBNs in March [3]. IV. Supply Chain - Not provided with specific analysis content in the given text, only figure references are given V. Demand and European Economy - Not provided with specific analysis content in the given text, only figure references are given 4. Strategy - **Unilateral**: The 2 - month contract is expected to fluctuate, and the 4 - month contract is driven by a bearish trend [8]. - **Arbitrage**: None at present [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The European shipping line currently shows a "near - strong, far - weak" oscillating pattern. Spot quotes are continuously loosening, with the FAK central price of the three major alliances dropping to $2200 - 2700/FEU. The main futures contract is oscillating weakly. The EC2602 contract is supported by pre - holiday shipments, while the EC2604 contract has fallen by over 8% due to off - season expectations. The core drivers are Maersk's leading the resumption of Red Sea voyages, combined with the shipping capacity growth rate exceeding demand, and the long - term pressure of oversupply remaining unchanged. Short - term exports of photovoltaic and battery products provide marginal support. It will oscillate in the short term, and the far - month contracts are suppressed by resumption expectations. It's necessary to closely monitor the route recovery rhythm and shipping company pricing to seize interval opportunities [9]. 3. Summary by Related Content Shipping Index - The current value of the Shanghai Export Container Freight Index (SCFI) is 1574, down 4.45% from the previous value; the China Export Container Freight Index (CCFI) is 1210, up 1.25%. For different routes, SCFI - US West is 2194, down 1.08%; SCFIS - US West is 1305, down 1.36%; SCFI - US East is 3163, up 1.12%; SCFI - Northwest Europe is 1676, down 2.50%; SCFIS - Northwest Europe is 1954, down 0.10%; SCFI - Mediterranean is 2983, down 7.70% [6]. Spot Price - OCEAN Alliance: CMA CGM's quote is relatively firm at $3693/FEU; COSCO Shipping is at $3325/FEU; Evergreen Marine has dropped about $400 to $3030 - 3130/FEU; Orient Overseas Container Line has dropped $150 to $2880/FEU. The overall FAK central price is about $2700 - 3300/FEU. - GEMINI Alliance: Maersk's price dropped from $1695/2730 (20'/40') in Week 4 (January 20 - 26) to $1510/2420 in Week 5, with non - European base ports as low as $2400/FEU; Hapag - Lloyd's price is $1585/2535 (20'/40'), and the February quote remains unchanged. The overall FMK central price is about $2400 - 2700/FEU. - PREMIER Alliance + MSC: MSC is at $1580/2640 (20'/40'); Ocean Network Express (ONE) is at $1680/2635 (20'/40') with the same price in February; Yang Ming Marine Transport's price is relatively stable at about $2600/FEU; HMM's quote is relatively low at $1433/2436 (20'/40'). The overall FAK central price is about $2400 - 2650/FEU [7]. Strategy Pay attention to the opportunity of short - allocating off - season contracts [10].

Core Viewpoint - 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] Group 1: Industry Outlook - Bank of America Securities predicts that the first half of 2026 will be heavily impacted by a significant increase in vessel supply [1] - The second half of 2026 is expected to face increasing pressure from the anticipated reopening of the Red Sea route [1] - The expected losses will likely lead container shipping companies to reduce shareholder returns in 2026 to preserve cash during the downturn [1] Group 2: Company Ratings - The bank maintains an "underperform" rating for COSCO Shipping Holdings, Orient Overseas, and Evergreen Marine [1] - A "neutral" rating is maintained for Japanese shipping companies due to current valuations being above historical lows [1] Group 3: Risks and Considerations - Close attention is required regarding negative news related to the restoration of the Red Sea route [1] - There is a risk of further declines in spot freight rates as port congestion eases and seasonal factors diminish [1]

Core Viewpoint - The article highlights a significant decline in container shipments from China to the United States, driven by escalating trade tensions and changing shipping patterns, with Southeast Asian countries like Vietnam experiencing growth in their shipping volumes [2][4][6]. Group 1: Container Shipping Trends - In 2025, container shipments from Asia to the U.S. decreased by 0.6% year-on-year, totaling 19.284 million TEUs [4]. - Shipments from China, which account for over half of the total, fell by 8.8% compared to the previous year [4][6]. - The share of Chinese shipments in the total from Asia to the U.S. dropped to 52.5%, a decrease of 4.7 percentage points from the previous year [6]. Group 2: Regional Performance - Southeast Asia saw an increase in shipping volumes, with Vietnam's shipments rising by 33%, surpassing South Korea to become the second-largest exporter in Asia [6][7]. - Thailand and Malaysia also reported growth in shipments, with increases of 12% and 57%, respectively [6]. Group 3: Impact of Trade Policies - The slowdown in shipments began after the announcement of large-scale reciprocal tariffs by the U.S. in April 2023, with a temporary recovery in May when tariffs were briefly lowered [6]. - However, this recovery was short-lived, leading to a decline in shipments for four consecutive months from September to December, with double-digit negative growth [6]. Group 4: Future Outlook - The demand for Southeast Asian shipping is expected to continue growing as the U.S. shifts its procurement sources away from China [7]. - The overall global container shipping volume is projected to exceed the previous year, with a 5% year-on-year increase reported from January to November 2025 [8]. - Despite the decline in shipments to the U.S., there has been an increase in logistics to Europe, Asia, and Africa [8].