Core Insights - Ningbo Ocean has successfully expanded its fleet to over 109 vessels with a total deadweight tonnage exceeding 1.7 million tons, marking a more than threefold growth in key metrics over the past decade [1] Group 1: Fleet Expansion and Development - The company was previously characterized by a small fleet and low market visibility, but a turning point occurred in 2015 with the implementation of the Zhejiang marine port integration strategy, leading to a surge in water transport demand [3] - Between 2015 and 2017, Ningbo Ocean added 11 new container ships with deadweight capacities ranging from 13,000 to 40,000 tons, significantly increasing its fleet size to 54 vessels and total deadweight tonnage to over 640,000 tons by the end of 2017 [3] Group 2: Capitalization and Technological Advancements - In 2020, the company initiated a capitalization process to integrate shipping resources and support its "double first-class" construction, leading to its listing on the Shanghai Stock Exchange in December 2022 [5] - Since 2021, Ningbo Ocean has added 21 self-owned vessels, increasing its deadweight tonnage by nearly 600,000 tons and container capacity by over 30,000 standard containers, while also transitioning towards greener and smarter shipping technologies [5] Group 3: Global Shipping Network Expansion - Starting in 2021, the company opened direct shipping routes from Ningbo Zhoushan Port to Southeast Asia, and in May 2022, it launched its first trans-Pacific route, marking its entry into the deep-sea shipping market [7] - Currently, Ningbo Ocean operates over 40 shipping routes and more than 100 cargo ships, enhancing its logistics efficiency and industry influence through key products like "New Mingzhou Express" and "Southeast Asia Boutique Route" [7]

Core Viewpoint - Ningbo Ocean has achieved significant growth in its fleet size and carrying capacity over the past decade, marking a transition from a small fleet to a modern shipping force, with a threefold increase in key metrics [1]. Group 1: Fleet Expansion - Ningbo Ocean's fleet has grown to over 109 vessels with a total deadweight tonnage exceeding 1.7 million tons, representing over a threefold increase in both metrics over ten years [1]. - The company began its fleet expansion in 2015, capitalizing on the integrated port strategy in Zhejiang, which led to a surge in water transport demand [2]. - Between 2015 and 2017, Ningbo Ocean added 11 new container ships with capacities ranging from 13,000 to 40,000 tons, increasing its fleet to 54 vessels and total deadweight tonnage to over 640,000 tons by the end of 2017 [2]. Group 2: Capitalization and Technological Advancement - In 2020, Ningbo Ocean initiated a capitalization process to integrate shipping resources and support the group's "double first-class" construction, leading to its listing on the Shanghai Stock Exchange in December 2022 [3]. - Since 2021, the company has added 21 new vessels, increasing its deadweight tonnage by nearly 600,000 tons and container capacity by over 30,000 TEUs [5]. - The fleet is transitioning towards "green" and "intelligent" technologies, with applications such as smart collision avoidance systems and energy management systems, achieving energy savings of up to 69.6% [5]. Group 3: Global Shipping Network Development - The fleet upgrade has supported the expansion of shipping routes, with new direct routes to Southeast Asia and the opening of trans-Pacific routes starting in 2022 [6]. - By 2024, the company plans to launch container transport routes to the Middle East, further enhancing its international presence [6]. - Currently, Ningbo Ocean operates over 40 shipping routes and more than 100 cargo vessels, connecting domestic coastal areas and major international ports, significantly improving logistics efficiency and industry influence [6].

Core Viewpoint - Ningbo Ocean has significantly expanded its fleet and operational capacity over the past decade, positioning itself as a competitive player in the shipping industry, supported by technological advancements and strategic initiatives [1][2][4] Fleet Expansion - Ningbo Ocean's fleet has grown to over 109 vessels with a total deadweight tonnage exceeding 1.7 million tons, a substantial increase from less than one-third of these figures ten years ago [1] - The company added 21 new vessels since 2021, increasing its total deadweight tonnage by nearly 600,000 tons and container capacity by over 30,000 TEUs [2] Technological Advancements - The company has integrated advanced technologies such as intelligent ship collision avoidance systems and energy management systems, achieving energy savings of up to 69.6% [3] - Ningbo Ocean has established innovation centers focused on smart and green shipping, with 28 green energy-efficient vessels making up nearly 54% of its fleet [3] Market Expansion - Since 2021, Ningbo Ocean has launched direct shipping routes to Southeast Asian countries and initiated its first trans-Pacific voyage in May 2022, marking its entry into the deep-sea market [3] - The company has opened a container transport route to the Middle East and entered the foreign trade bulk cargo market, demonstrating steady progress in international expansion [3][4] Strategic Positioning - Ningbo Ocean operates over 40 shipping routes and more than 100 vessels, effectively connecting domestic coastal areas with international ports in Japan, South Korea, Southeast Asia, and the Middle East [4] - The transformation from a fleet of 30 small vessels to a modern fleet of over 100 ships reflects the company's commitment to the integrated development of Zhejiang's marine port strategy and its green, intelligent transformation [4]

Core Viewpoint - Ningbo Ocean Transportation Co., Ltd. has significantly expanded its fleet and operational capacity over the past decade, positioning itself as a key player in the maritime industry, particularly in the context of the integrated development of Zhejiang's marine ports [1][19]. Fleet Expansion and Capacity Growth - The fleet of Ningbo Ocean has surpassed 109 vessels with a total deadweight tonnage exceeding 1.7 million tons, a substantial increase from less than one-third of these figures a decade ago [1]. - The company has added 21 new vessels since 2021, resulting in an increase of nearly 600,000 tons in deadweight tonnage and over 30,000 standard container capacity [11]. Strategic Development and Market Positioning - The company has successfully established a "water-water transfer" logistics network centered around Ningbo Zhoushan Port, enhancing its service capabilities in near-sea, domestic, and internal trade container transportation [7]. - Since 2021, Ningbo Ocean has opened direct shipping routes to Southeast Asian countries and initiated its first trans-Pacific voyage, marking its entry into the deep-sea market [15]. Technological Advancements and Sustainability - Ningbo Ocean is actively integrating advanced technologies into its fleet, including smart ship collision avoidance systems and energy management systems, contributing to a greener and more efficient operation [11][13]. - The company has a significant portion of its fleet, with 28 green energy-efficient vessels, accounting for nearly 54% of its owned fleet, and over 30% of its vessels are classified as smart ships [13]. Competitive Edge and Market Influence - The modernized fleet, characterized by larger container capacities and improved economic efficiency, has strengthened Ningbo Ocean's competitive position in the market [15]. - The company has developed over 40 shipping routes and operates more than 100 cargo vessels, effectively connecting domestic coastal areas with international ports in Japan, South Korea, Southeast Asia, and the Middle East [17].

Core Viewpoint - The shipping market in Asia is experiencing a recovery in 2024, driven by moderate global economic recovery and supply-demand dynamics, with Jinjiang Shipping expanding its Southeast Asia routes and achieving significant revenue and profit growth [1][2]. Financial Performance - In 2023, Jinjiang Shipping reported a revenue of 59.70 billion yuan, a year-on-year increase of 13.36%, and a net profit attributable to shareholders of 10.21 billion yuan, up 37.45% [1]. - For Q1 2025, the company achieved a revenue of 16.66 billion yuan, representing a 33.25% year-on-year growth, and a net profit of 3.57 billion yuan, which is a remarkable increase of 187.07% [2]. Market Dynamics - The global container freight volume is expected to grow by 5.9% in 2024, with the global container shipping freight rates significantly increasing, as indicated by a 65.43% year-on-year rise in the China Container Freight Index (CCFI) for 2024 [2]. - The CCFI average for Q1 2025 showed a year-on-year increase of 51.07% [3]. Regional Insights - The Asia-Pacific region is projected to grow at a rate of 4.6% in 2024, with Southeast Asia, particularly Vietnam and Malaysia, being key growth drivers [2]. - The container shipping trade volume in the Asian region is expected to increase by 4.6% year-on-year [2]. Operational Strategy - Jinjiang Shipping is focusing on enhancing its Southeast Asia routes, with the delivery of three new 1900 TEU vessels and the acquisition of two 1100 TEU vessels to support its operations [6][7]. - The company plans to allocate 1.184 billion yuan of raised funds for the purchase of four 1800 TEU and two 1100 TEU container vessels [6]. Competitive Advantage - The company aims to leverage its differentiated service model in the Southeast Asia market, which is characterized by rapid growth and increasing demand for specialized shipping services [7]. - Jinjiang Shipping is expanding its network to include Thailand, Vietnam, the Philippines, and Indonesia, with plans to extend to India and the Middle East [7][8]. Future Outlook - The company anticipates that the shipping market will continue to present both opportunities and challenges, with potential impacts from trade tensions and policy uncertainties on global economic activities [8].