中国经济网北京12月30日讯 海通发展(603162.SH)今日收报12.29元，跌幅3.61%。 海通发展首次公开发行股票的发行费用总额（不含税）为10,959.96万元，其中，承销及保荐费用 8,656.42万元。 11月12日，海通发展发布公告称，公司于2025年11月11日收到上海证券交易所出具的《关于福建 海通发展股份有限公司向特定对象发行股票的交易所审核意见》，认为公司向特定对象发行股票申请符 合发行条件、上市条件和信息披露要求。公司本次向特定对象发行股票募集资金总额不超过人民币 21,000.00万元（含本数），扣除发行费用后的募集资金净额将用于以下项目：干散货船购置项目。 海通发展2023年5月18日披露2022年年度权益分派实施公告，本次利润分配及转增股本以方案实 施前的公司总股本412,760,150股为基数，每股派发现金红利0.20元（含税），以资本公积金向全体股 东每股转增0.48股，共计派发现金红利82,552,030元，转增198,124,872股，本次分配后总股本为 610,885,022股。 海通发展2024年3月22日披露关于2023年度利润分配及资本公积转增股本预案的公告。 ...

Core Viewpoint - Greek shipowners are systematically increasing their orders in strategic sectors, anticipating strong future demand, with Greece's new ship orders reaching 693 vessels in November, up from 651 in October, representing a 0.53% increase [1] Group 1: Greek Shipbuilding Orders - Greece's new ship orders reached 693 vessels, a rise from 651 in October, marking a 0.53% increase in the number of vessels [1] - Greece accounted for 15.6% of global ship orders, an increase from 15.07% the previous month, with a total of 4425 vessels ordered globally [1] Group 2: Breakdown of Ship Types - The most significant growth was observed in bulk carriers, with Greek shipowners having 162 vessels under construction, representing approximately 12% of global bulk carrier orders [1] - In the tanker sector, Greece continues to lead with 302 tankers under construction, accounting for 24% of global tanker orders [1] - Container ship orders have steadily increased to 126 vessels, making up 11% of the global total, while LNG ship orders stand at 57 vessels, representing 18%, and LPG ship orders at 46 vessels, accounting for 15% [1]

Financial Data and Key Metrics Changes - For the first nine months of 2025, the company achieved a net income of EUR 5.26 million compared to a net loss of EUR 3 million for the same period in 2024, an increase of 281% [3] - EBITDA for the same period was EUR 10 million, up from EUR 3 million in 2024, representing an increase of 245% [3] - Voyage revenues decreased by 24% to EUR 24.2 million compared to EUR 32.9 million in 2024, primarily due to the dry docking of the Haframx II tanker [3][14] - Time charter equivalent rates dropped by 40% compared to the same period in 2024 [3][14] - The company reported a cash balance of EUR 6.6 million, down 48% from EUR 12.6 million at the end of 2024 [19] Business Line Data and Key Metrics Changes - Voyage costs for the first nine months of 2025 were EUR 9.4 million, a decrease from EUR 10.4 million in 2024, attributed to fewer voyage days due to dry docking [15] - Operating expenses for the same period were EUR 7 million, with crew expenses accounting for 50% of total operating expenses [17] - General and administrative costs decreased to EUR 2 million from EUR 2.5 million in 2024 [17] Market Data and Key Metrics Changes - The dry bulk trade showed resilience, with strong iron ore volumes to China and a potential rebound in coal trade expected in 2026 [4][5] - The grain trade experienced a boom in Q3, driven by high volumes of Brazilian soybeans purchased by China [5] - The handy-sized fleet now stands at 3,202 vessels, with 17.8% over 20 years of age [7][8] Company Strategy and Development Direction - The company aims for disciplined growth with a focus on acquiring quality non-Chinese-built vessels and maintaining a debt-free balance sheet [20][21] - The strategy includes securing favorable charters with high-quality customers such as commodity traders and oil producers [20][21] - The company has repaid all CapEx obligations totaling EUR 59.2 million without resorting to bank loans [21] Management Comments on Operating Environment and Future Outlook - The CEO noted that the shipping market remains uncertain due to geopolitical factors, but major economies are still growing and trade volumes are rising [23] - The company has built resilient foundations adaptable to changing market dynamics and will continue to explore new growth opportunities [24] Other Important Information - The company completed the dry docking of the Aframax tanker, the Afrapearl II, in August 2025 [22] - None of the vessels were built in Chinese shipyards, mitigating the impact of U.S. tariffs on the fleet [20][13] Q&A Session Summary - No specific questions or answers were documented in the provided content, thus this section is not applicable.

Financial Data and Key Metrics Changes - For Q3 2025, the company reported revenue of $346.9 million, an increase of 1.8% compared to $341 million in Q3 2024. EBITDA was $193.9 million, and net income was $56.3 million, with earnings per common unit at $1.90 [4][16][17] - For the first nine months of 2025, total revenue decreased by $23 million to $978.6 million, with adjusted EBITDA down by $29 million to $520 million and adjusted net income down by $67 million to $196 million compared to the same period in 2024 [17][18] Business Line Data and Key Metrics Changes - The combined time charter equivalent (TCE) rate for the container fleet increased by 3.1% to $31,213 per day, while the TCE rate for the tanker fleet decreased by 3.5% to $26,290 per day. The dry bulk fleet's TCE rate was down 9.2% to $15,369 per day [18] - The company added $745 million of long-term contracted revenue during the quarter, with total contracted revenue amounting to $3.7 billion, including $1.3 billion from tankers, $0.2 billion from dry bulk, and $2.2 billion from containerships [14][15] Market Data and Key Metrics Changes - Geopolitical developments are shifting trading routes, with the Ukraine war affecting grain exports and benefiting exports from Brazil and the U.S. The tanker market is expected to remain positive due to a low order book and an aging fleet [21][24] - The dry bulk market shows steady long-term demand growth with a constrained supply of vessels, particularly due to aging fleets and low new building prices [22][23] Company Strategy and Development Direction - The company focuses on modernizing its fleet, with an average fleet age of 9.7 years compared to the industry average of 13.5 years. The reinvestment program aims to maintain a younger fleet and reduce net loan-to-value (LTV) ratios [5][11] - The company emphasizes a strong risk management culture, continuously monitoring risks and structuring transactions with risk management professionals [6][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the prospects for 2026, with 58% of available days fixed and a reduced cost break-even of $894 per day for open index days. The company is well-positioned to capitalize on market opportunities [8][12] - The management highlighted the importance of flexibility in chartering decisions, particularly in the dry bulk sector, where they see significant upside potential [30][32] Other Important Information - The company completed a $300 million senior secured bond issuance at a coupon of 7.75%, which will be used to refinance existing floating rate debt and improve interest rate risk management [9][20] - The company has returned $42.2 million under its dividend and unit repurchase programs, with a remaining purchase power of $37.3 million [10] Q&A Session Summary Question: How does the company plan to manage its vessels in 2026 given the flexibility in charter coverage? - Management indicated that they are comfortable with their current position and will continue to assess market conditions to determine the best approach for fixing vessels [30][32] Question: Is there an opportunity to build smaller feeder ships in response to market shifts? - Management acknowledged increased activity in the market for smaller vessels but emphasized the importance of careful evaluation of counterparties and contract durations [34][35] Question: How will the proceeds from the recent bond issue be deployed? - The proceeds will be used to diversify funding sources and maintain optionality, with a focus on managing debt levels effectively [37]

Core Insights - Danaos Corporation is a significant entity in the shipping industry, focusing on container and drybulk vessels, and evaluates its performance through net income [1] Financial Performance - On November 17, 2025, Danaos reported an EPS of $6.75, slightly below the expected $6.81, but exceeded revenue expectations with approximately $260.73 million against an estimated $253 million [2][5] - Revenue growth is attributed to both container and drybulk vessels, with container vessels contributing $239.1 million and drybulk vessels adding $21.6 million [2] Valuation Metrics - The company has a P/E ratio of 3.80, indicating potential undervaluation relative to its earnings [3][5] - The price-to-sales ratio stands at 1.69, meaning investors pay $1.69 for every dollar of sales, while the enterprise value to sales ratio is 1.90 [3] Financial Health - Danaos exhibits a strong earnings yield of 26.30%, suggesting robust potential returns for investors [4] - The company maintains a conservative debt-to-equity ratio of 0.21, reflecting prudent debt management [4] - A current ratio of 5.36 indicates strong liquidity, allowing the company to meet its short-term obligations comfortably [4]

Investment Rating - The report maintains a positive outlook on the transportation industry, with a recommendation to continue investing in specific companies such as China Merchants Energy and COSCO Shipping Energy [1]. Core Insights - The report highlights significant opportunities in the shipbuilding sector, with new ship prices showing an increase, and recommends companies like China Shipbuilding and China Shipbuilding Defense [3]. - The oil tanker market is experiencing rising charter rates, with a notable increase in VLCC rates, indicating a favorable market environment for shipping companies [3]. - The air transport sector is expected to see substantial improvements in profitability due to supply constraints and increasing passenger volumes, with recommendations for airlines such as China Eastern Airlines and Spring Airlines [3]. - The express delivery industry is entering a new phase of competition, with potential for price recovery and improved profitability, focusing on companies like Shentong Express and YTO Express [3]. - The railway and highway sectors are showing resilience in freight volumes, with steady growth expected, particularly in high-dividend stocks [3]. Summary by Sections 1. Transportation Industry Performance - The transportation index increased by 1.83%, outperforming the CSI 300 index by 2.91 percentage points [4]. - The road freight sector saw the highest increase at 7.44%, while cross-border logistics experienced a decline of 1.37% [4]. 2. Shipping Market Insights - The report notes a 26% week-on-week increase in VLCC rates, reaching $119,882 per day, driven by limited capacity and strong demand [3]. - The report also mentions a 19% increase in LR2 rates to $33,314 per day, supported by tight capacity in the Red Sea route [3]. 3. Air Transport Sector - The report emphasizes the ongoing challenges in aircraft manufacturing and the aging fleet, predicting a significant improvement in airline profitability in the coming years [3]. 4. Express Delivery Industry - The express delivery sector is expected to see a shift towards price recovery and profitability, with a focus on companies that can adapt to changing market dynamics [3]. 5. Railway and Highway Freight - The report highlights the resilience of railway freight volumes and highway truck traffic, with data showing a 3.94% increase in railway freight and a slight decline in highway traffic [3].

Core Viewpoint - Haitong Development has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1] Summary by Sections Issuance Details - The company plans to raise a total of up to RMB 210 million through the issuance of shares, with the net proceeds intended for the purchase of dry bulk carriers [1][2] - The issuance price is set at RMB 7.00 per share, which is not less than 80% of the average trading price over the previous 20 trading days [2] - The maximum number of shares to be issued is 30 million, which does not exceed 30% of the total share capital prior to the issuance [2] Shareholder Information - The issuance will involve related parties, specifically Dayunming Investment and Dalan Investment, which are controlled by the company's major shareholder and actual controller, Zeng Erbin [2] - As of June 30, 2025, the total share capital of the company is 925.38 million shares, with Zeng Erbin holding 58.09% directly and 68.45% in total through concerted actions [2] Post-Issuance Impact - Following the issuance, the total share capital will increase to 955.38 million shares, with Zeng Erbin and his concerted parties holding 69.44% of the total shares post-issuance, ensuring that control of the company remains unchanged [3] - The underwriting institution for this issuance is CITIC Securities, with representatives Xu Yang and Li Guyang [3]

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 3.009 billion yuan, a year-on-year increase of 16.32% [1] - The net profit attributable to shareholders was 253 million yuan, a year-on-year decrease of 38.47% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 250 million yuan, a year-on-year decrease of 33.23% [1] - The net cash flow from operating activities was 791 million yuan, a year-on-year increase of 2.84% [1] - In the third quarter of 2025, the company achieved operating revenue of 1.209 billion yuan, a year-on-year increase of 34.27% [1] - The net profit attributable to shareholders in Q3 was 166 million yuan, a year-on-year decrease of 1.49% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses in Q3 was 164 million yuan, a year-on-year decrease of 2.52% [1] Capital Raising and Stock Issuance - The company plans to issue up to 30 million shares at a price of 7.00 yuan per share, raising a total of no more than 210 million yuan, with net proceeds to be used for dry bulk carrier acquisition projects [2] - The investors in this issuance are related parties controlled by the company's actual controller [2] - The company was listed on the Shanghai Stock Exchange on March 29, 2023, with an initial issuance of 41,276,015 shares at a price of 37.25 yuan per share [2] Initial Public Offering (IPO) Details - On the first day of trading, the stock reached a peak price of 38.99 yuan, which is the highest price since its listing [3] - The total amount raised from the IPO was 1.537 billion yuan, with net proceeds of 1.428 billion yuan [3] - The funds raised are intended for the acquisition of ultra-flexible bulk carriers, information system upgrades, and working capital [3] Dividend Distribution - The company plans to distribute a cash dividend of 0.15 yuan per share (including tax) for the fiscal year 2023, totaling approximately 92.22 million yuan [3] - The cash dividend payout ratio for the year is 49.84% [3] - The company also plans to increase its capital stock by 4.80 shares for every 10 shares held, resulting in a total share capital of approximately 909.89 million shares after the increase [3]

Core Viewpoint - The dry bulk shipping industry is witnessing a trend of fleet optimization and capacity upgrades as several companies listed on the NYSE report their Q2 earnings, indicating a strategic shift towards modernizing their fleets and divesting older vessels [1][3]. Group 1: Star Bulk Carriers - Star Bulk Carriers, led by Petros Pappas, has sold 9 vessels that do not align with the company's commercial strategy, including the "Puffin Bulker" and "Star Canary" [1]. - The company has also agreed to sell an additional 6 vessels built between 2006 and 2011, expecting total proceeds of approximately $104 million, with plans to use about $19 million for early debt repayment by Q3 2025 [3]. - Star Bulk is modernizing its fleet with 5 new Kamsarmax vessels currently under construction in China, expected to be delivered in 2026, and operates a total of 142 vessels with a deadweight tonnage of 14.2 million tons [3]. Group 2: Genco Shipping and Trading - Genco Shipping and Trading is also updating its fleet, having announced the acquisition of a 2020-built Capesize bulk carrier, which is expected to be delivered between September and October [3]. - The company has invested approximately $200 million in modern, energy-efficient Capesize vessels since October 2023, with the latest acquisition believed to be related to the sale of the "Bulk Ginza" [5]. - Genco's CEO, John C Wobensmith, emphasized the strategy of selling older, less efficient vessels to invest in environmentally friendly ships, supported by a favorable supply-demand outlook for the Capesize market [6]. Group 3: Safe Bulkers and United Maritime - Safe Bulkers, led by Polys V Hajioannou, has sold the 2007-built Kamsarmax vessel "Pedhoulas Leader" for approximately $13 million as part of its fleet renewal strategy [8]. - The company has invested heavily in newbuilds, with 12 out of 18 vessels ordered delivered as of July 18, and currently operates 47 vessels with a deadweight tonnage of about 4.7 million tons [8]. - United Maritime, led by Stamatis Tsantanis, has confirmed the sale of the 2004-built Capesize vessel "Gloriuship" for about $15 million and is also selling the 2006-built "Tradership" for a net price of approximately $18 million [9]. - These transactions are expected to enhance United Maritime's financial position and enable the company to seize new growth opportunities, managing a fleet of 7 bulk carriers with a total deadweight tonnage of around 750,000 tons [9].

Merger Overview - Golden Ocean Group Limited is undergoing a stock-for-stock merger with CMB.TECH NV, with CMB.TECH Bermuda as the surviving entity [2] - The exchange ratio for the merger is set at 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean, resulting in the issuance of approximately 95,952,934 new ordinary shares by CMB.TECH [2] Special General Meeting - A special general meeting (SGM) for Golden Ocean shareholders is scheduled for 19 August 2025 to vote on the approval of the merger agreement and related transactions [3] - Shareholders of record as of 16 July 2025 are entitled to vote at the SGM [3] Timeline and Conditions - The merger is expected to close around 20 August 2025, contingent upon a positive outcome from the SGM and other closing conditions [4] - The day before the closing date will mark the last trading day for Golden Ocean's common shares on Nasdaq and Euronext Oslo Børs [4] Company Profiles - Golden Ocean is a Bermuda-based shipping company specializing in dry bulk cargo transportation, with a fleet of 89 vessels and a total capacity of approximately 13.5 million deadweight tonnes as of June 2025 [7] - CMB.TECH is a diversified maritime group operating over 160 vessels, including crude oil tankers and dry bulk vessels, and is involved in hydrogen and ammonia fuel production [8]