正在装载待运汽车的汽车运输船 10月30日中美首脑会谈后，美国决定将入港费的征收暂停1年，但特朗普政府未来重启征收 的风险依然存在。随着停靠美国港口的不确定性增加，海运行业内也出现了摸索"脱离美 国"的动向，转向中国…… 美国特朗普政府实施的新"汽车关税"让海运行业苦恼。10月14日，美国开始对外国制造的汽 车运输船征收每吨46美元的入港费。而在两周后的中美首脑会谈上，决定暂停征收这笔费用1 年。美国的这一政策对运营大量汽车运输船的日本海运企业影响很大。随着停靠美国港口的 不确定性增加，海运行业内也出现了摸索"脱离美国"的动向。 特朗普政府的政策却成为障碍。美国从10月开始对非美国制造的汽车运输船征收入港费，收 费标准按照表示运输船货舱容积的"净吨位"计算，每吨位征收46美元。 由于几乎没有美国本土制造的汽车运输船在运营，因此这一政策实际上是针对外籍船舶。大 型运输船的入港费超过100万美元，因此海运企业一直密切关注后续政策走向。 结果在10月30日举行的中美首脑会谈中，美国决定将入港费的征收暂停1年。但在中美贸易 摩擦尚无平息迹象的背景下，特朗普政府未来重启征收的风险依然存在。 正因如此，海运行业出现了避开 ...

Financial Data and Key Metrics Changes - In Q3 2025, the company generated revenue of $1.8 billion, a decrease of 36% year-over-year, primarily due to lower freight rates and volume [4][13] - Net income for Q3 was $123 million, down from $1.1 billion in the same quarter last year [20] - Adjusted EBITDA was $593 million with a margin of 33%, and adjusted EBIT was $260 million with a margin of 15%, compared to 55% and 45% respectively in Q3 2024 [19][20] - Total liquidity remained at $3 billion as of September 30, 2025 [4] Business Line Data and Key Metrics Changes - The average freight rate per TEU in Q3 was $1,602, down from $2,480 in Q3 2024 [14] - Carried volume in Q3 was 926,000 TEUs, a 4.5% decline year-over-year, but a 3.5% increase sequentially [20] - Revenues from non-containerized cargo totaled $78 million, down from $145 million in Q3 2024, attributed to lower volume and rates [14] Market Data and Key Metrics Changes - Trans-Pacific volume decreased by 1.5% year-over-year but increased by 17% sequentially [21] - Latin America trade volumes grew by 2.4% year-over-year [21] - The company noted ongoing geopolitical and trade tensions affecting the shipping industry [4] Company Strategy and Development Direction - The company is focusing on diversifying its network, particularly in Southeast Asia and Latin America, to capture new trade opportunities as global trade patterns evolve [7][8] - A significant charter agreement for 10 LNG dual-fuel vessels is expected to enhance operational flexibility and sustainability [9][10] - The company aims to maintain a modern fleet, with approximately 60% of its capacity being new builds and 40% LNG-powered [10] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the fourth quarter, expecting weaker performance than initially projected [5][6] - The reopening of the Suez Canal is anticipated to improve fleet efficiency but may also increase supply pressure on freight rates [12][25] - The company remains confident in its strategy and competitive position despite ongoing market volatility [10][11] Other Important Information - The board declared a dividend of $0.31 per share, totaling approximately $37 million, representing 30% of Q3 net income [5] - Total dividends distributed since the IPO amount to approximately $5.7 billion, reflecting a strong commitment to returning capital to shareholders [5][48] Q&A Session Summary Question: Management buyout discussions - Management stated that there are no comments on the potential management buyout, and the board will decide on any related matters [28][30] Question: Return to the Red Sea - Management confirmed plans to return to the Red Sea and Suez Canal as soon as insurance approvals are obtained [32][44] Question: Dividend policy during negative net income - Management reiterated the dividend policy of distributing 30% of net profit quarterly, with the possibility of special dividends at the board's discretion [39][42] Question: Cost expectations for 2026 - Management indicated that costs would likely remain under pressure due to the current market dynamics and the need to redeliver older vessels [34][35] Question: Route profitability and capacity adjustments - Management noted that profitability varies by route and emphasized the importance of reliability in service as they expand into new markets [66][68]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated revenue of $1.8 billion, a decrease of 36% year-over-year, primarily due to lower freight rates and volumes [12][13] - Net income for Q3 was $123 million, down from $1.1 billion in the same quarter last year [18] - Adjusted EBITDA was $593 million with a margin of 33%, and adjusted EBIT was $260 million with a margin of 15%, compared to 55% and 45% respectively in Q3 2024 [18] - Total liquidity remained strong at $3 billion as of September 30, 2025 [4] Business Line Data and Key Metrics Changes - The company carried 926,000 TEUs in Q3, a 4.5% decline year-over-year, but a 3.5% increase sequentially [18] - Average freight rate per TEU in Q3 was $1,602, down from $2,480 in Q3 2024 [13] - Revenues from non-containerized cargo totaled $78 million, down from $145 million in Q3 2024, attributed to lower volumes and rates [13] Market Data and Key Metrics Changes - Trans-Pacific volume decreased by 1.5% year-over-year but increased by 17% sequentially [19] - Latin America trade volumes grew by 2.4% year-over-year, indicating ongoing opportunities in that region [19] Company Strategy and Development Direction - The company is focusing on diversifying its network, particularly in Southeast Asia and Latin America, to capture new trade opportunities as global trade patterns evolve [7][8] - A strategic emphasis is placed on maintaining a modern fleet, with approximately 60% of capacity being new builds and 40% LNG-powered vessels [10] - The company is preparing for a potential return to the Suez Canal, which could improve fleet efficiency but also increase supply pressure on freight rates [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing geopolitical and trade tensions impacting the shipping industry, emphasizing the need for agility [4] - The fourth quarter is expected to trend weaker than originally projected, but the company has refined its full-year guidance based on year-to-date performance [6][20] - The outlook for container shipping remains cautious, with supply growth expected to outpace demand in the near future [22] Other Important Information - The Board of Directors declared a dividend of $0.31 per share, totaling approximately $37 million, consistent with the company's dividend policy [5] - The company has distributed a total of approximately $1.1 billion in dividends throughout 2024 and 2025 [5] Q&A Session Summary Question: Management buyout discussions and board changes - The board is managing the process of board member changes, with two resignations and two new appointments [25] Question: Return to the Red Sea and market share opportunities - The company is awaiting insurance approval to return to the Red Sea and Suez Canal, viewing it as an opportunity to capture market share [26] Question: Dividend policy in light of potential negative net income - The company maintains a policy of distributing 30% of net profit quarterly, with the potential for special dividends [30] Question: Cost expectations for 2026 - The company anticipates continued redelivery of vessels due to elevated charter market costs and a downward trend in operated tonnage [27] Question: Route profitability and capacity adjustments - The company is diversifying routes but profitability varies based on market conditions, with a focus on maintaining reliable service [43][45] Question: Future rate recovery and supply-demand dynamics - The company expects pressure on rates due to new capacities entering the market, with potential stabilization linked to vessel retirements [46][47]

Core Insights - The Shanghai Waigaoqiao Port's Haitong International Automobile Terminal is the largest roll-on/roll-off terminal for automobile imports and exports globally [1] - The terminal has a total area of 1.1 million square meters and can accommodate up to 35,000 vehicles, with an annual throughput capacity exceeding 1 million vehicles [1] - In 2024, the terminal is projected to export 1.298 million vehicles, having already surpassed 1 million vehicles in exports within the first three quarters of this year, marking four consecutive years of exports exceeding 1 million vehicles [1]

Core Insights - In 2024, Taicang Port achieved a cargo throughput of nearly 300 million tons and a container throughput of over 8 million TEUs, establishing itself as the largest foreign trade port along the Yangtze River [1] Group 1: Port Performance - Taicang Port exported 484,400 vehicles in 2024, marking an 18.9% year-on-year increase, with exports reaching 513,000 vehicles from January to August, a 64.3% increase compared to the previous year [2] - The port has completed a container throughput of 5.8 million TEUs in the first eight months of the year, reflecting a 2.2% year-on-year growth, and a total cargo throughput of 199 million tons, which is a 7.9% increase [4] Group 2: Infrastructure and Technology - Taicang Port features 18 constructed terminals and 99 various berths, with five major operational areas including container, general cargo, dry bulk, liquid chemicals, and equipment manufacturing [4] - The port's automated terminal, the first of its kind in the inland and Yangtze River basin, has a total investment of 4.2 billion yuan and a container throughput capacity of 2 million TEUs annually [7] - The terminal utilizes 28 automated cranes and incorporates AR and AI technologies to enhance operational efficiency by 20% while reducing the need for operational personnel by approximately 70% [7] Group 3: Strategic Development - The port aims to strengthen communication with shipping companies, automotive manufacturers, and other ports to explore new shipping routes and partnerships, positioning itself as a key hub for the export of Chinese self-owned brand new energy vehicles [2] - Taicang Port has established a comprehensive shipping network covering over 120 ports across Northeast Asia, Southeast Asia, the Middle East, the Mediterranean, Eastern Europe, North Africa, and South America [7]

Group 1 - Mitsui O.S.K. Lines is seeking assistance from the Japanese government after the EU unexpectedly sanctioned three of its LNG carriers involved in Russian projects [1] - The three vessels, "North Moon," "North Light," and "North Ocean," were included in the EU's latest sanctions list as part of efforts to promote peace between Russia and Ukraine [1] - The CEO expressed dissatisfaction with the sanctions, noting that the vessels had recently transported cargo from the Yamal LNG project, which was previously considered unsanctioned [1] Group 2 - The company experienced a surge in demand for transporting various goods, including automobiles, prior to the tariffs imposed by former President Donald Trump, followed by a decline in April, but demand has been strong since May due to easing trade tensions [1] - The CEO anticipates continued strong demand in May and June, but expects a gradual decline in Japan's automotive exports to North America in the medium to long term, suggesting a shift towards local production in the U.S. [2] - The company recognizes the need to change its business distribution model away from being Japan-centric [2]