1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The futures market shows a narrow intraday oscillation. The pressure of the 40 - day moving average at the daily - line level has not been effectively broken. It's difficult to significantly reduce inventory before the Spring Festival. The repeated situation of Iranian plants has a great impact on market sentiment. After the delivery of near - month contracts, the market may improve. In the short term, it should be treated as a rebound after over - decline, and attention should be paid to the previous low support [4] 3. Summary by Relevant Catalogs Fundamental Analysis - **Inventory**: As of December 17, 2025, the total methanol port inventory in China was 1218800 tons, a decrease of 15600 tons from the previous data. The inventory in East China decreased by 31000 tons, while that in South China increased by 15400 tons. This week, the port inventory in East China decreased slightly and that in South China increased slightly. In East China, the提货 of the mainstream social warehouses continued well, and the shutdown and maintenance of an olefin plant in Zhejiang affected consumption. In South China, the inventory in Guangdong increased slightly with sufficient imports and good提货, and the inventory in Fujian increased slightly due to slow unloading speed and downstream rigid demand [1] - **Import**: Due to gas restrictions in Iran, the operating rate decreased and loading slowed down, reducing import pressure to some extent. Considering the loading data in November and delayed arrivals, the estimated import volume from December 2025 to January 2026 is between 1.4 and 1.6 million tons [1] Macroeconomic Analysis - Six special working groups led by multiple government departments have recently conducted on - the - spot inspections in 12 key regions across the country to investigate and seal up abandoned mine caves and crack down on illegal mining [2] - The Ministry of Commerce held a meeting to boost consumption [2] - The world's first methanol - dual - fuel VLCC oil tanker "Kaituo" ordered by China Merchants Energy Shipping Co., Ltd. was delivered in Dalian on December 22, 2025 [2] Futures and Spot Market Analysis - The futures market shows a narrow intraday oscillation, with pressure from the 40 - day moving average at the daily - line level remaining. It is difficult to significantly destock before the Spring Festival. After the delivery of near - month contracts, the market may improve, and in the short term, it should be seen as a rebound after over - decline, with attention on the previous low support [4]

Core Viewpoint - The delivery of the world's first methanol dual-fuel VLCC "Kai Tuo" marks a significant step for the company in promoting green shipping and achieving long-term carbon neutrality goals in the shipping industry [1][2]. Group 1: Delivery Announcement - The "Kai Tuo" vessel was delivered on December 22, 2025, from Dalian Shipbuilding Industry Group [1]. - The company approved the construction of the methanol dual-fuel VLCC at its seventh board meeting in 2023 [1]. Group 2: Environmental Impact - The vessel's power system allows for flexible switching between traditional fuel and methanol, meeting the highest emission standards set by the International Maritime Organization (IMO) Tier III [1]. - Using green methanol can reduce greenhouse gas emissions by over 70% [1]. Group 3: Strategic Implications - The delivery of the "Kai Tuo" is expected to enhance the company's energy-saving and carbon reduction metrics, thereby strengthening its market competitiveness and service capabilities [2]. - The company currently has 15 oil tanker orders, including 5 owned VLCCs and 3 long-term chartered VLCCs, with deliveries scheduled between 2026 and 2028 [2].

"凯拓"轮为全球第一艘甲醇双燃料动力VLCC，并配置脱硫洗涤塔和轴带发电机，是公司践行"绿色航 运"理念的开拓性试验和标志性举措，也是全球航运业特别是油轮运输业实现"碳中和"长远目标的重要 实践。此艘VLCC交付后，公司油轮船队节能降碳指标将进一步提升，预计市场竞争力、服务客户的能 力均将进一步巩固，公司持续盈利进一步增强。 格隆汇12月22日丨招商轮船(601872.SH)公布，2025年12月22日，公司在大连船舶重工集团有限公司 （称"大连造船"）订造的全球首艘甲醇双燃料动力VLCC油轮"凯拓"轮在大连交付。 截至本公告发布之日，公司拥有油轮在手订单15艘，其中自有VLCC订单5艘、长期租入VLCC订单3 艘，自有Aframax订单7艘，将于2026年至2028年陆续交付。 ...

"凯拓"轮为全球第一艘甲醇双燃料动力VLCC，并配置脱硫洗涤塔和轴带发电机，是公司践行"绿色航 运"理念的开拓性试验和标志性举措，也是全球航运业特别是油轮运输业实现"碳中和"长远目标的重要 实践。此艘VLCC交付后，公司油轮船队节能降碳指标将进一步提升，预计市场竞争力、服务客户的能 力均将进一步巩固，公司持续盈利进一步增强。 格隆汇12月22日丨招商轮船(601872.SH)公布，2025年12月22日，公司在大连船舶重工集团有限公司 （称"大连造船"）订造的全球首艘甲醇双燃料动力VLCC油轮"凯拓"轮在大连交付。 截至本公告发布之日，公司拥有油轮在手订单15艘，其中自有VLCC订单5艘、长期租入VLCC订单3 艘，自有Aframax订单7艘，将于2026年至2028年陆续交付。 ...