Core Viewpoint - Orient Overseas International (00316) reported a revenue of approximately $9.7225 billion for 2025, reflecting a year-on-year decrease of 9.15%, and a net profit attributable to shareholders of about $1.513 billion, down 41.28% compared to the previous year [1] Financial Performance - The company’s earnings per share (EPS) stood at $2.29, with a proposed final dividend of $0.42 per ordinary share [1] Fleet Expansion and Operational Capacity - In 2025, the company received a total of 9 new container ships, each with a capacity of 16,828 TEU, completing the delivery of the 16,828 TEU series [1] - The addition of new capacity has enhanced the company's service capabilities on the Pacific route and allowed for the resumption of the LL3 service on the Asia-Europe route, which had been suspended due to capacity shortages [1] Future Developments - In 2026, new vessels will be delivered, including the long-awaited 24,000 TEU methanol dual-fuel container ships and 13,580 TEU conventional fuel container ships leased from a subsidiary of Seaspan Corporation [1] - The introduction of these vessels is expected to upgrade the fleet's scale and performance, contributing to a more efficient, environmentally friendly, and intelligent shipping network, marking a new milestone in the company's decarbonization journey [1]

Core Viewpoint - Orient Overseas International (00316) reported a revenue of approximately $9.7225 billion for 2025, reflecting a year-on-year decrease of 9.15%, while the profit attributable to shareholders was about $1.513 billion, down 41.28% compared to the previous year [1] Group 1: Financial Performance - The company's earnings per share (EPS) stood at $2.29, with a proposed final dividend of $0.42 per ordinary share [1] - The significant decline in profit and revenue indicates challenges faced by the company in the current market environment [1] Group 2: Fleet Expansion and Operational Capacity - In 2025, the company received a total of 9 new container ships, each with a capacity of 16,828 TEU, enhancing its service capabilities on the Pacific route [1] - The addition of new capacity allowed for the indirect restoration of the LL3 service on the Asia-Europe route, which had previously been suspended due to capacity shortages [1] Group 3: Future Developments - In 2026, new vessels will be delivered, including the long-awaited 24,000 TEU methanol dual-fuel container ships and 13,580 TEU traditional fuel container ships leased from a subsidiary of Seaspan Corporation [1] - The introduction of these vessels is expected to upgrade the fleet's scale and performance, contributing to a more efficient, environmentally friendly, and intelligent shipping network [1] - The delivery of dual-fuel vessels marks a new milestone in the company's decarbonization journey [1]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Maersk's WEEK6 quotation dropped more than expected, leading to a downward revision of the valuation of the delivery settlement price of the 02 contract. The cargo volume in December and January was at a relatively high level within the year [4]. - Canceling the VAT export tax - rebate policy for products such as photovoltaics may disrupt the off - season characteristics of the 04 contract, and the fluctuation of the 04 contract is expected to increase. Maersk's attempt to resume navigation through the Red Sea and the Suez Canal will disrupt the expectations of more distant contracts [6]. - In normal years, April and October are the months with the lowest freight rates. After the cancellation of the VAT export tax - rebate, it is necessary to pay attention to whether the cargo volume from the Far East to Europe in February and March can significantly increase and whether the actual freight rates will be firmer than in normal years. Before the Spring Festival, the overall driving force is expected to be bearish, and the short - selling direction has certain advantages. After the Spring Festival, attention should be paid to the behavioral changes of shipping companies [6]. - The delivery pressure of ultra - large vessels in 2026 is relatively small, but the annual delivery volume of vessels over 17,000 TEU in 2027, 2028, and 2029 exceeds 40 ships. The delivery volume of vessels over 17,000 TEU in the first half of 2026 is only 4 ships [3]. 3. Summary According to the Catalog 3.1 Futures Prices - As of January 20, 2026, the total open interest of all contracts of the container shipping index (European line) futures was 61,346.00 lots, and the single - day trading volume was 37,315.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1710.00, 1112.60, 1317.40, 1467.90, 1052.90, and 1318.00 respectively [7]. 3.2 Spot Prices - Online quotations: For Maersk's Shanghai - Rotterdam route, the WEEK4 price was 1695/2730, WEEK5 was 1515/2430, and WEEK6 was 1265/2010. Other shipping companies also had corresponding price quotations for different time periods [1]. - The current estimated first - phase delivery settlement price corresponds to a spot price of about 2700 - 2800 US dollars/FEU (initially estimated to be around 1900 points). The second - phase delivery settlement price corresponds to an SCFIS initially estimated at 2500 - 2600 US dollars/FEU. The 2 - month contract delivery settlement price is initially estimated to be around 1700 points [5]. 3.3 Container Ship Capacity Supply - Static supply: As of December 31, 2025, 268 container ships with a total capacity of 2.155 million TEU were delivered in 2025. Among them, 80 ships with a capacity of 12,000 - 16,999 TEU and a total capacity of 1.213 million TEU were delivered, and 13 ships with a capacity of over 17,000 TEU and a total capacity of 277,672 TEU were delivered. In terms of delivery expectations, for 12,000 - 16,999 TEU ships, 781,200 TEU (53 ships) will be delivered in 2026, 944,500 TEU (64 ships) in 2027, 1.212 million TEU (82 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships over 17,000 TEU, 210,400 TEU (9 ships) will be delivered in 2026, 862,800 TEU (40 ships) in 2027, 1.5734 million TEU (78 ships) in 2028, and 1.3755 million TEU (67 ships) in 2029 [2][3]. - Dynamic supply: The average weekly capacity in the remaining 2 weeks of January was 342,200 TEU, with WEEK4/5 capacities of 408,600/275,800 TEU respectively. The average weekly capacity in February was 273,700 TEU, and the capacities of WEEK6/7/8/9 were 255,800/325,200/292,100/221,800 TEU respectively. The average weekly capacity in March was 289,700 TEU, and the capacities of WEEK10/11/12/13/14 were 255,500/328,400/343,300/274,200/247,300 TEU respectively. There were 2 TBNs and 8 blank sailings in February and 5 blank sailings and 3 TBNs in March [3]. 3.4 Supply Chain - CMA CGM has decided to divert ships deployed on the FAL 1, FAL 3, and MEX routes via the Cape of Good Hope instead of passing through the Suez Canal due to the complex and uncertain international situation [2]. 3.5 Demand and European Economy - Canceling the VAT export tax - rebate policy for products such as photovoltaics may disrupt the shipping rhythm of related industries and further affect the pricing strategies of shipping companies. It is necessary to pay attention to whether the cargo volume from the Far East to Europe in February and March can significantly increase and whether the actual freight rates will be firmer than in normal years [6].

Core Viewpoint - The company plans to establish two subsidiaries in Singapore to enhance its fleet structure and service capabilities through significant investments in container ship projects [1] Investment Details - The company will invest approximately 1.194 billion RMB in the construction and operation of four 2700TEU container ships through its subsidiary, Ningbo Ocean Limited [1] - An additional investment of around 1.7 billion RMB will be allocated for the construction and operation of four 4300TEU container ships by another subsidiary [1] Strategic Objectives - The investments aim to optimize the company's fleet structure, expand fleet size, and improve service capabilities on shipping routes [1] - The investment decisions have been approved by the company's shareholders and board of directors [1]