Core Viewpoint - The U.S. has implemented a new policy targeting China's shipbuilding industry, imposing additional service fees on Chinese-built ships entering U.S. ports, aiming to curb China's dominance in shipbuilding and support its own shipyards [2][3]. Group 1: U.S. Policy and Its Implications - The U.S. Trade Representative's office announced a policy on February 21, 2025, requiring additional fees for Chinese-built ships, starting from October 14, with fees set at $50 per ton for Chinese ships and $18 per ton or $120 per container for non-Chinese ships [2]. - The policy stems from a Section 301 investigation initiated on April 17, 2024, which highlighted China's subsidies and market practices, leading to significant cost increases for Chinese ships entering U.S. ports [3]. - The average cost for a large Chinese-built ship could double, resulting in an increase of $200 per TEU (Twenty-foot Equivalent Unit) for shipping costs, which poses challenges for global trade [3]. Group 2: China's Shipbuilding Industry Performance - China's shipbuilding industry has been performing exceptionally well, with a completion rate of 55.7% of global shipbuilding, 74.1% of new orders, and 63.1% of hand-held orders as of January 16, 2024 [5]. - China leads in 14 out of 18 major ship types, including bulk carriers, oil tankers, and container ships, and has captured over 70% of global orders for green ships in the first three quarters of 2024 [5]. Group 3: Impact on Global Shipping and Competitors - Following the U.S. policy announcement, Chinese ship orders plummeted, with Norwegian and European shipping giants redirecting 30% of their orders to South Korean shipyards, which are now benefiting from the situation [6]. - South Korean shipyards, such as Hyundai Heavy Industries and Samsung Heavy Industries, have introduced "zero-risk compensation clauses" to attract clients and have seen a 25% increase in order tonnage by July [6]. - The global shipping chain has been disrupted, leading to increased shipping costs for high-value goods and a significant drop in shipping stocks on Wall Street [9]. Group 4: China's Countermeasures - In response to the U.S. policy, China has initiated reciprocal measures, including additional fees on Boeing aircraft entering Chinese ports and antitrust investigations into Qualcomm, impacting U.S. companies heavily reliant on the Chinese market [11]. - Chinese shipyards are upgrading their equipment and improving efficiency to capture markets in Southeast Asia and India, maintaining their leading position in global orders [11]. Group 5: Long-term Industry Dynamics - The ongoing trade conflict represents a struggle for global maritime influence, with shipping accounting for over 90% of world trade, and future trends leaning towards green transformation and digitalization [12]. - Despite U.S. efforts to regain its shipbuilding industry, analysts suggest that China's market share will remain above 60%, as the resilience of its industrial chain and international cooperation will enable it to adapt [12][14].

Core Viewpoint - The development of offshore wind power is a consensus among major maritime countries to promote green and low-carbon energy transition, with offshore wind installation vessels (WTIV) being crucial for the construction of offshore wind farms [1][5]. Offshore Wind Installation Vessel Industry Overview - Offshore wind installation vessels are essential for transporting and installing wind turbine components at designated sites, representing a new type of marine engineering vessel [1][2]. - The global offshore wind power installed capacity reached 83.2 GW by the end of 2024, capable of powering 73 million households [1][5]. - In 2024, the global offshore wind power added capacity was 8.0 GW, a 26% decrease year-on-year, primarily due to unmet installation expectations in countries like China, the UK, and the US [1][5]. Market Status of Offshore Wind Installation Vessels Development History - The offshore wind installation vessel industry has evolved through several stages: 1. Emergence (1990-2010): Utilization of cargo ships for offshore wind power. 2. Specialization (2011-2018): Development of self-elevating platforms. 3. Intelligentization (2019-2024): Chinese shipyards achieving significant advancements [6][7]. Order Situation - From 2019 to 2024, a total of 66 offshore wind installation vessels were delivered globally, with 11 vessels delivered in 2024 [8]. - In 2024, only one new vessel order was signed, a significant 80% decline year-on-year, indicating reduced investment willingness among shipowners [8][9]. - China is the leading builder of offshore wind installation vessels, with a substantial share of global hand-held orders: 30 out of 34 new orders in 2023 and 33 out of 37 in 2024 [9][10]. Development Trends of Offshore Wind Installation Vessels - The future of offshore wind installation vessels is expected to focus on larger, more specialized, and environmentally friendly designs [1][10]. - The trend towards larger wind turbines is driving the demand for larger installation vessels, with 2024 deliveries featuring lifting capacities above 1200 tons [8][10]. - The adoption of alternative fuels and energy-saving technologies in offshore wind installation vessels is anticipated to increase, aligning with the green transition goals of project developers [10][11].

Core Insights - In the first quarter, China's shipbuilding exports reached $10.13 billion, marking a year-on-year growth of 2.1%, indicating steady growth in the industry [1] Cost Advantages - China's shipbuilding industry has a significant cost advantage, with new ship prices in the U.S. being up to six times higher than those in China. For example, a MR-type product oil tanker was priced at $125 million in the U.S. compared to $36.5 million in China in 2014 [2] - The cost structure of ships shows that raw materials account for 25%-35%, labor costs for 20%-30%, design management for 5%, and supporting costs for 40%-50% of the total ship cost. China's shipbuilding supply chain has reduced reliance on foreign suppliers, effectively lowering construction costs [3] Efficiency Improvements - Chinese shipyards have significantly improved construction efficiency by optimizing production processes and adopting advanced technologies. For instance, Jiangnan Shipyard reduced the construction time for large container ships from 28 months to 13 months [4] - The efficiency of segmented construction has improved from about 40 hours per ton in 2010 to 15 hours per ton, reaching an internationally leading level [4] High-Tech Shipbuilding Achievements - China has become the only country capable of building aircraft carriers, large LNG carriers, and large cruise ships simultaneously, showcasing its comprehensive shipbuilding capabilities. The fifth-generation 174,000 cubic meter LNG carrier has an 18% increase in cargo capacity and a 50% reduction in fuel consumption compared to the first generation [5] - As of the end of 2024, Chinese companies hold 77.4% of the hand-held orders for VLCCs and 91.6% for container ships over 17,000 TEU [5] Green Shipbuilding Leadership - In green shipbuilding, China leads globally, with a market share of 78.5% for new green ship orders in 2024, covering mainstream ship types [6] Industry Scale and Supporting System - China's shipbuilding capacity is approximately 23.25 million tons, 232 times that of the U.S., with over 75 large shipyards. In 2024, Chinese shipyards are expected to deliver 1,286 new ships, accounting for 54.6% of the global total [8] - The scale effect leads to decreasing marginal costs, allowing Chinese shipyards to offer more competitive products and services, enhancing their global market position [8]