COSCO SHIPPING Holdings (601919.SS) Conference Call Summary Company Overview - **Company**: COSCO SHIPPING Holdings - **Stock Codes**: 601919.SS (A-shares), 1919.HK (H-shares) - **Market Cap**: Rmb244.4 billion / $35.4 billion - **Enterprise Value**: Rmb172.4 billion / $25.0 billion - **Current Price**: Rmb15.26 (A-shares), HK$14.95 (H-shares) - **12-month Price Target**: Rmb13.50 (A-shares), HK$10.60 (H-shares) - **Rating**: Sell Key Industry Insights - **Supply-Demand Dynamics**: Management expects the industry net supply to narrow to only 1 percentage point (ppt) in 2026, with demand growth slowing to 3-4% YoY compared to 4-5% YoY in 2025. Supply growth is projected at 4-5% YoY, excluding any disruptions related to Hormuz [2][19] - **Cargo Volume Trends**: 1Q cargo volumes were dampened due to front-loading in 4Q25, but volumes began rebounding in late March. A weaker 3Q seasonality is anticipated, potentially starting earlier this year due to precautionary restocking amid inflation concerns [2][18] - **Europe Contract Renewals**: The majority of long-term contracts in Europe have been renewed with a modest YoY price decline, reflecting lower spot rates during negotiations in late 2025 [2][19] Financial Performance and Projections - **Revenue Forecasts**: Projected revenues for FY25 are Rmb219.5 billion, declining to Rmb210.1 billion in FY26E and further to Rmb208.8 billion in FY27E [6][12] - **EBITDA and EPS**: EBITDA is expected to decrease from Rmb53.5 billion in FY25 to Rmb42.3 billion in FY26E, with EPS dropping from Rmb1.96 to Rmb1.31 over the same period [6][12] - **Cost Management**: Fuel costs have doubled since late February, and management plans to partially pass these costs onto customers. However, they do not foresee a fuel supply shortage at major hub ports like Singapore and Rotterdam [2][19] Strategic Initiatives - **Fleet Management**: Management is considering new orders for smaller vessels (2-3k TEU) for feeder services to replace aging fleet capacity and mitigate high rental costs. As of December 2025, there are 54 vessels on order, with an additional 18 orders placed in January 2026 [2][19] - **Capital Return Policy**: The company aims for a dividend payout ratio of 30-50% through 2027, with recent payouts trending towards the higher end of this range. Share buybacks have included four batches totaling 866 million shares (Rmb9.8 billion) since 2023 [2][19] Risks and Considerations - **Market Risks**: Key risks include stronger-than-expected cargo volumes or slower supply growth, potential disruptions to effective capacity and freight rates, and the attractiveness of dividend yields in 2026E [19][20] - **Geopolitical Factors**: The impact of Middle East disruptions on global container trade is noted, with management redirecting cargoes to ports outside the Gulf and resuming bookings to Gulf destinations as of March 25 [19][20] Conclusion COSCO SHIPPING Holdings is navigating a challenging environment with expectations of narrowing supply-demand dynamics and declining freight rates. The company is focusing on strategic fleet management and maintaining a robust capital return policy while addressing rising operational costs and geopolitical risks. The current sell rating reflects concerns over profitability and market conditions in the near term.

Core Insights - At least three Chinese-linked vessels made abrupt U-turns while attempting to cross the Strait of Hormuz, indicating a shift in the typically friendly relations between Tehran and Beijing amid ongoing regional tensions [1][2]. Group 1: Vessel Movements - Two ships owned by China's state-run Cosco Shipping, the CSCL Indian Ocean and CSCL Arctic Ocean, along with the Hong Kong-owned Lotus Rising, turned back near Larak Island, as reported by MarineTraffic and FDD [2]. - This incident marks the first attempted outbound transit by major Cosco container ships since tensions escalated in the Strait of Hormuz on February 28, which has disrupted 20% of the world's oil supply [3]. Group 2: Iranian Regulations - The vessels reportedly violated Iranian regulations that prohibit traffic to and from countries perceived as supportive of the United States and Israel, including the UAE and Saudi Arabia, as stated by the IRGC [3][6]. - The IRGC Navy warned the ships that sailing to and from ports of allies of the "Zionist-American enemies" is prohibited, leading to their return [6]. Group 3: Diplomatic Implications - The incident underscores a discrepancy between Iran's previous diplomatic assurances that China and other friendly nations could coordinate safe passage through the Strait of Hormuz [11]. - Despite the Cosco ships broadcasting their Chinese ownership and crew to signal friendliness to Iran, this was deemed insufficient by Iranian authorities at the checkpoint [12].

4 th Quarter 2025 Results Presentation | 4Q 2025 Results 1 | 4Q 2025 Results 2 Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute either advice or a recommendation re ...

Financial Data and Key Metrics Changes - For Q4 2025, total net revenues were $57.4 million, a 7.7% increase from $53.3 million in Q4 2024, primarily due to higher charter rates [28] - Net income for Q4 2025 was $30.5 million, compared to $24.4 million in Q4 2024 [29] - Adjusted EBITDA for Q4 2025 was $30.7 million, down from $32.8 million in Q4 2024 [30] - For the full year 2025, total net revenues were $227.9 million, a 7% increase from $212.9 million in 2024 [32] - Net income for 2025 was $137 million, compared to $112.8 million in 2024 [33] - Adjusted EBITDA for 2025 increased to $155.9 million from $135.8 million in 2024, a 15% increase [34] Business Line Data and Key Metrics Changes - The average number of vessels operated in Q4 2025 was 21.22, down from 23 in Q4 2024, with average Time Charter Equivalent rates increasing to $30,268 per day from $26,479 [36] - Total daily operating expenses for Q4 2025 were $8,284, compared to $7,720 in Q4 2024 [37] - Cash flow break-even level for Q4 2025 was $13,009 per vessel per day, down from $13,936 in Q4 2024 [38] Market Data and Key Metrics Changes - The Shanghai Containerized Freight Index recovered by approximately 13% from near 2-year lows recorded in late September [12] - One-year time charter rates remained firm at historically elevated levels, with average rates for 2026 at approximately $30,700 per day [11] - The global fleet expanded by approximately 7% in 2025, with idle fleet capacity trending downward [14] Company Strategy and Development Direction - The company plans to continue executing its share repurchase program and maintain a strong dividend policy, with a recent 7% increase in quarterly dividends [4][27] - The focus is on new building opportunities rather than secondhand acquisitions, with a disciplined approach to leverage [52] - The company aims to balance market exposure with earning stability through a disciplined chartering strategy [12] Management's Comments on Operating Environment and Future Outlook - Management noted that while charter rates remain strong, there are potential risks of a softer market environment due to increased vessel supply and geopolitical uncertainties [24] - The global economy is projected to maintain resilient growth, with GDP growth forecasted at 3.3% in 2026 [15] - Management expects scrapping of older vessels to increase if charter rates fall, as the average age of the fleet has grown significantly [54] Other Important Information - The company has a total outstanding bond debt of approximately $218.4 million, with a well-targeted debt maturity profile [43] - The market value of the fleet is estimated at approximately $664 million, translating to a net asset value of about $660 million [47] Q&A Session Summary Question: How is the company prioritizing capital allocation between dividends, share repurchases, and acquisitions? - The company will continue to provide strong dividends and focus on growth opportunities, particularly in the new building market, while maintaining moderate leverage [52] Question: What is the outlook for older assets and potential scrapping? - Management indicated that older vessels will remain in operation as long as the market remains strong, with potential scrapping expected only if charter rates decline significantly [54][84] Question: What are the expectations for operating expenses in 2026? - The company anticipates a 3% overall increase in operating expenses, influenced by the euro-dollar exchange rate [92] Question: Is there a possibility of a special dividend given the cash position? - Management is not currently considering a special dividend, preferring to find better uses for the extra capital [87]

192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 Earnings Presentation Quarter Ended December 31, 2025 1 February 25, 2026 0 – 111 – 234 0 – 61 – 128 217 – 44 – 43 154 – 172 – 204 Forward-Looking Statements Statements in this presentation may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectat ...

Core Insights - MPC Container Ships is capitalizing on market visibility by securing contracts well in advance, with nearly all of its 2026 days already fixed [2][3] - The company reported stable fourth-quarter 2025 results, with operating revenue of $127 million and EBITDA of $76 million, while maintaining a fleet utilization rate of over 98% [3] - The charter backlog has reached approximately $2 billion, indicating strong future earnings potential [3] Financial Performance - For 2026, MPC Container Ships forecasts operating revenue between $450 million and $460 million, and EBITDA between $240 million and $260 million, exceeding analyst expectations [4] - The company has fixed 97% of its open days for 2026 on time charters, with coverage for 2027 at 58% and for 2028 at 35% [5] - A quarterly dividend of $0.05 per share was declared, marking the 17th consecutive distribution under its policy of paying out 50% of adjusted net profit [5] Market Context - The global container shipping market is characterized by volatility, influenced by factors such as economic growth, protectionism, and geopolitical tensions [6] - Despite these challenges, charter market conditions remain supportive for tonnage providers due to tight availability in the small and mid-size segments [6] - MPC Container Ships mitigates market chaos by focusing on fixed-rate charters, providing stability during fluctuating freight markets [8]

Fourth Quarter 2025 Financial Results Conference Call February 18, 2026 Forward-Looking Statements This presentation contains certain "forward-looking statements" (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). All statements, other than statements of historical facts, that address activities, events or developments that Costamare Inc. (the "Company") expects, projects, believes or anticipates will or may occur in the future, including, without limitation, future ...

Investor Presentation Hapag-Lloyd signs merger agreement with ZIM 17/02/2026 Hamburg I N V E S TO R P R E S E N TA TI O N Disclaimer This presentation contains forward-looking statements within the meaning of applicable securities laws, including, where applicable, the U.S. Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Such statements are based on a number of assumptions, estimates, projections or plans that are inherently subject to significant risks, a ...

Core Viewpoint - Hapag-Lloyd is acquiring Zim Integrated Shipping Services for $4.2 billion, marking a significant merger in the container shipping industry, with Zim valued at a 58% premium to its previous closing price [1][2]. Group 1: Acquisition Details - The acquisition is an all-cash deal, valuing Zim at $35 per share, which represents a 126% premium to its unaffected stock price [1]. - The sale will involve the creation of a new Israel-based company, New ZIM, which will acquire part of Zim's business, ensuring state control over owned vessels for security reasons [2]. - The deal is subject to approval from Zim shareholders and regulators, with an expected closing date in late 2026 [2]. Group 2: Company Profiles - Hapag-Lloyd is the fifth-largest liner operator globally, with a capacity of 2.38 million TEUs, accounting for 7.1% of the global total [3]. - Zim ranks as the tenth-largest operator with a capacity of 704,000 TEUs [3]. - The merger will enhance Hapag-Lloyd's service offerings through an expanded global network across various trade routes, including trans-Pacific and intra-Asia [4]. Group 3: Financial Backing and Support - New ZIM will be financed by Israeli private equity investor FIMI Opportunity Funds, which will support 16 vessels serving global trade routes to Israel [4]. - Hapag-Lloyd will provide commercial support to New ZIM and grant access to the Gemini network, enhancing operational capabilities [4].

The Federal Maritime Commission (FMC) has hit Mediterranean Shipping Company (MSC) with a $22.7 million fine over three violations of the U.S. Shipping Act. The enforcement action centers on three main issues: who MSC billed for late fees, how it handled the disclosure of rates for certain containers and repeated overcharges tied to those containers. More from Sourcing Journal After concluding a two-year investigation that started in August 2023, the commission upheld and expanded on a prior ruling by a ...