日前，中国船舶（600150）旗下沪东中华造船(集团)有限公司(以下简称"沪东中华")为中远海运中石油 国事LNG(液化天然气)运输项目三期建造的首艘17.4万立方米LNG运输船"青城"号提前命名交付，这是 沪东中华为该项目交付的第7艘大型LNG船，至此该公司今年累计交付9艘LNG船，创造中国年度交付 LNG船新纪录。 行业的持续景气，也带动了相关企业业绩增长。例如，中国船舶工业股份有限公司今年前三季度营收、 净利润分别同比增长17.96%和115.41%。 申万宏源证券（000562）有限公司近日发布研报称，当前新造船价格指数与二手船价格指数走势背离， 二手船价向上超越新造船价格，航运造船联动超级周期行情有望启动。据了解，二手船价向上超越新造 船价格，通常预示航运市场进入超级周期，可能引发造船需求回暖和行业景气度提升。 这是当前中国船舶产业高景气度的一个缩影。中国船舶工业行业协会发布的数据显示，今年前三季度， 我国造船完工量3853万载重吨，同比增长6.0%；新接订单量6660万载重吨，同比下降23.5%；截至9月 底，手持订单量24224万载重吨，同比增长25.3%；以载重吨计，我国造船三大指标(造船完工 ...

【文/观察者网 柳白】中国造船正成为全球船东迈向绿色发展的重要伙伴，这也引发了日本同行落于人后的焦 虑。 《日经新闻》在11月24日的报道中写道，日本航运业人士呼吁日本业界加强团结协作攻关新技术，聚焦氢、氨等 下一代燃料动力船舶的研发，以应对国际海事组织（IMO）2050年的航运业净零排放目标，以及中国在绿色船舶 领域的竞争压力。 日本造船及航运企业已联合成立"绿色船舶规划设计中心（GSC）"，瞄准新一代绿色动力船舶研发工作。GSC代 表理事、日本造船联合公司（JMU）前社长三岛慎次郎表示，日本必须布局下一代燃料动力船舶研发。 今年10月，一场原定要通过全球航运业净零排放框架的特别会议，遭遇戏剧性转折。在美国、沙特阿拉伯等国的 强烈反对下，IMO会议决定将净零框架表决推迟一年。这一"延期"不仅是程序性的延期，更是全球航运减排进程 的延期。 不过三岛指出："脱碳浪潮势不可挡，货主与航运公司均在重点推进相关工作。" 言外之意，日本造船企业需做好充分准备。 9月22日，全球首艘9300CEU（标准车位）甲醇双燃料动力滚装船"港荣"轮在天津港靠泊装车并进行绿色甲醇加注 作业。 IC Photo 三岛坦言，"中国已转变 ...

自10月初起，随着北美新项目产能提升，需要更多船舶将这一超冷燃料运往包括亚洲在内的客户，运价 持续反弹。 然而，Spark Commodities指出，运价急涨已促使部分LNG买家寻求延后在大西洋盆地的装船。此外， 太平洋航线LNG运输船的日租金亦创下一年多新高。 智通财经APP获悉，液化天然气(LNG)运输船的即期运价持续大幅上扬，原因是北美地区创纪录的液化 天然气出口量占用了更多运力船舶，致使市场运力紧张。据船舶追踪数据显示，上周四北美LNG出口 的30日移动均值升至纪录最高，同比增长约50%。运价骤然飙升，扭转了因全年多数时间船舶过剩而导 致的市场低迷格局。 Spark Commodities数据显示，上周五，从美国向欧洲运送LNG的船舶日租金上涨约12%，至130,750美 元，为2023年12月以来最高。而上周一美国运往欧洲的LNG即期租船费率涨19%，至98250美元/日，为 2024年1月以来最高。 据知情人士透露，运价似乎仍有进一步上行空间——已经有一艘12月下旬启程的大西洋航线LNG船， 被租家以超过15万美元/日的价格拿下。 值得一提的是，运费上涨或加大欧亚天然气价格差距，因美货运往太平洋 ...

韩国三大船企——HD现代、三星重工、韩华海洋第三季度总共实现1.5万亿韩元（约合人民币73.8亿元）的营业利润，是去年同期的三倍。但从第四季度 起，汇率波动、政策变化等"非制造风险"的管理将成为业绩的关键变量。 此外，韩国造船企业数年前承接的低价订单已基本交清，转向以高附加值船型为核心的订单筛选战略后，显著提升了盈利能力。 该公司表示，尽管受季节性因素影响导致作业天数减少，但在第三季度仍实现优异业绩，这得益于造船业务全领域均衡增长，包括商船部门生产效率提 升、高附加值船型销售占比扩大、发动机机械部门营业收入及营业利润增长等。 根据HD韩国造船海洋披露的第三季度报告，旗下三家造船子公司公布的业绩数据： 同期，韩华海洋实现营业利润2898亿韩元，同比激增1032%；三星重工实现营业利润2381亿韩元，同比增长99%。由此，韩国三大造船企业今年第三季度 合计营业利润达1.5817万亿韩元，是去年同期（5439亿韩元）的3倍，营业利润显著改善。 今年前三季度，HD韩国造船海洋、韩华海洋、三星重工的累计营业利润分别为2.8666万亿韩元、9201亿韩元、5660亿韩元，合计达4.3527万亿韩元。 若加上韩国金融机构F ...

11月18日，韩国HD现代集团造船业务控股公司HD韩国造船海洋宣布，与北美地区船东签订了2艘大型 LNG运输船建造合同。 韩国造船业界一位相关人士表示："将于2029年竣工的全球LNG终端项目规模为52MTPA(1MPA=每年 100万吨)，仅次于引领超级周期的2026年(62MTPA)，但从目前造船企业的手持订单来看，2029年交付 的LNG船只有17艘，远远不能满足需求。" 这2艘LNG船将在HD现代三湖建造，计划于2028年12月之前陆续交付船东。合同总金额达7412亿韩元 （约合5.07亿美元、36亿元人民币），相当于单船造价2.53亿美元。 包括这2艘新船在内，HD韩国造船海洋今年以来接单量已达109艘、151.5亿美元（约合1075.4亿元人民 币），完成了全年接单目标180.5亿美元（约合1285亿元人民币）的约84%，其中LNG运输船7艘、LNG 加注船6艘、集装箱船69艘、超大型乙烷运输船（VLEC）2艘、油船16艘、成品油运输船1艘、LPG/液 氨运输船8艘。 今年上半年，全球LNG船订单量同比暴跌82.9%。去年，韩国船企共承接了68艘LNG船订单，而截至今 年第三季度末，该数据仅为18 ...

Core Insights - The global shipbuilding industry is experiencing a competitive landscape where South Korea dominates in high-value orders, capturing 62% of the value share despite delivering fewer vessels compared to China, which delivered 21 ships but only secured 19% of the value share [1][3] - China's shipbuilding sector is highly efficient, holding nearly 60% of global orders and planning production schedules up to 2029, yet it faces challenges in improving profitability and moving towards high-value products [3][5] - South Korea excels in the LNG carrier segment, achieving a remarkable operating profit margin of 12.7%, indicating a strong demand for high-end market products that require advanced technology [5][6] Industry Analysis - The report highlights the disparity in technological capabilities between China and South Korea, with South Korea achieving over 85% localization in key technologies, while China relies on foreign technology for critical components [5][6] - Shipowners are increasingly favoring established shipyards with proven technology, as evidenced by the recent order split between Evergreen Marine, which allocated 6 vessels to South Korea and 5 to China, reflecting a strategic assessment of technological reliability [8] - The shipbuilding industry in China must shift focus from merely increasing the number of vessels delivered to enhancing the quality and value of products, necessitating investment in R&D and a long-term strategy to develop proprietary technologies [8][10]

Core Viewpoint - The successful completion of the cross-regional gas testing operation for the "Green Energy Chuan" LNG carrier marks a significant achievement in China's LNG shipping capabilities and energy infrastructure development [1][5]. Group 1: Company Achievements - The "Green Energy Chuan" is China's fifth self-built fifth-generation "Changheng series" LNG carrier, with a capacity of 174,000 cubic meters, making it one of the mainstream large transport vessels globally [3]. - The gas testing operation is a critical quality inspection procedure for newly constructed LNG vessels, ensuring that the cargo system can meet low-temperature loading conditions [3][5]. - The successful gas testing operation is the first of its kind in China, demonstrating the country's advanced capabilities in energy infrastructure and high-end equipment manufacturing [5][6]. Group 2: Operational Challenges - The gas testing faced multiple challenges, including coordination among numerous participants and agencies, as well as a long navigation distance, crossing maritime jurisdictions from Shanghai to Lianyungang [6]. - Comprehensive safety measures were implemented to ensure the safe entry and operation of the vessel in port, including detailed risk assessments and emergency response plans [6]. Group 3: Industry Impact - The successful gas testing operation establishes a complete maritime debugging route for newly constructed LNG vessels from Shanghai to Binhai, enhancing the operational efficiency of domestic LNG shipping [6]. - The operation's success is expected to diversify trade business at the China National Offshore Oil Corporation's (CNOOC) Yancheng "Green Energy Port," providing a replicable model for future vessels and strengthening the resilience of China's clean energy supply chain [6].

Core Insights - The shipbuilding industry is crucial for global trade, with China emerging as a dominant player in just over two decades, leveraging low costs and rapid production capabilities [2][4][11] Industry Development - In 2000, China's shipbuilding output was less than 5% of the global total, primarily relying on foreign leftovers, while Japan and South Korea were the leaders [4] - After joining the WTO in 2001, China's export trade surged, leading the government to designate shipbuilding as a strategic pillar industry, investing heavily in state-owned shipyards and technology upgrades [4][11] - From 2010 to 2018, China invested $132 billion in subsidies, resulting in a production output that surpassed South Korea by 2020, accounting for 50% of global shipbuilding [4][5] Market Position - By 2024, China's shipbuilding output is projected to reach 53.3% of the global total, with new orders at 57% and a backlog of orders at 59% [4] - The cost advantage is significant, with a 23,000 TEU container ship priced at $60 million in China compared to $330 million in the U.S., highlighting a labor cost that is one-fourth of that in the U.S. [7] Supply Chain and Ecosystem - The shipbuilding sector supports over 50 industries and 200 suppliers, indicating its role as a key component of the industrial ecosystem [5] - Chinese shipyards not only produce vessels but also provide comprehensive services, including port construction and maintenance, creating a robust maritime ecosystem [7] Geopolitical Implications - Control over shipbuilding translates to influence over global trade rules, with China actively pursuing international green shipping standards [9] - The Belt and Road Initiative has strengthened China's maritime network, positioning it as a rule-maker rather than just a participant in global trade [9][13] Competitive Landscape - The U.S. shipbuilding industry has significantly declined, producing only 0.1% of global commercial vessels, while China continues to dominate with over 3,000 vessels annually [11] - European companies are increasingly reliant on Chinese shipyards, fearing monopolization while being unable to disengage [11] Future Outlook - China's shipbuilding industry is transitioning from mass production to strategic industries, embedding high-end equipment and aiming to shape global maritime industrial standards [13]

Core Viewpoint - Jiangsu Province's shipbuilding exports reached 107.84 billion yuan in the first three quarters of this year, ranking first in the country, with a year-on-year growth of 38.3%, surpassing last year's total exports three months earlier [1] Group 1: Shipbuilding Industry Trends - The shipbuilding industry is experiencing a sustained upward cycle, with both ship manufacturing and shipping sectors showing strong cyclical characteristics [1] - The current cycle in the shipbuilding industry began in 2021, characterized by structural prosperity, and continues to show positive momentum despite previous structural differentiation among sub-industries [1] Group 2: China's Position in the Global Market - China has become the world's largest shipbuilding nation, benefiting significantly from this cycle, as indicated by metrics such as order volume, ship delivery, new ship orders, and completion rates [1] - Chinese shipyards have clear advantages in cost, supply chain resilience, technological innovation, and production capacity, with an improving order structure since 2021 leading to increased profit margins for shipbuilding companies [1] Group 3: Deep-Sea Equipment Demand - Policy catalysts are accelerating the construction of deep-sea equipment, with shipbuilding companies that possess high-end construction and system integration capabilities expected to benefit significantly [2] - There is a systemic demand for deep-sea equipment in areas such as deep-sea oil and gas development, offshore wind power, marine fisheries, and scientific exploration, driven by the need for high reliability and adaptability to complex working conditions [2] - China has made key breakthroughs in high-end ship types such as LNG carriers, ultra-deepwater drilling platforms, wind power construction vessels, and aquaculture vessels, with new orders and delivery schedules for marine engineering equipment remaining at high levels [2]

Core Viewpoint - South Korea finds itself in a dilemma due to its involvement in the U.S.-China shipbuilding industry rivalry, initially aiming to benefit from U.S. support while facing sanctions from China against its subsidiaries [1][10]. Group 1: South Korea's Strategy - South Korea has been attempting a dual strategy of relying on China economically while seeking security from the U.S., but this approach is becoming increasingly untenable as the power dynamics shift [7][10]. - The country invested in U.S. shipbuilding to gain market share from China, but the U.S. shipbuilding industry is in decline, making this investment potentially unprofitable [5][12]. Group 2: Market Dynamics - Currently, China holds the majority of global shipbuilding orders, with South Korea capturing only about 20% to 30% of the market share [3]. - In 2024, China's shipbuilding orders are projected to grow by 8%, while South Korea's orders are expected to decline by 15% [14]. Group 3: Consequences of Actions - Following China's sanctions, South Korea sought to communicate with China to mitigate losses but failed to address the impact on Chinese companies, indicating a lack of balanced dialogue [8]. - South Korea's reliance on the U.S. while antagonizing China may lead to significant losses, as it risks being used as a pawn in the U.S. strategy against China [10][12]. Group 4: Future Outlook - The current geopolitical landscape suggests that South Korea must reassess its relationship with China to achieve mutual benefits, or it risks losing access to a crucial market and being discarded by the U.S. [14].