Dynamic report on the shipping port industry: the transportation demand is good, and the freight rates of centralized transportation, oil transportation and dry bulk cargo rise together
Core viewpoints
1) China's export container transport market performed well, and ocean route freight rates rose, supporting the composite index to continue the upward trend. Recently, a number of liner companies announced that the freight rates of flights shipped from Europe and the Mediterranean routes will be increased since May 1. Major carriers of North American routes will promote the price increase plan during the signing season, and the spot market booking prices will rise significantly.
2) The demand for ton nautical miles in the tanker market rose in an all-round way, which helped maintain the freight rate at a high level.
BDTI (crude oil transportation) index was 1122 points, up 5.75% year on year; The BCTI (refined oil transportation) index was 931 points, up 22.82% year on year.
Industry dynamic information
Industry overview: From the performance of shipping sub sectors relative to Shanghai Shenzhen 300, the shipping port sector rose this week (April 29 May 3). The shipping sector rose 0.83% this week, while the port sector rose 0.09%.
Shipping ports: The transportation demand is good, the freight rates of centralized transportation, oil transportation and dry bulk cargo rise together, and the export container transportation market in China is good, and the freight rates of ocean routes rise, supporting the continued upward trend of the composite index. Recently, a number of liner companies announced that the freight rates of flights on Europe and the Mediterranean routes will be increased from May 1, ranging from $100 to $500/TEU. For North American routes, the transportation demand is good, and the supply and demand fundamentals are stable. Major airlines promote the price increase plan in the signing season, and the spot market booking price rises significantly.
The demand for ton nautical miles in the tanker market rose in an all-round way, which helped maintain the freight rate at a high level. In the crude oil market, European refineries try their best to import crude oil with less logistics risk. The United States, Guyana and Brazil once again benefit from this. The import of crude oil from the Middle East has declined, which benefits VLCC ship types. The BDTI (crude oil transportation) index is 1122 points, up 0.81% month on month and 5.75% year on year. In the refined oil market, since the sanctions were imposed on Russia in early 2023, Europe has increased its imports from the United States. Since 2024, the United States' exports of refined oil to Europe have nearly tripled compared with the same period in 2023, while the exports to the east of the Suez Canal have declined by nearly 20%, and the BCTI (refined oil transportation) index has reached 931 points, up 0.54% month on month and 22.82% year on year.
COSCO Marine Holdings' net profit in the first quarter was 6.755 billion yuan. On April 29, COSCO Shipping released its report for the first quarter of 2024, in which the operating revenue was 48.27 billion yuan, up 1.94% year on year; The net profit attributable to shareholders of the listed company was 6.755 billion yuan, up 277.6% month on month. The net cash flow from operating activities reached 8.865 billion yuan, up 44.07% year on year, and the balance of cash and cash equivalents reached 173.052 billion yuan, demonstrating a strong ability to resist risks.
