Industry Overview: the excess return of shipping port sector is obvious
From the performance of each sub sector of transportation relative to CSI 300, the overall recovery of transportation sector is obvious this week (February 28 – March 4). Shipping and port sectors rose 10.42% and 5.90% respectively this week, showing a very bright performance.
Shipping: in March, some carriers on the US Line raised the freight rate by US $250500 / feu
In March, some carriers on the US Line raised their freight rates by $250500 / feu, and some shipping companies on the European line continued their freight rates until the end of March. After March 1, some American shipping companies (including one and YML) raised the freight rate by $250500 / feu, while CMA, EMC and HPL continued to postpone the current freight rate; The mainstream freight rates in the US line market are US $9047 / large container in China, US $10388 / large container in US east; USD 11376 / large cabinet from Southeast Asia to west America and USD 14263 / large cabinet from East America. In the first ten days of March, the freight rate of northwest European market was slightly corrected, the freight rate of Mediterranean flow remained stable, and the freight rate of some shipping companies on the European line continued to the end of March.
Many European terminal service providers no longer handle Russian goods, or lead to a large number of containers stranded on ships and exacerbate port congestion; At the same time, some land and air routes are interrupted or lead to the diversion of some cargo transportation to sea. This week, China’s major factories basically resumed work and production, but the effect of resumption of production lags behind. The severe weather in northwest Europe has led to large-scale shutdown of the wharf and increased port congestion. At the same time, European and American sanctions against Russia continue to escalate, and many European terminal service providers such as Rotterdam port, Bremen port and Hamburg Port no longer deal with additional goods from or destined for Russia, including transshipment goods. This will cause a large number of containers to remain on board, further aggravating the congestion of European terminals. In addition, some land and air routes across Russia can no longer be used for cargo transportation, or will be forced to turn to sea transportation, which will further aggravate the tense supply-demand relationship in the centralized transportation market.
At present, more and more cargo transportation has been transferred to ports along the eastern United States and the Gulf of Mexico to avoid possible slowdowns during the negotiation of the western United States wharf trade union. The eastern United States and the Gulf ports are facing the most serious congestion in history. The US line continues to maintain the full load status of the whole route. At present, there are still stockpiles, and the cargo volume forecast in March is good. As of March 4, there were 54 waiting ships outside Changluo port, but waiting ships outside Meiwan and Meidong port continued to reach a new high. Last week, marinetraffic data showed that there were 145 waiting ships outside major ports in the United States. Among them, the heavily congested Charleston port has suspended the reception of full export containers, and the backlog of ships is expected to be cleared in April.
Centralized transportation: continue to maintain the “buy” ratings of Cosco Shipping Holdings Co.Ltd(601919) , OOCL international and Haifeng International. It is recommended to pay attention to Zim and Mason.
Dry bulk freight: it is suggested to pay attention to The Pacific Securities Co.Ltd(601099) shipping, starbulk and golden ocean group.
Oil transportation: it is suggested to pay attention to China Merchants Energy Shipping Co.Ltd(601872) , Cosco Shipping Energy Transportation Co.Ltd(600026) , TEEKAY and TEEKAY
Tanke, frontline shipping, EURONAV, Nordic American tanker.
LNG transportation: it is suggested to pay attention to GOLAR shipping and flexlng.
LPG transportation: it is recommended to pay attention to Dorian LPG.
