[ferro-alloys.com]

  The port shipping sector was stronger on the 9th, affected by a series of positive factors, Xinhua reported. As of the close of the day, tonghuashun port shipping plate rose 2.12%.

  Among them, the shipping limit of Ningbo rose, Bohai ferry rose by 7.64%, COSCO Haikong rose by 6.76%, and Lianyungang, Ningbo port, COSCO Haifa, COSCO Haite, etc. followed suit.

  The Baltic Dry dispersion index has recently reached a new high. The Baltic dry bulk index rose 1.3% to 1853 on Monday, the highest since January 13.

  In addition, the Capesize Index rose 41 points, or 2.3%, to 1825 points, a new high in more than two weeks, with an average daily profit of $344 to $15138.

  The Panamax freight index rose 17 points, or 0.8%, to 2258, with an average daily profit of $158 to $20323. The index rose 16 points to 1933, the highest since April 2017.

  On the company's news, Ningbo port, which led the rise on that day, carried out resource integration after absorbing and merging five ports in Zhejiang Province and Yiwu Lu port.

  According to the latest announcement, Ningbo Ocean Transportation Co., Ltd., the holding subsidiary of the company (hereinafter referred to as "Ningbo ocean"), intends to acquire 100% of the equity of Zhejiang seaport Shipping Co., Ltd. (hereinafter referred to as "seaport shipping") of Zhejiang Haigang group, a major shareholder, by means of cash method of RMB 401million.

  At the end of 2020, Ningbo port announced that it was planning to spin off Ningbo COSCO for listing. Relevant people of Ningbo Port said that the purpose of spin off is to expand the advantages of the port sector. After the listing, the subsidiary has the financing ability and the development potential will be further released.

  Since 2020, the import and export data have been on a good track, and the export data in the first two months of 2021 are more than expected. The strong performance of export brings the rapid recovery of port throughput, and the performance of port shipping related enterprises is also expected to achieve high growth.

  Bocom international pointed out that the US fiscal stimulus measures will increase the disposable income of US residents and further enhance the demand for Chinese exports. In the short term, the market fundamentals of container transportation are still strong, and support the stock price of container transportation companies.

  In the annual report quarter, the performance of Listed Companies in 2020 has been disclosed one after another. COSCO recently disclosed the performance express report in 2020, which shows that the company has achieved a total revenue of 171.259 billion yuan in 2020, an increase of 13.37% year-on-year; net profit of 9.927 billion yuan, up 46.76% year-on-year; net profit attributable to shareholders of listed companies excluding non-recurring profit and loss of 9.593 billion yuan, up 505.1% year on year.

  Among them, the fourth quarter profit exceeded 6 billion yuan. The volume and price of container shipping business rose simultaneously, driving the company's annual revenue to achieve a greater growth compared with the same period last year.

  In general, China Gold pointed out that in the first half of 2021, China's exports are still expected to maintain a strong growth rate. The contribution of consumer goods may decrease, while the contribution of investment goods and intermediate goods will increase.

  The substitution of service consumption for commodity consumption and other factors lead to the weakening of the marginal effect of U.S. consumption on China's exports. However, service-related commodity consumption, such as travel related gasoline consumption and clothing consumption, may become new growth highlights.

  There is still room for investment demand to rise, which is conducive to the export of capital goods and intermediate goods. Considering that the total proportion of intermediate goods and capital goods in China's exports is significantly higher than that of consumer goods, there is still support for exports in the short term, and the evolution of capital expenditure cycle still needs to be observed in the future.

  On the demand side, the volume of boxes recovered earlier than in previous years after the Spring Festival, and the resumption of enterprises accelerated. Statistics from China Port Association show that in February, the container throughput of eight major hub ports increased by 37.2% compared with February 2020 and 9.9% compared with that in 2019.

  Among them, foreign trade grew by 37.9% and domestic trade by 34.7%. Customs data show that in the first two months of this year, the total value of China's import and export of goods trade was 5.44 trillion yuan, an increase of 32.2% over the same period last year, which exceeded expectations.

  In addition, on the supply side, China gold company data points out that idle ships have been at a low level (only 1% of the total capacity). The capacity of the ship is suspended far less than in previous years during the Spring Festival, but the freight rate has not fallen. After the saving, with the decrease of the stock of goods, the freight price has fallen, and the US line is still strong.

• [Editor:Catherine Ren]