大摩此前认为，即使因季节性关系短期现货运费有所波动，今明两年航运业下行周期料将持续，予中远海控“减持”评级。报告中称，公司今年第三季度净利润同比增长286%至213亿元人民币。剔除一次性项目，经常性利润同比增长289%，与初步业绩一致。大摩估算，集团旗下东方海外国际第三季度贡献12亿美元，占分部利润约37%，并与上半年持平。该行亦认为，中远海控第三季度表现将标志今年度盈利的高峰。The decline in shipping stocks widened. As of press release, Haifeng International (01308) fell 5.91% to HK$20.7; COSCO Marine (01919) fell 3.01% to HK$11.62; and Pacific Shipping (02343) fell 2.43% to HK$2.01.
The Zhitong Finance App learned that the decline in shipping stocks increased. As of press release, Haifeng International (01308) fell 5.91% to HK$20.7; COSCO Offshore (01919) fell 3.01% to HK$11.62; Orient Overseas International (00316) fell 2.5% to HK$105.4; and Pacific Shipping (02343) fell 2.43% to HK$2.01.
Yide Futures pointed out that according to the latest spot market feedback, the current price for large cabinet bookings is around 3,700 to 3,800 US dollars. In December, freight forwarder prices will increase by 2,000 US dollars, which is lower than the current increase from shipping merchants, and the implementation situation still needs to be further observed. Considering that there is a traditional wave of concentrated shipping expectations in early December, it will provide some support for freight rates, while late December is affected by holiday factors, and shipping demand is expected to decrease and freight rates will fall accordingly.
Damo previously believed that even if short-term spot freight rates fluctuate due to seasonal factors, the downward cycle of the shipping industry is expected to continue this year and next two years, giving COSCO Maritime Control a “reduced holdings” rating. According to the report, the company's net profit for the third quarter of this year increased 286% year-on-year to RMB 21.3 billion. Excluding one-time projects, recurring profit increased 289% year over year, in line with initial results. Damo estimates that Oriental Overseas International, a subsidiary of the group, contributed 1.2 billion US dollars in the third quarter, accounting for about 37% of the division's profit, which is the same as in the first half of the year. The bank also believes that COSCO Offshore's third quarter performance will mark the peak of profits this year.
