Guotai Haitong: Second-hand ship prices continue to rise, China's green ship retrofitting makes significant progress.

Guotai Haitong released a research report stating that in November, the second-hand ship price index was 189.90 points, an increase of 7.12% year-on-year and 0.88% month-on-month. The second-hand ship prices for ships with 5-year and 10-year-old were up by 0.50% and 0.71% respectively. In terms of demand, the global new order amount from January to November was $146.68 billion, a decrease of 31.33% year-on-year, with China's new order/delivery tonnage decreasing by 47.19%/increasing by 2.13% year-on-year, corresponding to a global market share of 59%/51%. On the technological side, domestic ship repair company Zhoushan Xin Asia Ship Repair successfully completed the rotary sail modification project, marking its formal entry into the high-end green ship modification track, achieving a phase progress in China's green ship modification. Key points from Guotai Haitong: Second-hand ship prices continue to rise, new ship prices remain under pressure In November, the global new ship price index was 184.33 points, a decrease of 2.56% year-on-year and 0.29% month-on-month. Among them, the new ship prices for tankers and bulk carriers rose slightly by 0.33% and 0.26% respectively, while the prices for container ships and gas ships decreased by 0.51% and 0.26% respectively. The second-hand ship price index was 189.90 points, an increase of 7.12% year-on-year and 0.88% month-on-month, with the prices for 5-year and 10-year-old ships rising by 0.50% and 0.71% respectively. On the cost side, the China Steel Composite Price Index was 91.95 points, a decrease of 4.79% year-on-year and a slight increase of 0.48% month-on-month. In terms of demand, the global new order amount from January to November was $146.68 billion, a decrease of 31.33% year-on-year, with new orders/delivery tonnage decreasing by 37.09%/increasing by 5.37% year-on-year. China's new orders/delivery tonnage decreased by 47.19%/increased by 2.13% year-on-year, corresponding to a global market share of 59%/51%. China Shipbuilding Corporation and China Ocean Shipping Group signed a new shipbuilding project cooperation agreement According to the company announcement, on December 8, 2025, China Shipbuilding Corporation and China Ocean Shipping Group completed a new shipbuilding project cooperation signing in Shanghai, involving a total of 87 ships of various types, with a contract amount of approximately 50 billion RMB, of which cross-border RMB settlement is about 47 billion RMB. The related new shipbuilding orders will be specifically undertaken by several subsidiaries of China CSSC, including Jiangnan Shipbuilding, Dalian Shipbuilding, Guangzhou International Shipbuilding, China Ship Chengxi, and Qingdao Beihai Shipbuilding, covering container ships, bulk carriers, tankers, and passenger ships. Rotary sail technology accelerates landing, and green ship modification achieves phased progress 1) The first set of large mobile rotary sails produced domestically were delivered on an actual ship. China Ship Energy delivered the first set of large mobile rotary sails to the "Yuedian 83" vessel, converting wind energy into auxiliary propulsion power through the Magnus effect, which is expected to reduce fuel consumption by about 10% and reduce carbon dioxide emissions by over 1500 tons per year, marking a breakthrough in the engineering application of domestic rotary sails on large bulk carriers. 2) Ship repair company completes the first rotary sail modification project. Zhoushan Xin Asia Ship Repair completed the installation of rotary sails on the "NSUTUBARAO" vessel and set sail, which is the first energy-saving rotary sail modification project undertaken by the company, marking its formal entry into the high-end green ship modification track. 3) Domestic rotary sails obtain classification society approval, and technology maturity continues to improve. The newly developed rotary sail by Shanghai Ship Equipment Research Institute obtained the Approval in Principle (AiP) certificate from the French classification society (BV), with fuel savings of 5%-25%, and proposed a "sail+ " comprehensive energy efficiency solution, laying a technical foundation for subsequent real ship applications. Data tracking As of December 5th, Brent crude oil futures price was $63.82 per barrel, an increase of $0.47 per barrel from the previous day; WTI crude oil futures price was $60.13 per barrel, an increase of $0.43 per barrel from the previous day. Shanghai crude oil futures price was 453.70 yuan per barrel. The Baltic Dry Index (BDI) was 2727 points, down 87 points from the previous day, a decrease of 3.09% month-on-month. Average prices of shipbuilding steel plates (including tax): 20mm: 3825 yuan/ton; 6mm: 4245 yuan/ton. Risk warning Risks of fluctuations in raw material prices, trade frictions, and fluctuations in new ship orders, etc.