DOCSLIB.ORG

Upturn in the Shipping Industry, Sustained Profit Recovery, Maintain

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

股 票 研 [Table_Title] Company Report: Sinotrans Shipping (00368 HK) Spencer Fan 范明 究 (86755) 2397 6686 Equity Research 公司报告： 中外运航运 (00368 HK) [email protected] 18 April 2018 Upturn[Table_S ummaryin the] Shipping Industry, Sustained Profit Recovery, Maintain “Accumulate” 航运景气仍向上，盈利复苏可延续，维持“收集” 2017 results were in line. Revenue rose 19.6% YoY to US$1,006 mn, while 公 [Table_Rank] shareholders’ profit reversed from a loss to US$32.27 mn. Continued Rating: Accumulate Maintained 司 recovery of dry bulk freights was the main reason for profit reversal. 报 Dry bulk shipping industry likely to sustain recovery. Due to insufficient 评级： 收集 (维持) 告 building orders from the past 3 years, we estimate supply growth of the industry in 2018/2019 to be 2.0%/1.5%, outperforming Clarksons' projected Company Report 6[Table_Price-18m TP目标价] : HK$2.36 demand growth of 3.8%/3.0%. Iron ore imports from China are expected to Revised from 原目标价: HK$2.50 stay robust. The Company is expected to maintain its 80%/20% dry bulk capacity for price locked-in/trade-on-spot. We estimate 2018 revenue from Share price 股价： HK$2.040 the dry bulk segment to grow at around 16.5% YoY. Sino-U.S trade war should have little impact on container income. The Stock performance Company operates intra-Asia routes only; volume has been stable due to 股价表现 complimentary features of trade lines. As average box price has stabilized, [Table_QuotePic] we expect Sinotrans Shipping's container revenue to grow 4.1% YoY in 2018. % of return 60.0 LNG JV launched in 2018 and profit may reach US$30 mn/year by 2020. 50.0 证 By 1Q18, two LNG carriers had been delivered and put into operation for the 40.0 券 告 Yamal project, with the remaining three LNG carriers to be delivered in 1Q19. 30.0 Accordingly, each vessel may contribute US$6 mn/year before-tax profit. 20.0 研 报 10.0 Adjust TP to HK$2.36 and maintain "Accumulate" rating. Synergy with 究 究 0.0 CMES could be a catalyst for Sinotrans Shipping's share price. The 报 Company's valuation has a high safety margin against its net book value, with (10.0) 研 upward potential. Our TP reflects 0.66x/0.65x/0.64x 2018-2020 PBR. (20.0) 告 Apr/17 Jul/17 Oct/17 Jan/18 Apr/18 券 HSI index Sinotrans Shipping Equity Research Report 2017 年业绩符合预期。公司收入同比升 19.6%至 10.06 亿美元，股东净利扭亏至 3,227 证 万美元。公司实现扭亏为盈主因是干散货航运市场运价出现的持续性改善所致。 [Table_PriceChange] [Tab 干散货运输大概率继续复苏。考虑过去 3 年较少的造船订单量，我们预计行业 2018/2019 Change in Share Price 1 M 3 M 1 Y 股价变动 个月 个月 年 1 3 1 年运力供给增速为 2.0%/1.5%，好于克拉克森预测的 3.8%/3.0%需求增速。同时，我们预 le_I 计国内的进口铁矿石量将维持强劲。公司预计维持其自有船队在锁价/即期市场 80%/20% Abs. % (14.0) (8.2) 12.8 绝对变动 % 航nfo1 运力的配置。我们预计 2018 年干散货分部收入同比增长 16.5%。 Rel. % to HS Index (10.1) (2.4) (13.6) 相对恒指变动 % 运 中美贸易战对集运收入影响较小。公司集运航线均在亚洲，由于货源属于互补型，货量一 ] Avg. share price（HK$） 2.3 2.3 2.1 物 直保持稳定。由于单箱运价已经稳定，我们预测中外运航运 2018 年集运收入同比升 4.1%。 平均股价（港元） 流 Source: Bloomberg, Guotai Junan International. 液化天然气运输业务于 2018 年开启，预计 2020 年开始年均可贡献 3,000 万美元利润。 行 截至 2018 年 3 月，亚马尔天然气项目的 2 艘冰级船已经交付并投入使用，另外 3 艘预计 业 将于 2019 年一季度交付。据悉，每艘船每年可贡献公司税前利润约 600 万美元。 调整目标价至 2.36 港元并维持“收集”评级。我们认为公司与招商轮船间的协同效应有望成 ShippingLogistics Sector & 为公司股价的催化剂。考虑净资产账面价值具备较高安全边际，公司的估值水平具备进一 步上行空间。我们的目标价对应 0.66 倍、0.65 倍以及 0.64 倍的 2018 至 2020 年市净率。 Y[Table_ear End Turnover Net Profit EPS EPS PER BPS PBR DPS Yield ROE [Tab 年结Profit ] 收入 股东净利 每股净利 每股净利变动 市盈率 每股净资产 市净率 每股股息 股息率 净资产收益率 12/31 (US$ m) (US$ m) (US$) (△ %) (x) (US$) (x) (US$) (%) (%) le_I nfo2 2016A 841 (230) (0.058) n.a. (4.5) 0.448 0.6 0.005 1.9 (12.0) 2017A 1,006 32 0.008 n.a. 32.6 0.455 0.6 0.004 1.5 1.8 中] 中 2018F 1,120 43 0.011 37.5 23.7 0.454 0.6 0.003 1.3 2.4 外 2019F 1,212 56 0.014 27.3 18.6 0.463 0.6 0.004 1.6 3.1 外 运 2020F 1,311 63 0.016 14.3 16.3 0.472 0.6 0.005 1.8 3.4 运 航输 [Table_BaseData]Shares in issue (m) 总股数 (m) 3,992.1 Major shareholder 大股东 Sinotrans & CSC 68.2% Market cap. (HK$ m) 市值 (HK$ m) 8,143.9 Free float (%) 自由流通比率 (%) 31.8 运 3 month average vol. 3 个月平均成交股数 (‘000) 8,441.8 FY18 Net gearing (%) FY18 净负债/股东资金 (%) net cash 52 Weeks high/low (HK$) 52 周高/低 (HK$) 2.730/1.570 FY18 Est. NAV (HK$) FY18 每股估值（港元） 3.2 Source: the Company, Guotai Junan International. Sinotrans Shipping (00368Sinotrans HK) Shipping See the last page for disclaimer Page 1 of 8 [Table_PageHeader]Sinotrans Shipping (00368 HK) Sinotrans Shipping’s (“the Company”) 2017 results were in line with expectations. In 2017, the Company recorded total revenue of US$1.006 bn, up 19.6% YoY. 2017 shareholders' profit was US$32.271 mn, reversing] 1 r a fromM t a lossh g ofi US$R _ 229.579e l b mna T [ in 2016. Sinotrans Shipping announced final dividend of US$38 cents per share, corresponding to a 47.6% dividend payout ratio, higher than our expectation. This move demonstrated the management's confidence on Sinotrans Shipping's future cash flow to some extent. Based on calculations, the Company recorded 2H17 shareholders' profit of US$24 mn, benefiting from continued recovery of the dry bulk shipping market. We believe that the global shipping market, represented by dry bulk shipping and container shipping, bottomed out after 2016. Trending from the recovery in 2017, BDI is still in its early stages of recovery and Sinotrans Shipping's profitability will enhance. 18 April 2018 Figure-1: BDI Component Indexes Performance Figure-2: BDI and the Company's Breakeven Level BCI: Capesize BPI: Panamax BDI BSI: Supramax BSI: Handysize 2,500 4,000 2,000 3,500 3,000 1,500 2,500 2,000 1,000 1,500 Sinotrans Shipping's breakeven level 1,000 500 ] 2 r a M t h g i R _ e l b a T [ 500 0 0 Source: The Baltic Exchange, Guotai Junan International. Source: The Baltic Exchange, the Company, Guotai Junan International. The dry bulk segment improved amid rising shipping freights, mixed with a well-structured vessel portfolio. The segment’s 2017 revenue grew 32.7% YoY to US$489.1 mn, slightly lower than our expectation. Average age of self-owned vessels reduced from 6.38 years in 2016 to 6.20 years at the end of 2017, indicating the Company’s high efficiency in optimizing fleet portfolio. Average daily charter hire/time charter equivalent (“TCE”) rate of self-owned vessels was US$10,458, up 60.4% (00368 HK) YoY. By March 2018, Sinotrans Shipping’s dry bulk fleet’s deadweight tonne ("DWT") capacity totaled 6.64 mn tonnes, of which, 50% capacity was chartered in. Regarding the remaining 50% of self-owned vessels, Sinotrans Shipping expected 80% of the self-owned capacity to be price locked-in for 2018, while these locked-in freights guarantees relatively stable profit margins. In 中外运航运 our opinion, locked-in shipping prices (over spot market average) guarantees Sinotrans Shipping’s stable margins, while the flexible fleet structure also allows the Company to achieve a certain amount of exposure to arbitrage activities in the spot. So far, Sinotrans Shipping's dry bulk operating structure and strategy are forward-looking, and we expect the segment's revenue to increase 16.5% YoY in 2018 amid an overall upturn in industry trend. Sinotrans Shipping Table-1: Dry Bulk Fleet Delivery and Capacity Breakdown of Sinotrans Shipping as at March 31, 2018 Sinotrans Shipping's Fleet: Self-owned Chartered-in Controlled Vessels Orderbook No. DWT(‘000) TEU No. DWT(‘000) TEU No. DWT (‘000) TEU Capesize 9 1,609 - 1 179 - 10 1,788 - 0 Panamax 11 908 - 28 2,201 - 39 3,109 - 0 Handy & Handymax 16 852 - 16 888 - 32 1,740 - 6 Dry Bulk Carriers 36 3,369 - 45 3,268 - 81 6,637 - 6 Container vessels 14 221 16,733 17 360 25,632 31 581 42,365 0 LNG 1 96 - - - - 1 96 - 4 Total vessels 51 3,686 16,733 62 3,628 25,632 113 7,314 42,365 10 Source: the Company. Report Company See the last page for disclaimer Page 2 of 8 [Table_PageHeader]Sinotrans Shipping (00368 HK) After bottoming out in 2017, the dry bulk shipping market might continue to recover gradually in 2018. We believe that Sinotrans Shipping will continue to benefit from industry recovery in 2018. Benefiting from] order1 r digestiona M t h andg i vesselR _ scrappinge l b a T [ over the past 3 years, the ratio of orders-on-hand/existing capacity had reached a historical low (7.0%) of the dry bulk shipping industry in March 2018. Due to the slow pace of vessel delivery, we expect 2018/2019 dry bulk shipping capacity YoY growth to be 2.0%/1.5%. Considering the upcoming launch of the 2019 and 2020 Ballest Water Convention and tightened regulations of using low-sulfur fuel, we expect the dry bulk shipping industry's capacity growth to be more restrained after 2018. On the other hand, benefiting from global economic growth, we estimate 2018/2019 dry bulk shipping demand growth to be 3.8%/3.0%, exceeding growth from the supply side.
Recommended publications
  • Download Voting Disclosure PDF File

    Download Voting Disclosure PDF File

    Vote Summary Report Reporting Period: 01/01/2018 to 03/31/2018 Cantel Medical Corp. Meeting Date: 01/03/2018 Country: USA Meeting Type: Annual Proposal Vote Number Proposal Text Mgmt Rec Instruction 1a Elect Director Charles M. Diker For For 1b Elect Director Alan R. Batkin For For 1c Elect Director Ann E. Berman For For 1d Elect Director Mark N. Diker For For 1e Elect Director Anthony B. Evnin For For 1f Elect Director Laura L. Forese For For 1g Elect Director George L. Fotiades For For 1h Elect Director Jorgen B. Hansen For For 1i Elect Director Ronnie Myers For For 1j Elect Director Peter J. Pronovost For For 2 Advisory Vote to Ratify Named Executive For Against Officers' Compensation 4 Adopt the Jurisdiction of Incorporation as the For Against Exclusive Forum for Certain Disputes 5 Ratify Deloitte & Touche LLP as Auditors For For Alibaba Health Information Technology Ltd. Meeting Date: 01/04/2018 Country: Bermuda Meeting Type: Special Proposal Vote Number Proposal Text Mgmt Rec Instruction 1 Approve Subscription Agreement, Grant of For For Specific Mandate and Related Transactions China Telecom Corporation Ltd Meeting Date: 01/04/2018 Country: China Meeting Type: Special Page 1 of 979 Vote Summary Report Reporting Period: 01/01/2018 to 03/31/2018 China Telecom Corporation Ltd Proposal Vote Number Proposal Text Mgmt Rec Instruction 1 Amend Articles of Association For Against Transmissora Alianca De Energia Eletrica SA Meeting Date: 01/04/2018 Country: Brazil Meeting Type: Special Proposal Vote Number Proposal Text Mgmt Rec Instruction 1 Approve Acquisition of Assets from Apollo 12 For Do Not Participacoes SA Including the Acquisition of Vote 24.95 Percent of IB SPE Transmissora de Energia SA 2 Authorize Board to Ratify and Execute For Do Not Approved Resolutions Vote Acuity Brands, Inc.
  • The Environmental Assessment on Chinese Logistics Enterprises Based on Non-Radial DEA

    The Environmental Assessment on Chinese Logistics Enterprises Based on Non-Radial DEA

    energies Article The Environmental Assessment on Chinese Logistics Enterprises Based on Non-Radial DEA Jie Liu 1,*, Chunhui Yuan 1 and Xiaolong Li 2,* 1 School of Economics and Management, Beijing University of Posts and Telecommunications, Beijing 100876, China; [email protected] 2 School of Modern Post, Beijing University of Posts and Telecommunications, Beijing 100876, China * Correspondence: [email protected] (J.L.); [email protected] (X.L.); Tel.: +86-188-1097-3901 (J.L.); +86-138-1131-8321 (X.L.) Received: 26 November 2019; Accepted: 11 December 2019; Published: 13 December 2019 Abstract: Under the new situation of economic development in China, the logistics industry is facing unbalanced development regarding economic and environmental performance. From the enterprise level, this study investigated the sustainability of Chinese logistics based on the environmental assessment data envelopment analysis (DEA) model, and measured the unified efficiency of a logistics company under two different production arrangement strategies. The empirical measurement provides several findings. First, logistics enterprises give higher priority to operational benefits than environmental performance. Second, under the operational priority of production arrangement, small and medium-sized enterprises’ (SMEs) unified efficiency is better than a large enterprise, and private enterprises’ unified efficiency is better than state-owned enterprises. Moreover, the empirical study has further proved that the sustainability development of Chinese logistics is still at the primary stage; when facing trade-offs in the sustainability context, logistics companies still prioritize operational performance first. Therefore, transforming corporate strategy into an environmental sustainable priority and realizing logistics sustainability still has a long way to go, which is the backbone of realizing balanced development of both the economy and environment.
  • Cosco Shipping Energy Transportation Co., Ltd.* 中遠海運能源運輸股份有限公司

    Cosco Shipping Energy Transportation Co., Ltd.* 中遠海運能源運輸股份有限公司

    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* 中遠海運能源運輸股份有限公司 (a joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 1138) 2019 INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2019 FINANCIAL HIGHLIGHTS • Revenues of the Group increased by approximately 40% to approximately RMB7,059 million • Profit for the period attributable to equity holders of the Company was approximately RMB470 million • The basic and diluted earnings per share for the period were RMB11.66 cents The board (the“Board”) of directors (the “Directors”) of COSCO SHIPPING Energy Transportation Co., Ltd. (the “Company”) is pleased to announce the unaudited interim results of the Company and its subsidiaries (together referred to as the “Group”) for the six months ended 30 June 2019 (the “Reporting Period”), together with the comparative figures for the corresponding period in 2018. - 1 - CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 June 2019 Six months ended 30 June Note 2019 2018 (Restated) (Unaudited) (Unaudited) RMB’000 RMB’000 Revenues 4 7,058,637 5,036,166 Operating
  • New Port Development and Global City Making: Emergence of the Shanghai-Yangshan Multilayered Gateway Hub Chengjin Wang, César Ducruet

    New Port Development and Global City Making: Emergence of the Shanghai-Yangshan Multilayered Gateway Hub Chengjin Wang, César Ducruet

    New port development and global city making: Emergence of the Shanghai-Yangshan multilayered gateway hub Chengjin Wang, César Ducruet To cite this version: Chengjin Wang, César Ducruet. New port development and global city making: Emergence of the Shanghai-Yangshan multilayered gateway hub. Journal of Transport Geography, Elsevier, 2012, 25, pp.58-69. halshs-00717879 HAL Id: halshs-00717879 https://halshs.archives-ouvertes.fr/halshs-00717879 Submitted on 13 Nov 2012 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. New port development and global city making: Emergence of the Shanghai-Yangshan multilayered gateway hub Chengjin WANG Key Laboratory of Regional Sustainable Development Modeling Institute of Geographical Sciences and Natural Resources Research (IGSNRR) Chinese Academy of Sciences (CAS) Beijing 100101, China [email protected] César DUCRUET French National Centre for Scientific Research (CNRS) UMR 8504 Géographie-cités F-75006 Paris, France [email protected] Abstract Planned as Shanghai's new port, Yangshan is currently expanding its roles as transhipment hub and integrated logistics/industrial center in the Asia-Pacific region. This paper examines the impact of the emergence of Yangshan on the spatial pattern of the Yangtze River Delta since the 1970s, with reference to existing port system spatial evolutionary models.
  • Polar Seaways? Maritime Transport in the Arctic: an Analysis of Shipowners’ Intentions II

    Polar Seaways? Maritime Transport in the Arctic: an Analysis of Shipowners’ Intentions II

    1 Polar Seaways? Maritime Transport in the Arctic: An Analysis of Shipowners’ Intentions II. Frédéric Lasserre Corresponding author Professor, Laval University [email protected] Leah Beveridge Research Assistant, Dalhousie University [email protected] Mélanie Fournier Post-doctoral Fellow, Dalhousie University [email protected] Pierre-Louis Têtu PhD student, Laval University [email protected] Linyan Huang PhD student, Laval University [email protected] Abstract Climate change in the Arctic is leading to the fast recession of the sea ice extent in the summer. This evolution leads several observers, scientists, media and government officials, to consider the possibility of developing new shipping routes along Arctic routes, as these routes are much shorter between Europe and Asia. The literature displays a strong interest for these potential shipping routes while the media often assume shipping companies nurture a sustained attraction for Arctic routes. This paper tackles with this idea and examines to what extent shipping companies, the ultimate economic agents, are really interested in Arctic shipping routes. The image the research portrayed is that only a minority of shipping companies are indeed interested, and those that are interested stress the destinational dimension of Arctic shipping, not transit shipping. Keywords: Arctic shipping; NSR; NWP; transit; destinational traffic; business strategy. Lasserre, F.; Beveridge, L. ; Fournier, M.; Têtu, P-L, Huang, L. (2016). Polar seaways? Maritime transport in the Arctic: An analysis of shipowners' intentions II. Journal of Transport Geography, 57(2016) 105-114, http://dx.doi.org/10.1016/j.jtrangeo.2016.10.004 2 Acknowledgements This research was funded by ArcticNet Research Network (Canada); the Social Sciences and Humanities Research Council of Canada (SSHRC); the Natural Sciences and Engineering Research Council of Canada (NSERC).
  • Privatization Amid Ongoing Recovery, Maintain "Accumulate"

    Privatization Amid Ongoing Recovery, Maintain "Accumulate"

    股 票 Research 研 [Table_Title] Company Report: Sinotrans Shipping (00368 HK) Spencer Fan 范明 究 (86755) 2397 6686 Equity 公司报告： 中外运航运 (00368 HK) [email protected] 21 September 2018 Privatization[Table_Summary] amid Ongoing Recovery, Maintain "Accumulate" 复苏在途，计划私有化，维持“收集” Privatization planned: In accordance with SASAC rules and the Company’s [Table_Rank] valuation in recent years, we estimate 0.9x-1.0x acquisition PBR for the Rating: Accumulate Maintained privatization of Sinotrans Shipping, which corresponds to approx. 100% 公 upward price potential. We await further disclosure of details. 司 评级： 收集 (维持) Operating strategy in 1H18 was unexpectedly cautious. The Company’s 报 1H18 revenue declined 0.7% YoY to US$497 mn due to less dry bulk 6[Table_Price-18m TP目标价] : HK$2.22 告 shipping capacity in control, yet shareholders' profit surged 399.85% YoY to Revised from 原目标价: HK$2.36 US$40.018 mn amid effective cost control. The price of 70% of self-owned Company Report vessels will be locked in in 2H18 to secure stable margins. Sino-U.S trade Share price 股价: HK$1.810 tension will have limited impact on dry bulk profitability. Improving capacity structure with possible higher-than-expected Stock performance demand in 2H18. Projected supply/ demand growth has been revised to 股价表现 1.7%/ 3.2% for 2018. Average grain shipping distance might rise. Iron ore [Table_QuotePic] import is expected to stay robust amid heating housing construction; we % of return 30.0 estimate 2018 dry bulk revenue to slightly decline by 2.2% YoY. 20.0 Container business gradually forming into good shape.
  • Cosco Shipping Energy Transportation Co., Ltd.*

    Cosco Shipping Energy Transportation Co., Ltd.*

    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 1138) CONNECTED TRANSACTION CAPITAL INCREASE IN COSCO SHIPPING FINANCE THE CAPITAL INCREASE AGREEMENT The Board is pleased to announce that, on 24 April 2020, the Company, Dalian Tanker (a wholly- owned subsidiary of the Company) and the other Existing Shareholders entered into the Capital Increase Agreement, pursuant to which the Existing Shareholders (including the Company and Dalian Tanker) have agreed to increase the registered capital of COSCO SHIPPING Finance by RMB3,200,000,000 in proportion to their respective shareholding, subject to the terms and conditions set out therein. Upon completion of the Capital Increase, the registered capital of COSCO SHIPPING Finance will be increased from RMB2,800,000,000 to RMB6,000,000,000 while the shareholding of the Group in COSCO SHIPPING Finance will remain unchanged at 10.9145%. IMPLICATIONS UNDER THE HONG KONG LISTING RULES As at the date of this announcement, 601,719,197 A Shares are directly held by COSCO SHIPPING and 1,554,631,593 A Shares are held by China Shipping (a wholly-owned subsidiary of COSCO SHIPPING) and its subsidiaries.
  • S&P Summary Sales

    S&P Summary Sales

    Friday 31 October 2014 S&P Summary Sales by Buyers Location Sales by Type Europe, 7.6 Unknown, 40.65 China 98.5 Tankers, 100.30 Greece 49.7 Bulkers, 148.85 Hong Kong, 52.7 Sales DRY Name Type DWT Yard Built USD mill Comments VesselsValue.com Buyer Seller ER Beilun Capesize 179,400 Hyundai HI 2010 49.25 TCB to sellers 43.7 Sinotrans Shipping ER Schiffahrt ER Brazil Capesize 179,400 Hyundai HI 2010 49.25 TCB to sellers 43.7 Sinotrans Shipping ER Schiffahrt Mandarin Wisdom Ultramax 64,000 Hantong 2015 28.7 Resale 26.9 Erasmus Shipinvest Dasin Holdings Pte Darya Bhakti Supramax 56,000 Mitsui 2005 16.8 16.7 Unknown Chellaram Shipping Nestor Handysize 28,600 Hudong 1997 4.85 At auction in Piraeus 5.6 Unknown Tsangaris Bros WET Name Type DWT Yard Built USD mill Comments VesselsValue.com Buyer Seller Amin 2 Suezmax 158,000 Hyundai Samho 2009 52.7 At auction in Xiamen, after being laid up 1 year 56.0 HK based Irano Hind Shipping Risanger MR 46,300 Daedong 2000 10.5 En bloc 10.6 IMS Westfal Larsen Ravnanger MR 46,300 Daedong 2000 10.5 En bloc 10.6 IMS Westfal Larsen Nord Star MR 46,000 Shin Kurushima 2009 19 22.2 Unknown Torm Clipper Leander Small Clean 10,100 Yardimci Deniz 2006 7.6 9.3 European Nordic Tankers CONTAINER Name Type TEU Yard Built USD mill Comments VesselsValue.com Buyer Seller SCI Nhava Sheva Panamax 5,042 Hyundai HI 2005 17.5 En bloc 16.5 Lomar Shipping Offen Claus-Peter Santa Priscilla Panamax 5,042 Hyundai HI 2005 17.5 En bloc 16.5 Lomar Shipping Offen Claus-Peter HS Livingstone Panamax 4,990 Hanjin HI 2004 15.5 En bloc 14.5
  • Is There Any Future for Green Finance in China?

    Is There Any Future for Green Finance in China?

    Master’s Degree In Languages, Economics and Institutions of Asia and North Africa Final Thesis Is there any future for Green Finance in China? Supervisor Ch. Prof. Giorgio Stefano Bertinetti Assistant supervisor Ch. Prof. Franco Gatti Graduand Maria Paola Violi Matricolation number 875054 Academic Year 2019 / 2020 Index 前言 1 Introduction 4 Chapter 1: Sustainable Finance: An overview of the international engagement 8 1.1 The rising awareness of sustainable issues: The International economic background 8 1.1.1 What is Sustainable Development? United Nations’ Sustainable Development Goals 14 1.2 The main sustainability players: Their roles in internalization of externalities 17 1.2.1 Governments’ intervention in fostering green growth 18 1.2.2 Consumers’ sustainable behaviour 23 1.2.3 Companies’ sustainable business model 26 1.3 The role of finance in Sustainable Development 28 1.3.1 Three stages of Sustainable Finance: the evolution 29 1.3.2 Challenges to Sustainable Finance 32 1.4 Stock Exchanges involvement in Sustainable Development 34 1.4.1 ESG Reporting: Exchanges’ Requirements and Challenges 36 Chapter 2: Green Finance in China: the evolving engagement towards green growth policies 39 2.1 Economic History of the People’s Republic of China: moving towards green growth policies 40 2.1.1 China's economic growth and its implications on the environment 41 2.1.2 Government’s commitment to the environmental crisis: progress towards green growth 44 2.1.3 China’s role in the cooperation on climate change: The Paris Agreement 49 2.2 Green and
  • STOXX Hong Kong All Shares 180 Last Updated: 03.04.2018

    STOXX Hong Kong All Shares 180 Last Updated: 03.04.2018

    STOXX Hong Kong All Shares 180 Last Updated: 03.04.2018 Rank Rank (PREVIOU ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) S) HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 83.1 1 1 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 71.5 2 2 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 49.4 3 3 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 42.9 4 4 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 41.6 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 33.3 6 7 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 31.0 7 6 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 27.1 8 8 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 20.2 9 10 HK0027032686 6465874 0027.HK 646587 GALAXY ENTERTAINMENT GP. HK HKD Y 20.1 10 11 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 19.0 11 12 KYG2177B1014 BYZQ077 1113.HK HK50CI CK Asset Holdings Ltd HK HKD Y 18.8 12 9 HK0002007356 6097017 0002.HK 619091 CLP Holdings Ltd. HK HKD Y 18.3 13 13 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 18.2 14 15 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 16.7 15 14 HK0823032773 B0PB4M7 0823.HK B0PB4M Link Real Estate Investment Tr HK HKD Y 15.1 16 16 HK2388011192 6536112 2388.HK 653611 BOC Hong Kong (Holdings) Ltd.
  • List of Marginable Securities with Effect from 5 October 2017 (Hk Market)

    List of Marginable Securities with Effect from 5 October 2017 (Hk Market)

    LIST OF MARGINABLE SECURITIES WITH EFFECT FROM 5 OCTOBER 2017 (HK MARKET) Valuation Marginable Value Security Name (Sorted by Alphabetical Order) Group Price Cap Ratio Cap Per Client 1 AAC Technologies Holdings Inc C 50% - - 2 Agile Property Holdings Ltd C 50% - - 3 Agricultural Bank of China A 90% - - 4 AIA Group Ltd A 90% - - 5 Air China Ltd-H C 50% - - 6 Aluminum Corp of China Ltd-H C 50% - - 7 Angang Steel Co Ltd-H C 50% - - 8 Anhui Conch Cement Co Ltd - H Shares C 50% - - 9 Anhui Expressway Co Ltd-H C 50% - - 10 APT Satellite Holdings Limited C 50% - - 11 ASM Pacific Technology Ltd B 70% - - 12 AviChina Industry & Technology Co Ltd-H C 50% - - 13 Bank of China Ltd-H A 90% - - 14 Bank of Chongqing Co Ltd-H C 50% - - 15 Bank of Communications Co Ltd-H A 90% - - 16 Bank Of East Asia Ltd A 90% - - 17 Beijing Capital International Airport Co Ltd-H B 70% - - 18 Beijing Enterprises Holdings Ltd B 70% - - 19 Belle International Holdings Ltd B 70% - - 20 BOC Hong Kong (Holdings) Ltd A 90% - - 21 Brilliance China Automotive Holdings Ltd C 50% - - 22 Byd Co Ltd-H C 50% - - 23 Cafe de Coral Holdings Ltd C 50% - - 24 CAR Inc C 50% - - 25 Cathay Pacific Airways Ltd A 90% - - 26 Central China Securities Co Ltd-H C 50% - - 27 CGN Power Co Ltd-H B 70% - - 28 Cheung Kong Infrastructure Holdings Ltd B 70% - - 29 Cheung Kong Property Holdings Ltd A 90% - - 30 China Agri-Industries Holdings Ltd C 50% - - 31 China BlueChemical Ltd - H C 50% - - 32 China Cinda Asset Management Co Ltd C 50% - - 33 China Citic Bank-H B 70% - - 34 China Coal Energy Co-H C
  • China's Energy Security at 70

    China's Energy Security at 70

    October 2019 China’s Energy Security at 70 OXFORD ENERGY COMMENT Michal Meidan As China celebrated the 70th anniversary of the founding of the People’s Republic of China (PRC) on 1 October 2019, it seems to have gone full circle back to its 1949 assessments of the US: “a greedy and violent nation, struggling to remain the wealthiest and strongest on earth”.1 For the first two decades of the PRC’s existence, Mao Zedong used anti-Americanism in his efforts to rally the country’s vast population in support of the communist revolution and realise international communist solidarity. Over the years and despite Mao’s (and subsequent leaders’) efforts to make China a strong and prosperous state—which in the 1970s also included a rapprochement with the US—Beijing never fully shed its conviction that Washington was determined to contain and transform China, keeping it weak and divided.2 Similarly, in the US, the Chinese Communist Party’s (CCP) takeover from the Nationalists in 1949 after decades of assistance from the US government, missionaries, businessmen and soldiers, was regarded as “the loss of China”, and was greeted with disillusionment and a sense of betrayal.3 These narratives of anxiety and disillusionment have been latent over the past fourty years, as the US and China normalised diplomatic ties and their cooperation deepened. But they are now re-emerging as defining features of US-China relations as the trade war continues to highlight the deepening gulf between the two countries.4 In this context, China’s biggest oil supply vulnerability is now the US, as crystalized by events in September 2019.