"Affected by the Russian-Ukrainian conflict, the surge in commodity prices and the suppression of potential demand, the short-term investment of container ship and large bulk carrier is worrying!"
html On June 9, Andasi, CEO of Global Transportation Group, an asset management company under JPMorgan Chase , gave such a prediction that the container ship market may no longer be invested in the next 12 months.
And 2021 has undergone great changes. In 2021, the international container shipping market was bullish all the way, and the market was "hard to find a box"; in 2021, the international oil transportation market continued to be sluggish, and tanker capacity was overcapacity; in 2021, the global demand for coal and small bulk cargo shipping was strong, and freight rates rose.
Palm Chain·First Logistics Network recently produced the "2021 China Logistics and Supply Chain Listed Companies Development Report" also gave a panoramic interpretation of the operation of water transport logistics listed companies in 2021. Some of the following excerpts:
. The "five best" of China's water transport logistics : It is the strongest in China in the field of container shipping and the fourth in the world.
COSCO HETT: a special transport fleet with a scale and comprehensive strength ranks among the world's forefront.
COSCO Ocean Energy: the world's largest oil tanker fleet in terms of capacity and the world's most complete ship type.
Business Ship : has the world's largest own VLCC fleet.
China Merchants Nanyou: The only water transportation company in China with international and domestic oil and gas transportation qualifications.
2. China's 14 water transport logistics companies are listed, and China COSCO Shipping Control's total market value exceeds 200 billion
(1) Water transport logistics "10 A shares +4 H shares": According to statistics from Zhanglian First Logistics Network, as of the end of 2021, there were 14 listed water transport logistics companies in my country, including 4 COSCO and 2 Investment Promotional Groups. (Note: COSCO Shipping mainly operates international and domestic offshore container transportation services and related businesses through its wholly-owned subsidiary COSCO Shipping Container and Holding Company Oriental Overseas International. Relevant data from Oriental Overseas International will no longer be counted separately)
has three listed companies in the past five years, namely China Merchants Nanyou listed on the A-share market in January 2019, Zhonggu Logistics listed on the A-share market in September 2020, and Shenghang Co., Ltd. was transferred from the New Third Board to the A-share market in 2021.
(2) COSCO Shipping Control's total market value is the largest, with the fourth largest in the world in terms of strength: As of the end of 2021, COSCO Shipping Control's total market value was 278.075 billion yuan, making it the first in the total market value of my country's water transportation logistics listed companies. Haifeng International is second, with a total market value of 61.846 billion yuan.
The international shipping market is highly concentrated, and the total capacity of the top ten shipping companies in the global container liner industry accounts for more than 80% of the global total capacity. According to data from Alphaliner, French shipping think tank, as of December 31, 2021, COSCO Shipping is the only top ten shipping companies in the world, with COSCO Shipping ranked fourth in global container capacity; Haifeng International ranked 14th; Antong Holdings ranked 21st.
, one super, many strong, COSCO Shipping Control's revenue and net profit are the first,
(1) Revenue - COSCO Shipping Control broke 300 billion yuan, and another 4 companies exceeded 10 billion yuan: In 2021, with the continuous soaring of shipping fees and setting new highs, the revenue of most shipping companies in the world has increased significantly.
In 2021, the operating income of COSCO Shipping, Haifeng International and Antong Holdings increased by 94.85%, 74.45% and 61.21% respectively compared with 2020. Among them, COSCO Shipping, with the highest revenue growth, had an operating income of 333.69 billion yuan in 2021, which is 3.5 times the sum of the operating income of other 13 water transportation logistics listed companies.
In 2021, China's listed water transportation logistics companies had operating income exceeding 10 billion yuan, including China Merchants Steel Company's 24.41 billion yuan, Haifeng International's 19.2 billion yuan, COSCO Shipping Company's 12.7 billion yuan, and Zhonggu Logistics 12.29 billion yuan.
(2) Net profit - COSCO Shipping exceeded 100 billion yuan, and another 4 companies exceeded 1 billion yuan: COSCO Shipping's net profit in 2021 was 103.85 billion yuan, an increase of 687.51% from 2020; Haifeng International, China Merchants Shipping, Zhonggu Logistics, and Antong Holdings exceeded 1 billion yuan, respectively, which were 7.44 billion yuan, 3.66 billion yuan, 2.41 billion yuan and 1.77 billion yuan.
COSCO Shipping Energy made impairment provisions on the assets of 94 of the existing 141 ships at the end of 2021, totaling approximately RMB 4.961 billion.
(3) The gross profit margin of international container shipping exceeded 42%, and the tanker market was sluggish: According to statistics from Zhanglian First Logistics Network, the gross profit margin of my country's international container shipping business in 2021 will be above 42%, and the gross profit margin of coastal container shipping business will be above 21%.
Due to the continued deep downturn in the tanker market, the revenue of the tanker fleet plummeted. China COSCO Shipping foreign trade oil transportation gross profit margin was -21.4%, and China Merchants Steamers Oil Tanker Transport gross profit margin was -8.98%. In this market environment, China Merchants Oil's oil transportation gross profit margin reached 19.45%.
. The 13 listed companies each have their own advantages, and the target market has their own focus. The target market has its own focus. The business of the 14 listed companies in the water transportation logistics industry has their own focus. The main situations are as follows:
, COSCO Shipping: International and domestic container shipping
, Haifeng International: Asian container shipping
, Antong International: international and domestic container shipping
, COSCO Haite: special marine transportation
, COSCO Haiti: international, China coastal crude oil and refined oil transportation, international liquefied natural gas transportation.
. China Merchants Nanyou: a specialized company for tanker transportation
7. China Merchants Ship: tanker (including LNG ship ), dry bulk cargo dual core business
8. Shenghang Co., Ltd.: domestic coastal, Yangtze River midstream and downstream liquid chemicals, refined oil water transportation business.
9. Asian Energy Logistics: Operate a fleet consisting of two dry bulk carriers and operates globally
0. Zhonggu Logistics: domestic coastal container cargo transportation.
1, Changhang Phoenix : Dry bulk shipping Yangtze River and coastal transportation, as well as ocean freight forwarding.
2, Ningbo sea transportation : international and domestic bulk transport and domestic coastal refined oil transportation, the main type of cargo is coal.
3. Pearl River Shipping: Guangdong-Hong Kong-Macao Shipping.
(2) Container transportation companies have a low dependence on large customers and suppliers: From the perspective of business type, listed companies operating container shipping business have a low dependence on upstream and downstream enterprises. The sales of the top five customers account for the total sales and the procurement of the top five suppliers account for no more than 30%.
COSCO Shipping, Ningbo Shipping and Shenghang Co., Ltd. have a high degree of concentration of customers and suppliers.
. The debt-to-asset ratio is good, short-term debt repayment ability has a big difference
Overall, the entire industry has maintained a good asset-to-asset-liability situation, and the debt-to-asset-liability ratio remains at a reasonable or low level. The short-term debt repayment ability varies, with the quick ratio of Changhang Phoenix, Shenghang Co., Ltd., COSCO Hide and COSCO Hide Energy less than 1.
. COSCO Shipping invested 950 million yuan in R&D, and Shenghang Co., Ltd. used revenue of 3.94% to engage in R&D
Palm Chain·First Logistics Network has counted the R&D investment of 6 listed water transportation logistics companies. Overall, industry companies have invested greatly in R&D. In 2021, COSCO Shipping invested 950 million yuan in R&D, with a R&D team of more than 2,000 people; China Merchants Shipbuilding invested 96 million yuan; Shenghang Co., Ltd. used funds accounting for 3.94% of its operating income for R&D.
Author: Guo Suhui
Typeline: Sweeney
