The shipping and port sector showed strong momentum in early trading on October 30, with Jinjiang Shipping hitting the daily limit-up, while COSCO Shipping Holdings, Guohang Ocean Shipping, Shanghai International Port Group, and China Merchants Port posted notable gains.
On the news front, shipping giants are collectively raising their rates. On October 29, Maersk issued an announcement declaring an increase in freight rates on routes from the Far East to Northern Europe and the Mediterranean, with the new tariffs effective from November 16, 2026. Since mid-October, CMA CGM, Maersk, Hapag-Lloyd, and MSC have successively announced that starting October 19, FAK rates from the Far East to Europe, the Mediterranean, and North Africa would be raised to USD 4,200-4,500 per FEU. Under the influence of uncertainties such as geopolitical conflicts, the pace of rising global freight rates shows no sign of slowing. According to the Drewry World Container Index, on October 23, 2025, the rate from Shanghai to Los Angeles was USD 2,290 per FEU, and Shanghai to New York was USD 3,420 per FEU; one year later, on October 29, 2026, those prices had risen by approximately 228% and 182% year-on-year, respectively.
The shipping industry is facing tightening supply. Market participants say the rise in shipping prices stems from a shift in the industry's supply landscape. Currently, both the Strait of Hormuz and the Bab-el-Mandeb Strait are simultaneously affected by geopolitical conflicts. Continued attacks by Yemen's Houthi forces on surrounding oil facilities and refineries have greatly intensified international shipowners' concerns about navigation safety in key waterways. A large number of container vessels have been forced to abandon the Red Sea-Suez Canal route and divert around the Cape of Good Hope in Africa. The diversion adds 10 to 14 days to a one-way Asia-Europe voyage, sharply reducing vessel turnover rates. This means that carrying the same volume of trade goods requires occupying more shipping capacity, and global effective supply faces sustained structural tightening. In addition, the dry bulk shipping market has seen a short-term sentiment recovery. On October 29, the Baltic Dry Index (BDI) stood at 2,712 points, up 2.26% month-on-month, hitting a more than two-week high; among them, the Capesize Index (BCI), which is most sensitive to iron ore and coal demand, surged 5.25% in a single day to 4,090 points.
Leading companies posted impressive third-quarter results. The third-quarter reports disclosed by multiple domestic shipping enterprises show that with the recovery of dry bulk freight rates, changes in transportation demand, and adjustments in corporate capacity deployment, signals of a global "shipping super cycle" are emerging. On October 29, COSCO Shipping Holdings released its third-quarter report for 2026. In the third quarter, the company achieved operating revenue of RMB 75.692 billion, a year-on-year increase of 29.39%. It realized a net profit attributable to shareholders of the listed company of RMB 17.230 billion, a year-on-year increase of 80.73%, and a quarter-on-quarter increase of 128.45% compared with the second quarter. On October 28, the third-quarter report disclosed by China Merchants Energy Shipping showed that the company achieved operating revenue of RMB 12.771 billion in the third quarter, a year-on-year increase of 89.89%; it realized a net profit attributable to shareholders of the listed company of RMB 5.024 billion, a year-on-year increase of 327.45%, and a quarter-on-quarter increase of 19.73%. Third-quarter reports disclosed by leading stocks such as Shanghai International Port Group and COSCO Shipping Energy Transportation were equally impressive. Shanghai International Port Group's net profit attributable to parent company in the first three quarters increased by 16.08% year-on-year, while COSCO Shipping Energy Transportation grew by 171.9%.
Profit forecasts for 5 stocks may double year-on-year. From the perspective of institutional forecasts for year-on-year profit changes, the shipping and port sector is overall optimistic for 2026. Guohang Ocean Shipping is expected to see a year-on-year profit growth of 537.96% in 2026. COSCO Shipping Energy Transportation, Xiamen Port Development, China Merchants Energy Shipping, and Haitong Development are also forecast to double their profits year-on-year in 2026. Shenwan Hongyuan believes that the "third-quarter report trading" window is opening: starting in November, global shipping companies will successively release third-quarter reports and fourth-quarter TCE guidance, and combined with declining winter navigation efficiency, freight rates are expected to rise again. Guotai Haitong Securities believes that two stages have created a "super boom" in oil shipping: the first stage is geopolitical conflicts driving the restructuring of global crude oil trade, with Russia and Europe "seeking distant sources instead of nearby ones" lengthening voyage distances, driving the oil shipping boom upward across years for more than three years, and capacity utilization rising to a threshold; the second stage is the start of global crude oil production increases, driving continued growth in oil shipping demand. The rigid effective supply of tankers continues, and future supply and demand will continue to improve, with the boom rising. Looking ahead, Guotai Haitong Securities maintains an "Overweight" rating on oil shipping, believing that the duration of the high boom will exceed expectations. Oil shipping has entered a high-boom phase and possesses sustainability, opening up dual space for both performance and valuation.
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