Research Express | Fujian Guohang Oceanic Shipping Received 4 Institutions Including Huaxin Securities; Coastal Coal Freight Rates Increased Over 50%

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Basic Research Overview

Fujian Guohang Ocean Transportation (Group) Co., Ltd. (hereinafter referred to as “the Company”) hosted an institutional research visit on March 18, 2026, at the Shangri-La Hotel in Pudong, Shanghai. The activity was categorized as “Other,” with participating institutions including Huachuang Securities, Golden Eagle Fund, Zhongguang Cloud Investment, Guotai Haitong Securities, and others. Mr. He Zhiqiang, the company’s Secretary of the Board, was responsible for hosting and communicating with institutional investors.

Key Points of the Research

Advantages of the Domestic and International Trade Dual-Operation Model: Dual Qualifications + Compliant Fleet Enhance Profitability Resilience

In response to questions about the “advantages of the dual-operation model and the barriers to route switching,” the company stated that this model allows flexible adjustment of capacity, optimization of route efficiency, and increased profitability resilience. Regarding operational qualifications, ships engaged in both domestic and international trade must hold relevant certificates for both markets, complete ship registration, and match crew qualifications. As one of the leading private dry bulk shipping companies flying the Chinese national flag, the company leverages dual qualifications, a compliant fleet, and global operational capabilities to respond quickly to market changes and optimize capacity allocation.

Impact of Rising Oil Prices: Freight Rate Increases Offset Cost Pressures; Long-term Focus on Oil Price Risk Management

Regarding the question of “the impact of recent significant increases in international oil prices,” the company responded from two perspectives: First, rising energy prices have driven stronger demand for coastal coal transportation, with coastal coal freight rates continuing to rise. Data shows that the China Coastal Coal Freight Index (CBCFI) increased from 610.95 points at the end of February to 936.07 points on March 18, a rise of over 50%, which to some extent offset cost pressures from rising expenses. Second, as fuel costs are a major expenditure for shipping companies, the company has long prioritized oil price risk management by stockpiling and locking in fuel prices during low-price periods and appropriate windows, using structured plans to smoothly hedge against oil price fluctuations, ensuring stable and predictable operational benefits.

New Ship Planning: Steady Expansion and Fleet Optimization; Future Developments Will Be Announced in a Timely Manner

Regarding “future new shipbuilding plans,” the company stated that after the recent years of new ships entering operation, the fleet structure has been effectively optimized, improving overall carrying capacity and green, low-carbon standards, thereby enhancing competitiveness in the dry bulk market. Moving forward, the company will continue to adhere to principles of steady expansion, structural optimization, and green development, and will scientifically and orderly advance ship renewal and capacity addition plans based on market cycles, industry trends, and its own operational conditions. The company emphasized that new shipbuilding plans will strictly follow regulatory procedures and disclosure obligations, and any substantial progress will be announced promptly.

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Editor: Xiao Lang Kuai Bao