Shipping industry: The opportunity to focus on performance revaluation during the recovery period

Core view: Economic revitalization supports the rapid recovery of ocean shipping. Since 2009, iron and steel coal transport has been a rapid recovery situation, import and export transport decline has slowed down markedly, oil imports also resumed rapid growth, the maritime industry began to recover steadily.　　Dry bulk Transport: The beginning of a rapid upward trend.　　1, iron ore imports 57 million tons in April, create a new record of history, the year-on-year growth of the 33%,BDI index from 663 to 2,786 of the steady upward trend of moderate shocks, the government to stimulate the economy a series of measures of the effect has begun to appear.　　2, the second half of the acceleration of ship supply will restrict the shipping price again explosive rise. 3, dry bulk cargo transport operation has been from the "loss" state into a "reasonable" state.　　Container transport:, the decline of foreign trade slowed down, is expected to gradually stabilize.　　1, China and the European and American trade volume decline trend will gradually slow down, the second half is expected to continue to improve.　　2, the coastal domestic transport growth has shown a gradual recovery trend. Tanker transport: Initial price stability, demand steady recovery.　　Due to China's economic "protection of eight" requirements and "domestic exports" policy support, import oil to maintain a good trend of 9% growth, oil and liquefied petroleum gas imports continue to maintain a relatively rapid growth trend, support for oil tanker transport to maintain a sound growth.　　Valuation: An opportunity to focus on the performance revaluation of cyclical changes. There will be significant changes in the valuation of shipping companies in 2009. We give the ocean industry its 2010 average of 20 times times earnings. At present, the stock valuation of marine shipping companies is at a reasonable level and we will continue to maintain a "prudent recommendation" rating as demand recovers and freight rates rise steadily. Pay attention to the "merchant steamer" and other integrated companies, stable demand for oil transport companies, such as "long aviation oil transport", as well as bulk demand elasticity of the largest "China ocean" and other companies.