Contents
Investment summary ..................................................................................................... 3
Rapid fleet expansion in the next two years .................................................................. 6
Order book high; more vessels likely in 2010 pipeline 6
Supply growth at a high level 8
Flat demand growth in 2010 ........................................................................................ 11
China’s imports in 2H09 and 2010: toppling from peak 11
Global demand: Up in 2010; insufficient compensation 15
Demand/supply for weak 2010 fundamentals.............................................................. 18
Spot Capesize market to see greatest pressure in long haul 18
Company updates........................................................................................................ 21
China Shipping Development – REDUCE; CP: HKD10.52; TP: HKD8.43 22
China COSCO – REDUCE; CP: HKD10.14; TP: HKD8.29 29