———2012-2013中国航运金融市场发展报告

- 2012-2013 China shipping financial market development report

　　2012年，国际经济金融形势持续动荡，航运市场屡创新低。受此影响，我国船舶融资增速有所放缓。但整体上中国航运金融市场仍保持着良好的增长势头。

In 2012,,International economic and financial situation turmoil,Shipping market reached new low.Affected by this,The ship financing in China has slowed down.But, on the whole, China shipping financial market is still maintained a good momentum of growth.

　　2013年，国际航运市场乍暖还寒，中国航运金融市场短期将面临一定挑战。但从长期来看，我国航运金融市场刚刚起步，多层次的金融市场体系尚未完全成型，航运金融市场仍将稳步前行。交通银行(601328,股吧)金融研究中心

In 2013,,The international shipping market cold,China shipping financial market short-term will be faced with a certain challenges.But in the long run,China shipping financial market has just started,Multi-level financial market system has not yet been fully forming,Shipping financial markets will steadily forward.Bank of communications(601328,guba)Financial research center

　

　中国航运金融市场现状： China shipping financial market situation:

　　发展势头良好，市场体系在完善 Good momentum of development,In the perfect market system

　　2012年，国际航运市场持续低迷，国际航运金融市场低谷徘徊。我国航运金融在此背景下谨慎前行，尽管船舶融资增速有所放缓，但航运金融及服务创新力度不减。整体来看，我国航运金融市场仍保持良好的发展势头，市场体系进一步得到完善。

In 2012,,The international shipping market sustained downturn,International shipping financial market bust wandering.China shipping financial in this context careful forward,Although the ship financing has slowed down,But shipping financial and service innovation immortalization.The whole,China shipping financial markets remain good momentum of development,To further improve the market system.

　　一、国际航运金融市场低谷徘徊 a/International shipping financial market bust wandering

　　2012年以来，欧美债务危机不断发酵，主要发达经济体复苏步伐放缓；新兴市场国家经济增速在全球经济“弱增长”的格局下也趋于降低。受制于宏观经济环境的不景气，全球航运市场持续低迷，船舶价格处于低位，航运租金增长乏力。从波罗的海综合运价指数（BDI）看，2012年2月2日BDI指数跌至651点,创下26年来的新低点。航运市场整体低迷不断加剧。

Since 2012,Europe and the United States debt crisis continuous fermentation,Major developed economies slow pace of recovery;Emerging market countries economic growth in the global economy"Weak growth"The pattern also tend to reduce.Subject to the macro economic environment of the recession,The global shipping market sustained downturn,Ship in low price,Shipping rent growth lack of power.From the Baltic comprehensive freight index(BDI)see,On February 2, 2012 BDI index dropped to 651 points,A new low for 26 years.Shipping market growing overall downturn.

　　从全球船舶融资情况来看，更多的银行正在削减面向航运业的贷款，航运企业的融资能力持续下降，且由于欧洲银行管理局新EBA条款和巴塞尔III条例的实行，航运企业融资成本有所上升。

From a global ship financing situation,More Banks are cut for shipping business loans,Shipping enterprise's financing ability is declining,And since the European bank administration new EBA terms and Basel III the implementation of the regulations,Shipping enterprise financing cost increased.

　　从2011年下半年开始，传统欧洲航运融资银行大幅收紧了航运融资业务。根据Petrofin研究所2012年初的调查报告，这一趋势在2012年持续升温。调查显示，全球前40家最大的航运融资银行对航运业的悲观情绪有增无减，超过46%比例的银行计划进一步削减航运业贷款。而贯穿2012全年的传统欧洲航运融资银行不断紧缩规模甚至退出也印证了这一调研结论。

From the second half of 2011 began,The traditional European shipping financing bank greatly reduced shipping financing business.According to the Petrofin research institute at the beginning of 2012 report,This trend continues to heat up in 2012.Investigation shows that,The world's top and largest shipping financing bank to the shipping pessimism unabated,More than 46% of the bank plans to cut the shipping business loans.Throughout the 2012 annual traditional European shipping financing bank continuously tightening scale or even leave verified the research conclusion.

　　而与此同时，亚太地区(日本、韩国、中国、新加坡、澳大利亚等)的银行近几年在全球航运融资市场的份额上升，从20%上升到近30%。根据Petrofin研究所的最新数据，远东和澳大利亚两地的船舶融资总额从2010年的664亿美元飙升至2012年的930亿美元，两年内涨幅超过4成。预计这一趋势在未来两年还将得以保持，但总体而言全球航运融资的供需缺口正在持续扩大。

And at the same time,The asia-pacific region(Japan/South Korea/China/Singapore/Australia)In recent years the bank in the global shipping financing market share rise,Increased from 20% to nearly 30%.According to the latest data Petrofin institute,The far east and Australia between the total amount of ship financing from $2010 in 66.4 billion soar to $2012 in 93 billion,Two years or more than 4 into.The trend is in the next two years will also to maintain,But in general the global shipping financing supply and demand gap is continuing to expand.

　　从船舶融资的成本看，为满足年中实行的欧洲银行管理局（EBA）制定的新资本充足要求和巴塞尔Ⅲ条例，银行将按新资本充足原则提升收取的最小净利差，航运企业的融资成本因此上升。与此同时，由于航运市场船舶运价及船东收益的前景展望偏负面，为控制风险，船舶融资越来越向财务稳健有力的大型私有上市船公司靠拢。此举进一步加大了小型船公司的融资难度并提升了该类企业的融资成本。

From the financing cost to see,In order to satisfy the years of the European bank administration(EBA)Make new capital adequacy requirements and Basel Ⅲ regulations,The bank will according to the new capital adequacy principle for ascension the minimum net profit difference,Shipping enterprise's financing cost so rise.meanwhile,Due to the shipping market ship freight and owner earnings prospects partial negative,In order to control risk,The ship financing more and more to the financial steady strong large private listed shipping company draw together.This further increased the small ship company's financing difficulty and promoted the enterprise's financing cost.

　

　二、中国航运金融市场保持良好成长势头 two/China shipping financial market to maintain good growth momentum

　　2012年，在国际航运市场持续低迷，航运企业大规模亏损的背景下，中国航运金融业务增速略有放缓。从船舶融资、航运保险、港口金融和航运指数衍生品等航运金融细分市场看，我国航运金融市场仍保持着良好的成长势头。

In 2012,,In the international shipping market sustained downturn,Shipping enterprise under the background of mass loss,China shipping financial business growth slowed slightly.The ship financing from/Shipping insurance/Port financial and shipping index derivatives shipping financial market segments to see,China shipping financial market is still maintained a good momentum of growth.

　　1．船舶融资增速持续放缓

1. The ship financing growth slowdown continued

　　2012年以来，受世界经济不景气和国内经济增长放缓的影响，中国航运市场全年处于低迷下滑的状态。中国沿海散货运价指数继续震荡下行，上半年振幅区间位于1100点至1300点，下半年震荡区间进一步下移至1000至1100点之间；中国出口集装箱运价指数上半年有所反弹，但下半年持续下跌，截至去年12月7日收于1106点。

Since 2012,By the world economic downturn and domestic economic growth influence,China shipping market downturn in the state of decline.China's coastal bulk freight index continues to shock down,In the first half of the amplitude interval is located in 1100 points to 1300 points,In the second half of the shock interval further down to 1000 to 1100 between points;China's export container freight index rebounded in the first half,But the second half of falling,By last December 7, to close at 1106 points.

　　从船舶融资需求方面看，2012年以来，在运力过剩导致航运价格底部徘徊、航运市场持续低迷的情况下，船舶订单量下降明显，船舶融资需求有所放缓。船舶工业协会数据显示，2012年1月至10月，全国造船完工量4667万载重吨，同比下降15.5%；新承接船舶订单量1642万载重吨，同比下降44.8%。截至去年10月底，手持船舶订单量11663万载重吨，同比下降29.5%，比2011年底手持订单下降22.2%。此外，人民币持续升值增加了中资商业银行对外信贷业务的风险，国内美元贷款融资利率远高于国际市场融资成本，国际船东从中资银行申请贷款的动力大幅降低。

From the financing needs to see,Since 2012,In the capacity surplus leads to shipping price hovering at the bottom/Shipping market under the condition of continuous downturn,Ship orders down significantly,The ship financing slowing demand.Ship industry association data display,In January 2012 to October,The national shipbuilding completion of 46.67 million ton,15.5% year-on-year drop;New undertake ship orders 16.42 million ton,44.8% year-on-year drop.By the end of October last year,Hand ship orders 116.63 million ton,29.5% year-on-year drop,By the end of 2011 than hand-held orders fell by 22.2%.In addition,The continued appreciation in the yuan increased Chinese commercial Banks credit risk of foreign business,The domestic interest rate loan financing $is far higher than the international market financing cost,International owner from Chinese bank for a loan power greatly reduced.

　　从船舶融资供给方面看，2012年船舶融资银行信贷增速有所放缓，船舶租赁增速亦有下滑，而我国资本市场船舶融资途径尚未完全形成。

See from the financing supply,In 2012 the ship financing bank credit has slowed down,The ships leasing growth has also decline,But China's capital market financing channels of ship has not yet fully formed.

　　银行信贷增速有所放缓。2012年以来，通胀压力有所减轻，CPI持续下降，为货币政策调整提供一定的空间。在此背景下，我国继续实施稳健的货币政策，实际操作略有放松：两次降息，两次下调存款准备金率，并首次实施不对称降息以支持实体经济。但由于航运业持续低迷导致的相关贷款风险升高，2012年我国商业银行对航运企业和造船企业的贷款增速较上年有所下滑。

Bank credit has slowed down.Since 2012,To ease inflationary pressure,CPI continued to decline,In the monetary policy adjustment to provide a certain space.In this context,Our country continue to implement prudent monetary policy,The actual operation to relax a little:Two cuts,Two times the deposit reserve rate cut,For the first time and implement asymmetric cut interest rates to support the real economy.But due to the shipping industry sustained downturn in related loans increased risk,In 2012, our country commercial bank to shipping enterprise and shipbuilding enterprise loan growth is slipped from the previous year.

　　船舶租赁增速下滑。金融危机以来，金融租赁公司通过发挥租赁优势和特色，使船舶融资租赁成为仅次于银行贷款的第二大船舶融资渠道。但在航运业持续低迷，企业经营业绩不佳的背景下，2012年银行系融资租赁公司对航运业务的扩张也趋于谨慎。多家银行系融资租赁公司已对市况不佳的航运业务增加审核，提高门槛。而非银行系融资租赁公司也在调整航运业务的比例，根据远东宏信2012年上半年年报显示，企业航运业务收入虽大幅增长，但增长率远低于集团其他业务，占集团收入比也从2011年的10.03%降至2012年上半年的9.7%。整体而言，船舶租赁业务增速有所下滑。

The ships leasing rate of decline.Since the financial crisis,Financial leasing companies through the play to lease advantages and characteristics,Make the ship financing lease and become only the second largest ship bank loan financing channels.But in the shipping industry sustained downturn,Enterprise operating performance under the background of poor,In 2012, the bank system lease finance company to shipping business expansion, tend to be cautious.Many Banks system financial leasing company has to market is not good shipping business increase audit,Improve threshold.And non-bank financial leasing company is also in the adjustment of the proportion of the shipping business,According to the far east macro letter in the first half of 2012 annual report shows,Enterprise shipping business income is substantial growth,But the growth rate is far lower than group other business,The group of income ratio from 10.03% in 2011 fell to 9.7% in the first half of 2012.overall,Ship slipped leasing business growth.

　　但在2012年，金融租赁仍然取得了一些政策上的突破和产品上的创新。

But in 2012,Financial leasing is still made some policy breakthroughs and product innovation.

　　一是交通运输部去年10月份发布公告，其中第3条明确规定“航运企业申请将融资租赁船舶作为自有运力，已付租金应不低于融资租赁应付款项的51%，并经融资租赁双方共同书面确认。”政策的推出给船公司盘活资金创造了更大的空间，对船公司将更多船舶进行融资租赁起到鼓励作用。

One is the traffic department of transportation issued in October last year,The article 3 specific provision"Shipping enterprise application will finance lease ship as own capacity,Already pay the rent shall not be lower than 51% of the financing lease payment,And the financing lease mutual written confirmation."Policy introduced to ship company revitalize the capital to create more space,For the ship company will more financing lease ship encourage effect.

　　二是“工银租赁专项资产管理计划”已于去年11月通过中国证监会审批，成为国内金融租赁企业首支获批发行的资产证券化产品。此举意味着金融租赁公司通过公开资本市场融资的通道开启，在拓宽融资渠道、解决资产流动性方面取得了创造性的突破，其对船舶租赁业务的继续开拓也将有着深远的意义。

The second is"Work silver lease special asset management plan"Already in November last year by the China securities regulatory commission approval,To become a domestic financial leasing enterprise first branch the wholesale done asset securitization products.This means that the financial leasing companies through the public capital market financing channels open,In to broaden the financing channels/Solve the liquidity has made creative breakthrough,The ship leasing business continue to expand will also has a profound meaning.

　　资本市场船舶融资途径尚未完全形成。近年来，我国航运企业通过资本市场直接融资的尝试屡见不鲜。但总体而言，通过证券、私募、信托和债券等资本市场直接融资的方式在国内还未获得大规模的开展。从证券市场来看，据Wind数据统计, 2012年共有150只新股发行,实际募集资金926亿元,较2011年分别下降45.2%和63.4%。

The capital market financing channels of ship has not yet fully formed.In recent years,China shipping enterprise through the capital market to direct financing common occurance.But in general,Through the securities/private/Trust and bonds, and other capital market direct financing way in China have not yet received the development of large scale.From the stock market to see,According to the Wind data statistics, In 2012, a total of 150 ipo only,The actual raising capital of 92.6 billion yuan,A 2011 were down by 45.2% and 63.4%.

　　证券市场的低迷对航运企业股票市场融资产生了负面影响，由于业绩不佳，大多数航运企业证券市场融资渠道并不畅通，2012年全年航运企业完成A股新股发行的仅有渤海轮渡(603167,股吧)一家。信托融资由于成本较高，加之近年来航运市场表现低迷，在2008年首只航运信托“远程1号—船舶抵押贷款集合资金信托”以及2010年“上海大新华航运发展有限公司股权收益权集合资金信托计划”发行后，也基本处于停滞状态。而债券市场在2012年获得了较快的发展，航运企业在交易所发行的公司债和企业债以及银行间债券市场上发行的各类票据数量均有较快增长。

The stock market downturn on shipping enterprise stock market financing has a negative effect on,Due to poor performance,Most of the shipping enterprise stock market financing channel is not clear,In 2012, the shipping enterprise complete A new shares issued only the bohai sea ferry(603167,guba)a.Trust financing due to high cost,And in recent years shipping market downturn performance,In 2008 the first only shipping trust"Remote 1 - ship mortgage loan capital trust set"And 2010 years"Shanghai xinhua shipping development co., LTD. Equity usufruct trust plans of assembled funds"After issuance of the,Also basic stagnant.And the bond market in 2012 of a rapid development,Shipping enterprise in exchange issued bonds and QiYeZhai and market of the bond between the bank issuing the of all kinds of bill quantity are increased rapidly.

　　2．航运保险市场发展迅速

2. Shipping insurance with the rapid development of the market

　　航运保险作为航运金融的重要支撑，是推动国际金融和国际航运发展的重要动力。近年来我国的航运保险业务保持了持续稳步的增长态势。

Shipping insurance as an important shipping financial support,Is to promote international finance and international shipping development important power.In recent years China's shipping insurance business maintained a steady growth trend.

　　以上海为例，2010年，上海地区船舶险和货运险总量达到21.94亿元，船舶险和货运险总量同比增长30.91%，超过当年上海港吞吐量增速23个百分点。2011年，上海船舶保险保费达到28亿，同比增长109%。截至2012年一季度，上海船舶保险保费实现14.44亿元，占全国船舶险的55.50%；货运险保费同比增长12.09%，占全国货运险的14.94%。截至2011年末，上海运营航运保险的公司39家，专业保险中介机构100多家，人保、太保、平安三大保险公司在上海设立了航运保险中心。

With Shanghai as an example,In 2010,,Shanghai ship risks and freight insurance amounted to 2.194 billion yuan,Ship risks and freight insurance amount 30.91% year-on-year growth,More than the 23% growth in Shanghai port throughput.In 2011,,Shanghai shipping insurance premium to 2.8 billion,Year-on-year growth of 109%.By the end of 2012 in the first quarter,Shanghai shipping insurance premium reached 1.444 billion yuan,Accounted for 55.50% of the risk of the ship;Freight insurance premium year-on-year growth of 12.09%,Accounted for 14.94% of the freight insurance.By the end of 2011,Shanghai operation shipping insurance company and home,Professional insurance intermediary institutions than 100,insurer/boyz/Peace three insurance companies in Shanghai set up a shipping insurance center.

　　从航运保险业务承包人的市场份额看，中国航运保险市场继续呈现寡头垄断的市场特征。以上海为例，虽然保险主体企业数量有39家，但人保、太保、平安三家保险公司长期占据了船舶险市场份额的90%以上，2012年上半年这一数字甚至超过96%。而在运输险方面，人保、太保、平安则占据了2/3以上市场份额。

From shipping insurance business, the market share of the contractor to see,China shipping insurance market continued to oligopoly market characteristics.With Shanghai as an example,Although insurance subject enterprise quantity have 39 home,But people can keep/boyz/Peace three insurance companies long-term occupied ship risk more than 90% market share,In the first half of 2012 the number or even more than 96%.And in the risk of carriage aspects,insurer/boyz/Peace is accounted for more than two-thirds of the market share.

　　3. 港口投资增速略有下降，贷款和债券仍为融资主要手段

3. Port investment growth fell slightly,Loans and bonds are still the main means for financing

　　从港口融资需求来看，受国内宏观经济增长放缓以及港口业自身发展要求，2012年我国港口业投资增速有所下降。截至去年10月末我国港口累计完成投资额1178.04亿元，其中沿海港口完成投资额809.9亿元，较上年同期减少3.05亿元，同比下降0.37%；内河港口完成投资额368.1亿元，较上年同期增加77.52亿元，同比增长26.6%，投资增速较上年略有减缓。但需引起注意的是，去年9月份发改委集中公示了位于福州、宁波、珠海、茂名等地的7个港口项目批复，数百亿的投资预算将催生出大量的融资需求。因此整体而言，港口投资增速还将维持在较高的水平，港口融资需求也将持续增加。

From the port financing needs to see,The country's macro economic growth and the port industry for their own development,In 2012, port industry investment growth fell.By the end of October last year in our country has been completed port investment 117.804 billion yuan,The coastal port completed investment of 80.99 billion yuan,A decrease of 305 million yuan a year earlier,0.37% year-on-year drop;Inland port completed investment of 36.81 billion yuan,Over the same period increased 7.752 billion yuan,Year-on-year growth of 26.6%,Investment growth is slightly slow down last year.But need to notice is,Last September, development and reform commission (NDRC) concentration in fuzhou public/ningbo/zhuhai/Maoming, seven port project approval,Billions of dollars in the budget of the investment will spawn a large number of financing needs.So the whole,Port investment growth will remain at higher level,Port financing demand will continue to increase.

　　从港口融资供给来看，银行和债券依旧是港口企业融资的主要选择。但受经济下滑、进出口贸易受阻、航运企业身陷困境等因素影响，银行对于周期长、项目融资额大的港口项目的态度趋于谨慎。而与此同时，2012年通过债券市场融资的港口企业数量有了较大的增长。截至2012年10月，9家航运企业发行了企业债和公司债，融资总额为200亿元；而在银行间债券市场注册发债的航运企业有18家，其中绝大部分为港口企业。

From the port financing supply to see,Banks and bond is still the main port enterprise financing choice.But the economic downturn/Import and export trade hindered/Shipping enterprise in the impact of factors such as the dilemma,The bank for a long period/Project or junk-rated big port project attitude tend to be cautious.And at the same time,In 2012 through the bond market financing port enterprise quantity have greater growth.By October 2012,Nine shipping enterprise issued QiYeZhai and corporate debt,The financing amount is 20 billion yuan;And in the market of the bond between the bank FaZhai register of shipping enterprise is eighteen,For the most part for port enterprise.

　　4．航运运价指数衍生品获得进一步扩充

4. Shipping freight index derivatives for further expansion

　　在中国出口集装箱运价指数(CCFI)、中国沿海(散货)运价指数(CBFI)两大系列指数成功运作十余年后，2012年，中国航运运价指数衍生品获得进一步扩充。当年11月，上海航运交易所发布了中国进口原油运价指数(CTFI)和中国进口干散货运价指数(CDFI)。此举填补了中国在大宗商品运价指数上的空白，同时也是提升中国航运定价权和影响力的突破口。此外，以人民币结算的远期运价协议（FFA）交易也已于去年12月开市。交易所使用的指数为波罗的海交易所发布的BDI指数，人民银行旗下上海清算所已于去年12月10日完成了首日的交易。

In China's export container freight index(CCFI)/China's coastal(bulk)Freight index(CBFI)Two major series index successful operation after more than ten years,In 2012,,China shipping freight index derivatives for further expansion.In November,Shanghai shipping exchange issued China imported crude oil rate index(CTFI)And China's imports of dry bulk freight index(CDFI).This filled in China commodity rate index blank,At the same time is to enhance China's shipping pricing and influence of the breach.In addition,In RMB the forward rate agreement(FFA)Trade has also in December and opening.Exchange use index for the Baltic exchange issued BDI index,People's bank's Shanghai clearing house already in December 10 finished their first day of trading.

　

　趋势：国际航运市场乍暖还寒，中国航运金融市场仍将快速发展 trend:The international shipping market cold,China shipping financial markets will continue at a rapid development

　　短期来看，世界经济增速有望在2013年缓慢复苏，国际航运市场供需矛盾也将随着新船订单的减少有所缓解。但运力过剩的情况仍将在2013年制约国际航运市场的反弹，航运市场乍暖还寒。中国航运金融市场受航运市场低迷以及制度缺陷等因素制约面临一定挑战。但从长期来看，我国航运金融市场刚刚起步，多层次的金融市场体系尚未完全成型，航运金融市场潜力巨大。

Short term,The world economic growth is expected to slow recovery in 2013,The international shipping market supply and demand contradiction will also with the new ship order to reduce to ease.But the situation of excess capacity will be restricted in 2013 of the international shipping market rebound,Cold shipping market.China shipping financial markets by shipping market downturn and the institutional defects factors faced with a certain challenges.But in the long run,China shipping financial market has just started,Multi-level financial market system has not yet been fully forming,Shipping financial market potential is tremendous.

　　

一、国际航运市场或将筑底企稳 a/The international shipping market or will build bottom stabilises

　　1．世界经济增速将继续缓慢复苏

1. The world economic growth will continue to slow recovery

　　国际金融危机以来，世界经济始终处于弱增长的缓慢复苏状态。由于欧债危机的持续发酵和美国“财政悬崖”危机等问题，全球经济的不确定性进一步增加。IMF于2012年9月再次下调经济增速预期，据预测，2012年的全球经济实际增长率将为3.3%，2013年则为3.6%，分别比2012年7月的预测数值下调0.2和0.3个百分点。发达经济体2012年和2013年的增长率预计将为1.3%和1.5%，比上次预测值下降0.1和0.3个百分点。新兴经济体及发展中国家2012年和2013年增长率将为5.3%和5.6%，分别比上次预测值下降0.3和0.2个百分点。预计2013年世界经济增长可能继续维持低位运行，国际贸易和国际航运将继续受到增速放缓的影响运行于行业低谷。

Since the international financial crisis,The world economy has always been a weak growth slow recovery state.Due to the debt crisis of continuous fermentation and the United States"Fiscal cliff"Crisis problem,Global economic uncertainty to further increase.IMF in September 2012, the economic growth is expected to cut again,According to the forecast,2012 years of global economic actual growth rate will be 3.3%,In 2013 it was 3.6%,In July 2012, respectively, compared with the numerical prediction of cut 0.2 and 0.3%.Developed economies in 2012 and growth in 2013 is expected to be 1.3% and 1.5%,Predicted than last time fell 0.1 and 0.3%.Emerging economies and developing countries in 2012 and 2013 growth rate will be 5.3% and 5.6%,The last time, respectively, compared with the predicted value fell 0.3 and 0.2%.In 2013 is expected to world economic growth may continue to maintain low operation,International trade and international shipping will continue to be slowing effect runs on industry bust.

　　2．国际航运市场运力供需矛盾趋于缓解

2. The international shipping market capacity tends to ease the contradiction between supply and demand

　　从三大主要船型——油轮、干散货、集装箱的航运市场表现来看，近年来三大船型的船舶交付量均处于历史高位，运力严重过剩导致了船舶价格和市场运价的低迷，除了集装箱市场运价由于班轮公司控制运力有较大反弹外，干散货、油轮市场运价均处于历史低位。然而，运力过剩导致的市场低迷有望在2013年得到一定的缓解。

From the three major form - tanker/Dry bulk/Container shipping market performance to see,In recent years the three type of ship delivery quantity are at record highs,Serious excess capacity led to the ship price and the market rate of the downturn,In addition to container market rate due to the liner companies control capacity have bigger the rebound,Dry bulk/Tanker market rate are at record low.however,Excess capacity in the market downturn in 2013 is expected to get a relief.

　　从油轮航运市场看，油轮运力增幅在2006年至2011年间均保持在5%以上，而同期石油海运量增长停滞，造成了运力过剩的局面。截至2012年10月，油轮总运力为502.69百万载重吨，同比涨幅为4%，增幅有所放缓，供需关系有所缓和。

See from the tanker shipping market,Tanker capacity increase between 2006 and 2011 are to stay above 5%,Over the same period, the oil HaiYunLiang growth had stalled,Caused the excess capacity situation.By October 2012,Tanker total capacity for 502.69 million ton,4% year-on-year,Growth slowed in,Supply and demand has eased.

　　根据克拉克森的统计数据显示，截至2012年10月，油轮手持订单量为62.88百万载重吨，较年初下降了28.25%。同时2012年新增订单量为10.26百万载重吨，比2011年减少了31.22%，2013年的预交付运力也将较2012年有小幅减少。手持订单、新增订单、预交付运力的下降都将缓解运力过剩的局面，预计2013年油轮市场供需将趋于平衡，市场运价将获得一定支撑。

According to the statistical data shows that clarkson,By October 2012,Tanker hand-held orders for 62.88 million ton,The year dropped 28.25%.At the same time 2012 new orders for 10.26 million ton,2011 fewer than 31.22%,2013 years of preliminary delivery capacity will also over 2012 small reduce.Hand order/New order/Preliminary delivery capacity decline will ease the situation of excess capacity,Expect 2013 tanker market supply and demand will tend to balance,The market rate will have certain support.

　　从集装箱航运市场看，2012年班轮公司通过减速航行、闲置运力和拆解船舶对集装箱运力进行了控制，市场航运价格有所回升，但运量增幅下滑明显。同时，2012年集装箱运力投放仍然处于高位，基本与2011年持平。

See from the container shipping market,2012 liner companies through the reduction navigation/Idle capacity and disassemble the ship for the container capacity on the control,Market shipping prices have rebounded,But traffic volume growth decline significantly.At the same time,2012 container capacity is still on the high,Basic and the same as in 2011.

　　据克拉克森公司预测，2013年全球海运量为1.68亿标准箱，较2012年增长6.56%。而根据订单数量和船舶拆解规模，预计2013年集运市场运力增幅将在6.7%左右。因此，2013年集装箱航运市场供需失衡也将得到一定的遏制。

The company has forecast according to clarkson,In 2013, the HaiYunLiang for 168 million teu,A growth of 6.56% in 2012.And according to the order quantity and ship disassemble scale,Expect 2013 freight market capacity will increase at about 6.7%.so,2013 container shipping market supply and demand imbalance will also get a curb.

　　从干散货航运市场看，2012年行业运价谷底徘徊，运力增幅有所放缓，新船造价继续走低。截至2012年11月，干散货航运市场手持订单累积1809艘，1.43亿载重吨，同比下降42.48%。预计2013年海运贸易量有望延续2012年的缓慢回暖步伐，加之运力增幅趋缓，新增订单量低位徘徊，干散货航运市场运力过剩的问题将进一步得到缓解，市场运价有望止跌企稳。

From the dry bulk shipping market to see,2012 freight industry around the bottom,Capacity growth has slowed,The new ship will continue to lower cost.By November 2012,Dry bulk shipping market hand order accumulated 1809 boats,143 million ton,42.48% year-on-year drop.In 2013 is expected to maritime trade volume is expected to continue 2012 years of slow pace milder,Together with capacity growth to slow down,New orders low end,Dry bulk shipping market capacity surplus will further ease,The market rate is expected to reason stabilises.

　

　二、全球船舶融资市场向亚洲倾斜 two/Global ship financing market to Asian tilt

　　1．欧洲银行业仍主导世界船舶融资市场

1. The European banking is still leading the world ship financing market

　　尽管亚太地区的船舶融资市场份额近年来增幅显著，但毫无疑问，凭借欧洲银行业长期占据的60%-70%的市场份额，欧洲仍然是国际航运金融的中心。在船价、运价、BDI指数纷纷走低，航运企业出现大规模亏损的情况下，亚洲银行作为航运金融领域的新进入者，在航运金融业务方面经验不足，扩张速度也有所放缓。总体来看，尽管近年来增幅喜人，但亚洲资本市场在航运金融领域所占市场份额与欧洲银行业相比仍然相差甚远。

Although the asia-pacific region ship financing market share increase significantly in recent years,But there is no doubt that,With the European banking long-term occupy 60% - 70% of the market share,Europe is still international shipping and financial center.In the ship price/freight/BDI index are low,Shipping enterprise appear under the condition of mass loss,Asian Banks as the shipping financial domain the new entrants,In the shipping financial business experience,Expansion speed will be slow.overall,Although in recent years the rise gratifying,But Asia capital market in the financial sector shipping of market share and the European banking industry is still a far cry from what compared.

　　根据Petrofin研究所的数据来看，2011年全球船舶贷款银行前20名中出现了5家亚洲银行，较2011年上半年有了一定的提升，值得注意的是5家亚洲银行中中国占据了3席。但在前10名中，欧洲银行占据9席，欧洲依然是全球船舶融资市场的主导者。

According to the institute of Petrofin data to see,In 2011, the ship loan bank top twenty appeared five Asian Banks,Is the first half of 2011 has a certain amount of ascension,It is important to note that five Asian bank China occupied three seats.But in the top 10,European Banks occupy 9 mat,Europe is still is the global market leader of ship financing.

　　2．船舶融资市场向亚洲转移

2. The ship financing market shift to Asia

　　受欧洲债务危机的严重冲击以及新资本充足要求和巴塞尔Ⅲ条例的制约，2012年，欧洲金融机构纷纷继续紧缩航运业信贷规模。据Marine Money统计，世界最大的船舶融资银行德国北方银行(HSH Nordbank)提供的船舶融资额从2008年开始逐年下降，从接近600亿美元到2011年底的420亿美元；第二大银行德国商业银行提供的船舶融资额也从2008年的450亿美元缩减到2011年的280亿美元。而近期出现的KG基金破产潮也使得欧洲金融机构对航运金融更加谨慎。而与此同时，据统计，亚太地区银行业的航运金融市场份额近年来已从20%上升到近30%，得到了较大的提升。在上述趋势下，预计2013年航运金融市场会继续向亚洲转移。

By the European debt crisis of serious impact and new capital adequacy requirements and constraints of the Basel Ⅲ regulations,In 2012,,The European financial institutions continue to squeeze in shipping business credit scale.According to the Marine Money statistics,The world's largest ship financing bank Germany the north bank(HSH Nordbank)Provide or junk-rated ship from 2008 began to drop year by year,From close to $60 billion to $42 billion by the end of 2011;The second big bank German commercial bank provides the ship or junk-rated from $2008 in 45 billion down to $2011 in 28 billion.But recent KG fund bankruptcy tide also makes the European financial institutions to shipping financial more cautious.And at the same time,According to the statistics,The asia-pacific region banking shipping financial market share in recent years has increased from 20% to nearly 30%,Improved to ascend.In the above trend,In 2013 is expected to shipping financial markets will continue to shift to Asia.

　　

三、中国航运市场危中有机 three/China shipping market are the organic

　　尽管2012年航运市场前景低迷、航运运价屡创新低，中国航运企业业绩堪忧、负面新闻不断，但展望2013年，中国航运市场在继续艰难复苏过程中危中有机。

Although 2012 shipping market prospect downturn/Shipping rate reached new low,China shipping enterprise performance scores/Negative news constantly,But in 2013,China shipping market continues to difficult recovery process are the organic.

　　1．航运市场或将迎来小幅回升

1. Shipping market or will have rebounded slightly

　　进出口增速小幅回升利好航运市场。受欧美发达经济体复苏缓慢，人民币升值、中国人力和资源成本增加造成部分制造业转移至东南亚国家的影响，2012年我国进出口同比增速均明显放缓。据海关总署统计，2012年中国外贸进出口总值38667.6亿美元，同比增长6.2%，较2011年进出口增速回落16.3个百分点。双边贸易的下滑也深刻影响着我国航运市场2012年的表现。预计2013年世界经济整体将逐渐底部企稳，在欧央行、ESM和IMF三驾马车的合力救助之下，欧债问题系统性风险整体可控。美国经济仍将持续小幅增长，复苏状况较为理想。在世界经济整体平稳并缓慢复苏的大环境下，2013年中国进出口增速也将小幅回升。基于上述判断，预计2013年我国航运市场也将随着宏观经济的回暖呈现小幅回升的态势。

Import and export growth rebounded slightly good shipping market.The European and American developed economies slow recovery,Appreciation of the RMB/China's manpower and resources cost increase caused part manufacturing transfer to the influence of the southeast Asian countries,In 2012, import and export were significantly year-on-year growth slowdown.According to the general administration of customs statistics,In 2012, the Chinese foreign trade import and export (GDP) of us $3.86676 trillion,Year-on-year growth of 6.2%,A drop of 16.3% in 2011, import and export growth.Bilateral trade decline also deeply affect our country shipping market performance in 2012.In 2013, the world economy is expected to overall will gradually bottom stabilises,In the European central bank/ESM and IMF troika of force under the assistance,The debt problem systemic risk overall controllable.The U.S. economy will continue modest growth,Recovery is an ideal situation.In the world economy overall smooth and slow recovery of the environment,In 2013, the Chinese import and export growth will rebound slightly.Based on the judgment,It is estimated that our shipping market will also with macroeconomic milder present small picks up the situation.

　　船厂订单下滑严重，兼并重组日趋活跃。据统计，2012年1月至10月，全国新承接船舶订单量1642万载重吨，同比下降44.8%；手持船舶订单量11663万载重吨，同比下降29.5%。新订单大幅下降已经造成部分船企开工量不足，船企经营压力日益增加。由于市场运力过剩情况在近两年难以扭转，因此预计新增订单的下滑还将持续，2013年部分中小造船企业将进一步陷入困境，造船企业的兼并重组活动将日益活跃。

Shipyard orders dropped significantly,Merger restructuring has become increasingly active.According to the statistics,In January 2012 to October,The new undertake ship orders 16.42 million ton,44.8% year-on-year drop;Hand ship orders 116.63 million ton,29.5% year-on-year drop.New orders to drop considerably has caused part of the ship enterprises lack of starts,Ship enterprise operating pressure increasing.As the market capacity surplus situation will not change in recent years,So the new order is expected to decline will continue,In 2013, some small and medium-sized shipbuilding enterprises will further mess up,Shipbuilding enterprise merger and reorganization activities will be increasingly active.

　　造船成本持续上升，船企盈利能力受到冲击。2010年以来，船舶行业劳动力成本费用支出呈逐月上升趋势，沿海地区造船行业工人工资上升约15%。预计2013年，在“十二五”工资倍增计划的政策指引下，人力成本将进一步上升。此外，由于出口在中国造船企业中占比很高，且大多数订单合同是以美元计价，人民币升值也对船企盈利造成了冲击。

Shipbuilding costs continue to rise,Ship to profitability by impact.Since 2010,Ship industry labor cost and expense is rising trend month by month,Coastal areas shipbuilding industry worker wages rise about 15%.Expected in 2013,in"1025"Wage multiplication plan policy guidance,Labor costs will rise further.In addition,Due to the export in China than in the shipbuilding enterprises of high,And most of the contract price in dollars,The appreciation of the renminbi to ship enterprise profit caused the impact.

　　据统计，2012年我国造船企业完工出口船4949万载重吨，承接出口船订单1496万载重吨，年底手持出口船订单8844万载重吨。出口船舶的完工量、新接订单量、手持订单量分别占全国总量的82.2%、73.3%和82.7%。而截至2012年12月，2012年人民币汇率已累计升值超过5%。根据我们的预测，2013年美元兑人民币汇率仍以双向波动为主，不会表现出明显的升值或贬值态势，全年可能小幅升值。综上所述，2013年中国造船企业盈利能力仍将面临较大挑战。

According to the statistics,In 2012, the completion of the shipbuilding enterprises export ship 49.49 million ton,To undertake export ship order 14.96 million ton,With the end of the year export ship order 88.44 million ton.Export ship quantity of completion/The new joint orders/Hand-held orders accounted for 82.2% of the total/73.3% and 82.7%.But in December 2012,2012 RMB exchange rate appreciation has accumulated more than 5%.According to our forecast,2013 dollar to RMB exchange rate is still mainly two-way fluctuation,Doesn't show obvious appreciation or depreciation situation,May all the year round, the modest rise.To sum up,In 2013, China shipbuilding enterprise profitability will face greater challenges.

　　2．市场低迷孕育行业变革

(2) market downturn of industry transformation

　　资源整合提升行业竞争力。航运业的整体低迷使部分中小造船企业陷入了经营困境，预计2013年造船企业的兼并重组活动将日益活跃。我国的造船业将由此进入资本竞争阶段，中小造船企业的大范围整合将提升我国造船企业的整体竞争力，帮助我国造船企业更健康的发展以在世界造船市场中将占据有利地位。

Resource integration improve industry competitiveness.The whole shipping industry downturn that some small and medium-sized shipbuilding enterprises in the management difficulties,In 2013 is expected to shipbuilding enterprises merger and reorganization of the activities will be increasingly active.China's shipbuilding industry will way in capital competition stage,Small and medium-sized shipbuilding enterprise big range integration will improve the overall competitiveness of shipbuilding enterprises in our country,Help China shipbuilding enterprise more healthy development in the world shipbuilding market will occupy the advantageous position.

　　市场低迷倒逼产业升级。航运市场的低迷也使我国造船业将目光转向了高端造船订单，部分造船企业的经营将趋于高端化。在当前经营困境突显的情况下，国内一些大型船厂已经在加快转型。沪东中化造船厂液化天然气船订单的增加以及外高桥(600648,股吧)船厂签约海洋工程项目都是产业升级的佐证。据统计，2011年，全球新船订单数量同比下降50%左右，但订单总金额仍达到900亿美元，同步仅下跌10%，意味着高附加值船舶的订单量并没有减少，这将是我国造船产业进行产业升级的绝佳机遇。预计2013年我国造船业产业升级的步伐将进一步加快，高端造船及海洋工程项目订单占比将获得进一步提升。

The market downturn DaoBi industrial upgrading.Shipping market downturn also make our country shipbuilding industry will be looking to high-end shipbuilding orders,Part of the shipbuilding enterprise management will tend to high-end.In the current management dilemma under the condition of the highlights,Some domestic large shipyard has accelerated in transition.Hudong zhonghua sinochem shipyard of liquefied natural gas (LNG) ship orders and the increase of the waigaoqiao(600648,guba)Shipyard signing ocean engineering projects are evidence of industrial upgrading.According to the statistics,In 2011,,The global new ship order quantity 50% year-on-year drop,But the order amount is $90 billion,Synchronous only fell 10%,Means high value-added ship orders are not reduced,This will be the country's shipbuilding industry is a great chance for industrial upgrading.It is estimated that our shipbuilding industry upgrading pace will further accelerate the speed,High-end shipbuilding and offshore engineering project of order than will get further ascension.

　　

四、2013年中国航运金融市场将稳步发展 four/In 2013, China shipping financial market will develop steadily

　　总体来看，2013年我国航运金融市场将继续稳步发展。细分子行业中，船舶行业中的海工装备以及港口行业中的内河港口将获得市场青睐。由于起步时间较晚，我国航运金融市场发展潜力依然巨大，但法律制度不完善、融资渠道不丰富等制度和市场的多种因素也制约着我国航运金融市场的发展。

overall,In 2013, shipping financial market will continue to develop steadily.Small molecule in the industry,Ship industry in Marine equipment and the port industry in inland port will receive market favour.Due to the start time is late,China shipping financial market development potential is huge,But the legal system is not perfect/The financing channel not rich system and market a variety of factors also restricts the development of our country shipping financial markets.

　　1. 我国航运金融市场仍将稳步发展

1. Our country shipping financial market will develop steadily

　　预计2013年我国航运市场将随着全球宏观经济回暖获得小幅回升，航运企业的盈利水平也将获得一定程度的改善。行业盈利水平的回升将缓解金融机构对行业的谨慎态度和悲观情绪，金融机构的投放意愿也将随着行业盈利改善而提升。

It is estimated that our shipping market with global macro economy picking up get back slightly,Shipping enterprise's profit level will also gain a certain degree of improvement.Industry profit level of rebound will ease the financial institutions to industry cautious attitude and pessimism,Financial institutions to launch will ascend along with the industry to improve profitability.

　　但细分子行业中，船舶制造行业由于新增订单下滑的趋势在2013年难以改变，船舶融资市场或仍难有起色。因此，提升的投放意愿将释放于符合产业未来发展和政策支持的板块。目前来看，船舶行业中的海工装备以及港口行业中的内河港口凭借着政策的大力支持将获得金融机构的青睐。总体来看，2013年我国航运金融市场将继续稳步发展。细分子行业中，船舶融资增速或将持续放缓。而港口融资中，沿海港口和内河港口融资或将出现分化。

But small molecule in the industry,Ship manufacturing industry because of the downward trend in new orders in 2013 is difficult to change,The ship financing market or is still difficult to recover.so,Promotion on the intend to release in accordance with industry's future development and policy support plate.So far,Ship industry in Marine equipment and the port industry in inland port with policy support will get the favour of financial institutions.overall,In 2013, shipping financial market will continue to develop steadily.Small molecule in the industry,The ship financing growth or will continue to slow.And port in financing,Coastal ports and inland port financing or will appear differentiation.

　　船舶融资增速或将持续放缓。由于市场运力过剩情况在近两年难以扭转，新增订单的下滑还将持续，加之各金融机构对航运业的谨慎态度，船舶融资增速在2013年或将持续放缓。值得注意的是，海洋工程装备制造仍获得大多数金融机构的青睐，其融资增速有望维持高增长。

The ship financing growth or will continue to slow.As the market capacity surplus situation will not change in recent years,New orders will continue to decline,Together with all financial institutions to the shipping cautious attitude,The ship financing growth in 2013 or will continue to slow.It is important to note that,Ocean engineering equipment manufacturing still won the favour of most financial institutions,Its financing growth is expected to maintain high growth.

　　港口投资将向内河延伸。经过“十一五”时期大规模投资建设，全国沿海港口已建成环渤海、长江三角洲、珠江三角洲、东南沿海和西南沿海五个港口群体。根据截至2012年10月末的我国港口累积投资额统计来看，沿海港口投资较上年同期减少3.05亿元，改变了自2006年以来投资逐年增长的趋势。

Port investment will extend to inland.after"11th five-year plan"Large-scale investment construction period,The bohai sea coastal port has been built/Yangtze river delta/Pearl river delta/The southeast coast and the southwest coastal five port group.By the end of October 2012, according to our port accumulated investment of statistics to see,Coastal port investment to reduce 305 million yuan a year earlier,Changed since 2006, the trend of investment increased year by year.

　　2012年10月交通运输部发布了《关于加快“十二五”时期水运结构调整的指导意见》，提出“兴内河、优港口”的总体发展思路，要求加快内河主要港口建设。各省市也推出了各自的区域性政策加以跟进，政策的实施将进一步推动内河港口投资建设，为港口专业化升级改造奠定较好的基础，预计2013年内河港口建设投资占比将进一步提升，内河港口的相关融资需求也将继续稳定增长。

In October 2012, the traffic department of transportation issued[On speeding up the"1025"Period of water transportation structure adjustment guidance],Put forward"Xing river/Optimal port"In the overall development thought,Request to speed up the river main port construction.Provinces and cities also launched their respective regional policy to follow up,The implementation of the policy will be further inland port construction investment,For port professional upgrading laid a good foundation,In 2013 is expected to inland port construction investment accounts for more than will further improve,Inland port related financing demand will continue to stable growth.

　　2．多重因素制约航运金融业务高速发展

2. Multiple factors shipping financial business high-speed development

　　尽管近年来我国航运金融市场获得了快速发展，但多重制度和市场因素仍将在2013年制约航运金融的发展。

Although in recent years, China shipping financial market got rapid development,But multiple system and market factors will still in 2013 restricted the development of shipping finance.

　　航运金融相关法律尚不健全。由于历史原因，目前伦敦、纽约、我国香港和新加坡等国际航运中心均属英美法系，航运业的文书、合同都是按照英美法系的法律制定，而过去数百年的案例已经锤炼出了一个相对完整的航运相关法律体系。与英美法系相比，中国更偏重大陆法系，且航运方面的相关法律制度尚不健全，目前仅有《海上交通安全法》、《港口法》、《海商法》等几个覆盖范围相对较小的法律法规，业界期盼的《航运法》经历11稿修改至今仍未出台。

Shipping financial related law is not perfect.Owing to historical reasons,Now London/New York/Our country Hong Kong and Singapore and other international shipping center belong to the common law,The shipping documents/The contract is in accordance with the laws of the Anglo-American law system,But in the past hundreds of years of cases have temper out a relatively complete shipping related legal system.Compared with the Anglo-American law system,China is on the continental law system,And shipping related legal system is not perfect,The only[Maritime traffic safety]/[Law of port]/[Maritime law]And so on several coverage relatively small laws and regulations,Industry look forward to[Shipping method]Experience and draft changes yet to come.

　　融资渠道仍较为单一。除银行系融资渠道外，资本市场融资途径仍较少。债券、股权、信托、私募等多种融资渠道仍未打开。融资渠道的单一在目前航运业整体低迷，航运企业大规模亏损的大背景下，已成为航运金融市场最为突出的矛盾之一。

The financing channel is still relatively single.In addition to the bank system outside financing channels,The capital market financing way is still less.bonds/equity/trust/Private equity and so on many kinds of financing channel is still not open.The single financing channel in the shipping industry overall downturn,Shipping enterprise under the background of mass loss,Has become a shipping financial market the most outstanding one of contradiction.

　　航运金融业务风险上升，金融创新受到抑制。尽管2013年航运企业的业绩可能获得一定程度的改善，但船舶资产等抵押品价格的持续下跌正不断挑战着航运金融业的神经。从主要三大船型新造船价格的走势看，油轮、散货船，集装箱的价格自危机后都出现了大幅下跌，且这一趋势在2013年仍有可能延续。随着船舶资产质量迟迟未见好转，金融机构航运金融业务的风险正在上升。航运金融主要企业——银行等传统金融机构的低风险偏好导致了这些企业将在2013年继续对航运企业实施严格的准入制度和风险评估标准，航运金融业务的创新将受到一定的抑制。

Shipping financial business risk rise,Financial innovation is restrained.Although 2013 shipping enterprise's performance may gain a certain degree of improvement,But the ship assets such as collateral prices continue to fall are constantly challenged the shipping of the financial industry's nerve.From the main three form new shipbuilding price trend to see,tanker/Bulk carrier,Container price since the crisis has dropped sharply,And the trend in 2013 could still continue.Along with the ship asset quality didn't see better,Financial institutions shipping financial business risk is on the rise.Shipping financial main enterprise, Banks and other financial institutions in the traditional low risk preference led to the enterprise is in 2013 to continue to shipping enterprise implement strict admittance system and risk assessment standard,Shipping financial business innovation will be a certain inhibition.

　　3．我国航运金融发展潜力巨大

3. Our country shipping financial a huge potential for development

　　尽管多重因素制约着我国航运金融市场发展，但由于我国航运金融刚刚起步，参与其中的金融机构不论从数量上还是种类上均有很大发展空间。据中国船舶(600150,股吧)工业行业协会统计，2012年上半年中国造船完工量、新接订单量、手持订单量分别占世界市场份额的41.1%、46.2%、37.7%，三大指标全面领先，但我国船舶融资占世界市场份额仅为5%左右。巨大的差距也预示着我国航运金融的巨大发展潜力。

Although multiple factors our shipping financial market development,But because our country shipping financial has just started,In the financial institutions from no matter the number or types all have great development space.According to the Chinese ship(600150,guba)Industry association,In the first half of 2012 China shipbuilding completion quantity/The new joint orders/Hand-held orders accounted for 41.1% of the world market share/46.2%/37.7%,Three indicators overall lead,But the ship financing in our country of the world's market share is only 5% or so.Huge gap indicating the our country shipping financial huge development potential.

　　总之，我国构建多层次航运金融市场体系将大有可为。完善信贷转让、保单转让、航运指数交易等平台建设，整合租赁、贷款、资产证券化等多种产品，拓展航运金融的多种融资渠道，健全多层次的航运金融市场体系，不仅是航运金融发展的必经之路，更使航运金融市场蕴含了无尽潜能。

In a word,Our construction of multi-level shipping financial market system will have bright prospects.Perfect credit transfer/Policy transfer/Shipping index trading platform construction,Integration lease/loan/Asset securitization, and other products,Development of shipping finance financing channels,Perfect multi-level shipping financial market system,Shipping is not only the way of financial development,More make shipping financial markets contain the endless potential.

　　从现实和趋势看，我国航运市场危中有机，但航运金融市场发展潜力依然巨大。在我国航运金融市场的发展过程中，应深化政府、金融机构、航运企业之间的协同合作机制，积极借鉴航运金融发达国家的有益经验，鼓励创新，加强相关制度和法规的改革和优化，并进一步提高金融机构业务经营和风险管理水平，我国航运金融必将继续稳步前行。

From the reality and the trend,China shipping market are the organic,But shipping financial market development potential is huge.In our shipping in the process of the development of financial markets,Should deepen the government/Financial institutions/Shipping enterprise collaboration between mechanism,Actively learn from shipping financial developed countries the beneficial experience,Encourage innovation,Strengthen the relevant systems and regulations reform and optimization,And further improve the financial institutions business management and risk management level,China shipping financial will continue to steadily forward.

　　（报告指导：连平、周昆平，执笔：张颖杰）

(Report guidance:Even flat/ZhouKun flat,pencraft:ZhangYingJie)

　　2011年全球船舶贷款银行前20位

In 2011, the ship loan bank top twenty

　　排名 银行 贷款额(亿美元) 排名 银行 贷款额(亿美元)

Ranking bank loan specified amount($) Ranking bank loan specified amount($)

　　1 德国北方银行 420 11 汇丰银行 170

1 the north German bank 420 11 HSBC bank 170

　　2 挪威银行 330 12 德国交通信贷银行 150

2 Norway bank 330 12 German traffic credit bank 150

　　3 德国商业银行 280 13 中国银行(601988,股吧)148.4

Three German commercial bank 280 and the bank of China(601988,guba)148.4

　　4 北欧联合银行 200 14 中国工商银行(601398,股吧)148.4

Four Nordic combined bank 200 and the industrial and commercial bank of China(601398,guba)148.4

　　5 德国汉诺威 200 15 劳埃德银行 138

5 Germany hannover 200 15 Lloyd's bank 138

　　6 苏格兰皇家银行 190 16 法国农业信贷银行 130

The royal bank of Scotland 190 16 French agricultural credit bank 130

　　7 德国复兴信贷 180 17 中国进出口银行 120

7 the German Renaissance credit 180 and China import and export bank 120

　　8 巴黎银行180 18 意大利联合信贷银行 114

And Paris bank 180 and Italian joint credit bank 114

　　9 三菱东京日联银行 170 19 三井住友银行 105

9 mitsubishi ufj Tokyo bank 170 19 mitsui sumitomo bank 105

　　10 瑞士信贷170 20 丹麦船舶融资 100

10 credit suisse 170 Danish ship financing 100

　　资料来源：Petrofin，交行金融研究中心

source:Petrofin,In the financial research center