Goldman Sachs published a report and gave COSCO Marine Holdings a sales rating for the first time, saying that it is not optimistic about the container shipping industry, and it is expected that due to oversupply and falling freight costs, the shipping company's profits will also record a decline. The bank predicts that the adjusted freight level of COSCO Marine Control's fuel expenses will peak this year and fall by 46%, 26% and 21% respectively over the next three years. Meanwhile, unit costs will grow at a rate of 2% per year. It predicts that the company's EBIT profit margin will gradually fall from 43% this year to 15%, 4% and 11% loss from 2023 to 2025, giving a target price of HK$6.8. In contrast, Goldman Sachs is more optimistic about the defensive capabilities of the port industry, believing that although the shipping market is in a downward cycle, tariffs will continue to rise. Goldman Sachs reiterated the purchase ratings for China Merchants Port and COSCO Shipping Port, giving the latest target prices of HK$13.5 and HK$6.9 respectively.