Glonghui, January 20, 丨 Credit Suisse issued a report saying that differences between different industries within the shipping industry will widen this year. Liquid carriers will continue to benefit from the structural upward cycle. Dry bulk cargo may rise and fall in a range of uncertain demand, while the downward pressure on container ships is likely to continue. The bank pointed out that liquid carriers benefited from Rosneft being diverted due to sanctions, potential global oil replenishment of stocks, China's economic strategy to support growth and demand for economic restart, and the environmental requirements of the International Maritime Organization led to further tightening of related cargo supply. The bank also pointed out that the situation in the shipping industry is different from the 2008 global financial crisis. Under stronger tonnage demand and the supply of carrying capacity far more tight than at the time, the current supply and demand momentum situation is better. Among them, the liquid cargo ship business is the toughest. The current market valuation of liquid cargo ships and dry bulk carriers shares has taken into account the downside risk. The bank's short-term preference (1) can be seen as a catalyst for demand and is more resilient in response to macro risks; (2) there is room for improvement in profits; (3) the lower-valued stocks, the preferred choice was COSCO Haineng (1138.HK), and Dongfang Overseas (0316.HK) and COSCO Offshore Holdings A shares (601919.SS) were downgraded to “outperform the market”.