Regarding the question of “how does the company anticipate the dry bulk market in the second half of the year”, Haitong Development said at the performance briefing on August 10 that in the short term, the risk of super El Niño is increasing. On the one hand, it will boost summer coal demand, and on the other hand, it will have an impact on the Panama Canal traffic. Since this year, the situation in the Middle East has been driving up oil and gas prices. The increase in US oil and gas exports has led to a large number of oil tankers, and daily traffic on the Panama Canal is limited. Currently, there is congestion, and bulk carriers cannot afford the boarding fee and can only detour; in addition, El Niño will cause the water level in the Panama Canal to drop, and overall traffic efficiency will decrease. It is expected that after the North American grain season and US soybean exports begin in September 2026, the congestion situation will further increase. Looking ahead to the fourth quarter, the West African rainy season will come to an end, and shipments will resume sharply.

Regarding the question of “how does the company anticipate the dry bulk market in the second half of the year”, Haitong Development said at the performance briefing on August 10 that in the short term, the risk of super El Niño is increasing. On the one hand, it will boost summer coal demand, and on the other hand, it will have an impact on the Panama Canal traffic. Since this year, the situation in the Middle East has been driving up oil and gas prices. The increase in US oil and gas exports has led to a large number of oil tankers, and daily traffic on the Panama Canal is limited. Currently, there is congestion, and bulk carriers cannot afford the boarding fee and can only detour; in addition, El Niño will cause the water level in the Panama Canal to drop, and overall traffic efficiency will decrease. It is expected that after the North American grain season and US soybean exports begin in September 2026, the congestion situation will further increase. Looking ahead to the fourth quarter, the West African rainy season will come to an end, and shipments will resume sharply.