VLCC、苏伊士、阿芙拉全面占上5 万美元/天，油轮或开启淡季不淡行情。美股油运股相比大盘超额收 益显著，已经超3 月底水平。本周FRO、TNK、OET 上涨6-10%，A 股油运有望补涨。关注5 月初 OPEC+宣布的6 月生产计划，若6 月继续超预期增产，今年淡季大概率将出现淡季不淡行情。推荐招商 轮船、兴通股份、中远海能AH 等。 原油运：VLCC 本周运价环比上涨15%至51289 美元/天。复活节假期结束后，由于5 月初货盘相对充 足，租家为了尽可能确保所需运力，在市场上积极拿船，支撑了本周运价的积极表现。往后看，运价涨 跌反而难以把握。一方面，5 月初货盘结束，船期来到5 月中旬，租家将重新控制货盘节奏以压低运 价；但另一方面，远东市场即将开始五一假期，假期前也可能继续出现货盘集中释放而推高运价。近期 301 调查的行动方案落地，虽对油运基本面影响有限，但对中国建造的船舶力度有所放松，前期因担心 该原因不愿西摆的运力有可能重新回到大西洋市场，有望改善中东市场的供给压力。关注5 月初 OPEC+宣布的6月生产计划，超预期的生产节奏已经逐步开始在运价上显现，若6 月继续超预期增产， 今年淡季大概率将出 ...

Financial Performance - The group's revenue increased from RMB 22.55 billion in 2023 to RMB 23.13 billion in 2024, representing a growth of approximately RMB 580 million or 2.57%[4] - The profit attributable to equity holders of the company for 2024 was RMB 4.04 billion, compared to RMB 3.38 billion in 2023, reflecting a significant increase[7] - Basic and diluted earnings per share for 2024 were RMB 0.8464, up from RMB 0.7083 in 2023[6] - The total comprehensive income for the year amounted to RMB 4.83 billion, compared to RMB 3.88 billion in the previous year[7] - The company's total equity reached RMB 38,985,157 thousand in December 2024, compared to RMB 37,961,559 thousand in December 2023, showing an increase of approximately 2.7%[9] - The net profit attributable to shareholders for 2024 was RMB 4.038 billion, representing a year-on-year increase of 19.5%, marking the best performance since the company's merger in 2016[62] Operating Costs and Profitability - The group's gross profit for 2024 was RMB 6.24 billion, down from RMB 6.59 billion in 2023[5] - Operating costs increased from RMB 15.97 billion in 2023 to RMB 16.89 billion in 2024[5] - The gross profit margin decreased by 2.2 percentage points year-on-year, standing at 27.0%[64] - The main operating revenue for 2024 was RMB 23.133 billion, a year-on-year growth of 2.6%, while the main operating cost increased by 5.8% to RMB 16.890 billion[64] Assets and Liabilities - The total assets of the group increased to RMB 81.04 billion in 2024 from RMB 73.43 billion in 2023[8] - Non-current liabilities increased to RMB 31,836,699 thousand in December 2024, up from RMB 26,499,524 thousand in December 2023, representing a growth of approximately 8.5%[9] - Total liabilities reached RMB 42,057,160 thousand in December 2024, compared to RMB 35,468,238 thousand in December 2023, indicating an increase of about 18.5%[9] - The company's current liabilities totaled RMB 10,220,461 thousand in December 2024, an increase from RMB 8,968,714 thousand in December 2023, representing a growth of about 14%[9] Cash Flow and Financial Position - The group's cash and cash equivalents stood at RMB 5.66 billion as of December 31, 2024, compared to RMB 5.75 billion in 2023[8] - The net cash generated from operating activities for the group was approximately RMB 8.63 billion, a decrease of about 3.4% compared to RMB 8.93 billion for the year ended December 31, 2023[77] - The net debt to equity ratio as of December 31, 2024, was 78%, an increase of 14% from 64% on December 31, 2023, primarily due to increased borrowings during the reporting period[81] Market Expansion and Strategic Developments - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[3] - The company completed the acquisition of 100% equity in China COSCO Shipping Chemical Transportation Co., Ltd. for a total consideration of approximately RMB 1,050,341,000[16] - The acquisition of Shenzhen Longpeng and Hainan Zhaogang was finalized on October 31, 2024, enhancing the company's operational capabilities in LPG and chemical transportation[16] Segment Performance - The oil transportation segment generated revenue of RMB 17,863,640,000 with a profit of RMB 4,015,894,000 in 2024, compared to RMB 17,780,411,000 and RMB 4,711,714,000 in 2023[26] - The LNG transportation segment reported revenue of RMB 2,229,170,000 and a profit of RMB 1,075,550,000 for 2024, up from RMB 1,820,881,000 and RMB 859,131,000 in 2023[26] - The total revenue from international operations was RMB 17,031,488,000 in 2024, with a profit of RMB 4,724,992,000, compared to RMB 16,074,263,000 and RMB 5,050,878,000 in 2023[30] Employee and Operational Costs - The company reported a significant increase in employee benefits payable, which rose to RMB 238,746 thousand in December 2024 from RMB 201,743 thousand in December 2023, marking an increase of about 18.3%[9] - Employee costs for the reporting period were approximately RMB 3.67 billion, compared to RMB 3.73 billion in the previous year[145] Regulatory and Market Conditions - The shipping industry is highly cyclical, closely tied to trade development and economic conditions, leading to fluctuating transportation demand[39] - The regulatory environment is strict, with regulations enhancing safety and environmental standards, increasing operational costs and complexity[40] Future Outlook and Projections - The company anticipates a moderate increase in global oil demand, with IEA projecting an increase of 1.1 million barrels per day in 2025, primarily driven by China and India[105] - The global LNG trade volume is projected to grow by 6.4% to 43.9 million tons by 2025, driven by increased liquefaction capacity expected to reach 529 million tons, a 10.9% year-on-year increase[109] Corporate Governance and Shareholder Matters - The board recommends a final dividend of RMB 0.21 per share (pre-tax) for the fiscal year ending December 31, 2024, pending approval at the upcoming annual general meeting[121] - The company has established five specialized committees within the board, including the audit committee, remuneration and assessment committee, nomination committee, strategic committee, and risk and compliance management committee[137]

Financial Performance - For the third quarter ending September 30, 2024, the company's operating revenue was CNY 5,492,927,694.45, representing a 10.76% increase compared to CNY 4,959,218,430.74 in the same period last year[3]. - The net profit attributable to shareholders of the listed company was CNY 808,460,815.54, a decrease of 10.93% from CNY 907,629,044.17 year-on-year[3]. - The basic earnings per share for the quarter was CNY 0.1695, down 10.93% from CNY 0.1903 in the previous year[3]. - For the year-to-date period, the total operating revenue reached CNY 17,143,704,565.04, an increase of 3.68% from CNY 16,534,602,106.32 in the same period last year[4]. - The net profit attributable to shareholders for the year-to-date period was CNY 3,415,078,828.91, reflecting an 8.05% decrease from CNY 3,713,864,739.82 year-on-year[4]. - The weighted average return on net assets for the quarter was 2.2015%, a decrease of 0.43 percentage points compared to 2.6318% in the same period last year[3]. - The total comprehensive income attributable to the parent company for the period from January to September is approximately CNY 3.21 billion, a decrease from CNY 3.96 billion in the same period last year, representing a decline of about 18.8%[16]. - Basic earnings per share for the period is CNY 0.7158, a decrease from CNY 0.7785 in the same period last year, representing a decline of approximately 8.5%[16]. Assets and Liabilities - The total assets as of the end of the reporting period were CNY 75,187,427,894.07, a 4.31% increase from CNY 72,083,612,271.55 at the end of the previous year[4]. - The total equity attributable to shareholders of the listed company was CNY 35,977,100,890.07, an increase of 4.61% from CNY 34,391,504,390.45 at the end of the previous year[4]. - The total liabilities of the company were RMB 36,367,355,176.63, compared to RMB 34,980,288,739.23, indicating an increase of approximately 3.96%[14]. - Current assets totaled RMB 8,777,961,360.73, down from RMB 9,469,189,919.78, representing a decline of approximately 7.31%[14]. - Long-term equity investments increased to RMB 12,307,072,264.82 from RMB 10,081,911,917.05, marking a growth of about 21.93%[14]. Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 5,762,047,703.06, down 11.83% from CNY 6,535,299,505.96 in the previous year[4]. - The net cash flow generated from operating activities for the period is CNY 5.76 billion, down from CNY 6.54 billion year-on-year, indicating a decrease of approximately 11.8%[17]. - The cash inflow from operating activities totaled CNY 18.09 billion, compared to CNY 17.28 billion in the previous year, reflecting an increase of about 4.7%[17]. - The net cash flow from investing activities is negative at CNY -5.08 billion, compared to a negative CNY -0.99 billion in the same period last year, indicating a significant increase in cash outflow[18]. - The net cash flow from financing activities is negative at CNY -1.99 billion, compared to a negative CNY -3.96 billion in the same period last year, showing an improvement in cash flow[18]. - The company's cash and cash equivalents stood at RMB 90,286,942.00, a significant increase from RMB 37,701,502.03, reflecting a growth of about 139.73%[14]. - The total cash and cash equivalents at the end of the period amount to CNY 4.32 billion, down from CNY 5.93 billion at the end of the previous year, indicating a decrease of about 27.5%[18]. Operational Metrics - For the first three quarters of 2024, the average daily earnings for VLCC on the Middle East to China route (TD3C) were approximately $36,846, an increase of about 4.2% year-on-year[11]. - The average daily earnings for LR2 on the Middle East to Japan route (TC1) were approximately $47,115, reflecting a significant increase of 44.9% year-on-year[11]. - The group achieved an operating revenue of RMB 15.5 billion in the oil tanker segment for the first three quarters of 2024, a year-on-year increase of 2.4%[12]. - The total oil transportation capacity for the group was 589,984 million tons per day, up 7.8% year-on-year[12]. - The group reported a gross profit margin of 27.6% for the oil tanker segment, a decrease of 2.8 percentage points year-on-year[12]. - The LNG transportation business contributed a net profit of RMB 680 million, representing a year-on-year increase of 10.5%[12]. - The transportation volume (excluding time charter) was 12,617 million tons, a decrease of 2.2% year-on-year[12]. - The transportation turnover (excluding time charter) was 4,325 billion ton-miles, an increase of 11.3% year-on-year[12]. Expenses - Total operating costs amounted to RMB 13,777,350,397.15, up from RMB 12,962,397,183.75, indicating an increase of about 6.27%[15]. - Research and development expenses for the period were RMB 11,923,109.92, down from RMB 16,711,414.30, indicating a decrease of approximately 28.55%[15]. - The company reported a decrease in interest expenses to RMB 1,028,130,807.34 from RMB 1,068,443,859.90, reflecting a reduction of about 3.77%[15]. - The company paid CNY 8.50 billion for purchases of goods and services, which is an increase from CNY 7.28 billion year-on-year, indicating a rise of about 16.7%[17].

Fleet and Operations - As of June 30, 2024, the company operates a fleet of 154 oil tankers with a total deadweight tonnage of 22.43 million tons, maintaining the largest oil tanker fleet globally[5]. - The company has invested in 85 LNG vessels, all of which are project vessels, providing stable revenue; 45 of these vessels are operational with a capacity of 7.55 million cubic meters, while 40 are under construction with a capacity of 7.15 million cubic meters[7]. - The company is a leader in China's LNG transportation sector and a significant player in the global LNG market, benefiting from strong partnerships with major oil companies and independent refineries[7]. - The company’s coastal oil transportation business serves as a safety cushion for operational performance, while international oil transportation provides strong cyclical flexibility[8]. - The company leverages its extensive marketing and service network, along with a strong safety management system, to provide high-quality energy transportation services[7]. - The company’s operational model includes spot market charters, time charters, and contracts of affreightment (COA), allowing for flexible and efficient logistics solutions[8]. - The global LNG transportation industry has entered a phase of rapid development and stable returns, with a noticeable trend of increasing LNG transportation over pipeline transport in recent years[4]. - The company expanded its LNG fleet to 85 vessels, an increase of 12 vessels from the end of 2023, enhancing its capacity in LNG transportation[24]. - The company is focusing on deepening cooperation with international oil companies to enhance global capacity deployment and is actively pursuing new business opportunities in the Oceania region[21]. Market Trends and Demand - In the first half of 2024, global oil demand was approximately 102 million barrels per day, an increase of about 850,000 barrels per day year-on-year, primarily driven by non-OECD countries[9]. - The international oil transportation market has been influenced by geopolitical tensions and changes in global oil trade, affecting tanker transportation demand[9]. - In the first half of 2024, the global oil shipping trade volume remained flat year-on-year, with a significant drop of approximately 20% in the number of oil tankers passing through the Suez Canal compared to the beginning of the year[10]. - The global refined oil shipping trade volume slightly increased by 0.8% year-on-year, while the number of refined oil tankers passing through the Suez Canal decreased by about 40%[11]. - The global oil demand is expected to continue growing, with a forecasted increase of 3.3% in crude oil ton-mile demand and 7.5% in refined oil ton-mile demand for 2024[49]. - The supply growth rate for crude oil tankers is projected at -0.1% for 2024, indicating a tighter supply environment compared to demand growth[49]. - The global LNG trade volume is anticipated to reach 424 million tons in 2024, reflecting a year-on-year growth of 3.9% driven by strong demand from China and other Asian countries[51]. Financial Performance - The main business revenue for the group was RMB 11.57 billion, an increase of 0.8% year-on-year, while net profit attributable to shareholders decreased by 9.0% to RMB 2.63 billion[16]. - The group achieved a transportation volume of 82.65 million tons in the first half of 2024, a year-on-year decrease of 4.1%, while the transportation turnover increased by 7.5% to 287.4 billion ton-miles[16]. - The company’s total revenue for the first half of 2024 reached RMB 11,571.73 million, with a gross profit margin of 32.6%, reflecting a year-on-year increase of 0.8% in revenue but a decrease of 2.4% in gross profit margin[18]. - Domestic transportation revenue was RMB 2,902.42 million, down 4.9% year-on-year, while international transportation revenue was RMB 8,669.31 million, up 2.8% year-on-year, resulting in a gross profit margin of 35.2% for international operations[19]. - The foreign trade oil transportation segment generated revenue of RMB 7,710.86 million, with a gross profit margin of 33.1%, which decreased by 4.4 percentage points compared to the previous year[20]. - The LNG transportation segment contributed a net profit of RMB 401 million, remaining stable compared to the previous year[23]. - The group implemented six strategic measures to optimize operations amid complex geopolitical environments, including enhancing customer and route structures and focusing on LNG transportation projects[17]. Costs and Expenses - The total operating costs for the first half of 2024 amounted to RMB 7,801,863,000, representing a 4.5% increase compared to RMB 7,465,501,000 in the same period of 2023[25]. - The cost of fuel for oil transportation decreased by 1.7% year-on-year to RMB 2,536,452,000, while port fees dropped by 18.2% to RMB 369,043,000[25][26]. - The company reported a significant increase in crew costs for LNG transportation, which rose by 29.5% year-on-year to RMB 116,415,000[25][26]. - The total operating costs, selling expenses, and administrative expenses combined reached RMB 8,332,862 thousand, compared to RMB 7,973,818 thousand in 2023[125]. Debt and Financial Position - The company’s net debt to equity ratio increased to 67% as of June 30, 2024, up from 65% at the end of 2023[32]. - The total debt as of June 30, 2024, was RMB 29,958,445,000, with cash and cash equivalents of RMB 4,305,733,000, a decrease of 23% from the previous year[32]. - The total liabilities reached RMB 36,984,257 thousand, an increase of 5.73% from RMB 34,980,289 thousand[96]. - The company’s total liabilities increased, with deferred tax liabilities rising to RMB (1,623,193,000) as of June 30, 2024, compared to RMB (1,454,627,000) as of December 31, 2023[165]. - The total accounts payable increased to RMB 1,718,320,000 as of June 30, 2024, slightly up from RMB 1,707,876,000 as of December 31, 2023[180]. Shareholder and Governance - The total issued share capital of the company is 4,770,776,395 shares, with 1,296,000,000 shares being H shares and 3,474,776,395 shares being A shares[60]. - China Shipping Group holds 44.23% of the company's shares, while COSCO Shipping holds 62.06%[58]. - The company has approved a stock option incentive plan, granting 22,309,600 stock options at a price of RMB 13.00 per A share[62]. - The company has established five specialized committees within the board, including the Audit Committee and the Strategic Committee, to oversee various aspects of governance and strategy[79][82]. - The company actively manages investor relations and ensures timely and accurate information disclosure through various channels[86]. Employee and Management - The total number of employees as of June 30, 2024, was 7,711, a decrease from 8,339 employees as of June 30, 2023[85]. - Employee costs for the reporting period were approximately RMB 1.697 billion, compared to RMB 1.736 billion in the same period last year[85]. - Key management personnel compensation decreased to RMB 5,099 thousand from RMB 5,892 thousand, a decline of 13.4% year-over-year[191]. Future Outlook and Strategy - The company plans to enhance its global service network and improve business resilience in response to complex international trade and geopolitical conditions in the second half of 2024[52]. - The company is optimizing its global shipping layout and focusing on high-revenue cargo in the Atlantic market, aiming to enhance operational efficiency and profitability[53]. - The company is actively tracking LNG key projects and optimizing its LNG vessel management capabilities to meet potential customer demands[53]. - The company plans to continue focusing on expanding its LNG transportation capabilities and enhancing operational efficiency in the oil transportation segment to drive future growth[116].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 扣非增长符合预期，关注逆向布局时机 [Table_Invest] 评级： ——中远海能 H2024 年中报点评 股票研究 /[Table_Date] 2024.09.10 中远海能(1138) [Table_Industry] 运输 增持 | --- | --- | --- | |----------|-----------------------------------|--------------------| | | [table_Authors] 岳鑫 ( 分析师 ) | 尹嘉骐 ( 分析师 ) | | | 0755-23976758 | 021-38038322 | | | yuexin@gtjas.com | yinjiaqi@gtjas.com | | 登记编号 | S0880514030006 | S0880524030004 | 本报告导读： 2024 上半年扣非业绩同比增长，符合预期。地缘油价致 24Q3 承压，不改油运超级 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* 中遠海運能源運輸股份有限公司 （在中華人民共和國註冊成立之股份有限公司） （股份代號：1138） 截至二零二四年六月三十日止六個月 二零二四年中期業績公告 中遠海運能源運輸股份有限公司（「本公司」）董事會（「董事會」）欣然報告本公司及其 附屬公司（統 稱 為「本集團」）截至二零二四年六月三十日止六個月（「報告期內」）之 未 經 審 核 中 期 業 績，連 同 二 零 二 三 年 同 期 的 比 較 數 字。 | --- | |----------------------------------------------------------------------------------------- ...

证 券 研 究 报 告 中远海能(01138.HK)深度研究报告 推荐(首次) 油运大周期,H 股弹性足 目标价:13.12 港元 如何看待油运大周期投资机会?1、强供给逻辑奠定大周期基石:1)未来 2~3 年内新增运力不足,截至 2024 年 6 月,整体油轮在手订单占比为 10%(原油 轮为 7.7%,VLCC 为 5.8%),仍处于近 28 年来较低水平;Clarksons 预计 2024、 2025 年原油轮运力增速分别为-0.1%、1.0%,远低于 2010~2023 年均值 3.1%。 2)存量有效运力面临潜在收缩,当前油轮船队存在较为严重的老龄化问题(预 计至 2026 年底,20 岁以上的油轮占比将进一步提升至 23%,15 岁以上占比 将接近 50%);日益趋严的环保政策(如 CII、EU ETS、FuelEU)将在较长时 间维度内对行业有效运力造成限制,如实际周转率下降、合规成本抬升等。3) 远期供给增量尚未打开,2023 年开始油轮新订单量有所增加,但在手订单占 比仍处于历史较低水平,交期和收益率考量仍压制 VLCC 下单意愿;无需过 度担忧油轮新订单的增加,油轮船队具有较为刚性的更新换 ...

| --- | --- | |-----------------|------------| | | 运输 | | 评级: | 增持 | | 当前价格(港元): | 9.74 | | | 2024.05.08 | | --- | --- | |----------------------------------|-----------| | 交易数据 \n52 周内股价区间(港元) | 6.11-9.90 | | 当前股本(百万股) | 4,771 | | 当前市值(百万港元) | 46,467 | 52周内股价走势图 3.4% 22% 10% -14% -26% | --- | --- | |----------------------------------------------|-------| | | | | 相关报告 | | | 大额计提影响业绩,扣非迷势稳定盈利 2024.01.29 | | | 油运景气上升可期,股权激励彰显信心 2023.11.19 | | | 油运盈利弹性初现,战略布局超级牛市 2023.02.03 | | | 油运复苏开启,业绩逐季上行2022.11.03 | | | 油 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* 中遠海運能源運輸股份有限公司 （在中華人民共和國註冊成立之股份有限公司） 1138 （股份代號： ） 2024 年 第 一 季 度 報 告 摘要 2024 3 31 本集團截止於 年 月 日之三個月之本報告是根據上海證券交易所發出有關 上市公司季度報告的格式指南而編製。本報告於中國上海和香港同步發表。本 報告所載的所有財務資料根據中國會計準則編製，且未經審核。 13.09(2)(a) 13.10B 本公告乃根據香港聯合交易所有限公司證券上市規則第 條及第 571 XIVA 條以及香港法例第 章證券及期貨條例第 部作出。 1 § 重要提示 1.1 中 遠 海 運 能 源 運 輸 股 份 有 限 公 司（「本 公 司」，連 同 其 附 屬 公 司 統 稱「本 集 ...

Financial Performance - The total revenue for 2023 reached RMB 21,912,456, an increase of 18.9% compared to RMB 18,566,795 in 2022[7]. - The profit before tax for the year was RMB 4,740,196, up from RMB 2,752,847 in the previous year, representing a growth of 72.3%[7]. - The net profit attributable to the company for 2023 was RMB 3,348,717, a significant increase from RMB 1,460,862 in 2022, marking a growth of 129.5%[7]. - Earnings per share (basic) for the year stood at RMB 0.7019, compared to RMB 0.3064 in 2022, reflecting a growth of 129.5%[7]. - The company’s EBITDA for 2023 was RMB 9.35 billion, reflecting a year-on-year growth of 42.6%[20]. - The company’s main business revenue for 2023 was RMB 21.91 billion, an increase of 18.0% year-on-year, while net profit attributable to shareholders rose by 129.2% to RMB 3.35 billion[20]. - The company’s operating costs for the fiscal year 2023 were RMB 15,417,366 thousand, slightly higher than RMB 15,157,996 thousand in 2022, showing a marginal increase of 1.7%[121]. - The company’s financial expenses for the fiscal year 2023 amounted to RMB 1,453,793 thousand, compared to RMB 993,999 thousand in 2022, representing an increase of approximately 46.2%[121]. Assets and Liabilities - The total assets of the company as of December 31, 2023, amounted to RMB 72,083,612, an increase from RMB 68,250,453 in 2022[7]. - The total liabilities and non-controlling interests were RMB 37,692,108, compared to RMB 36,679,782 in the previous year[7]. - The equity attributable to the owners of the company increased to RMB 34,391,504 from RMB 31,570,671 in 2022, showing a growth of 5.8%[7]. - The total debt as of December 31, 2023, was RMB 29,720,403,000, compared to RMB 30,215,794,000 in the previous year[34]. - The group’s net debt to equity ratio decreased to 65% in 2023, down from 77% in 2022, primarily due to a significant reduction in borrowings during the reporting period[35]. Market Position and Strategy - The company plans to expand its market presence and enhance its operational efficiency through the development of VLCC POOL operational models[4]. - The company aims to leverage the "Belt and Road" initiative to enhance its global service capabilities and customer satisfaction[5]. - The company is committed to maintaining a leading position in LNG transportation, with significant investments in safety management and operational efficiency[4]. - The company maintains a leading position in China's LNG transportation market and is a significant player in the global LNG transportation sector[11]. - The company aims to expand its LNG capacity and enhance profitability through strategic market positioning and resource allocation[20]. Operational Highlights - As of December 31, 2023, the company operates a fleet of 156 oil tankers with a total deadweight tonnage of 23.06 million tons, making it the largest oil tanker operator globally[10]. - The company has invested in 83 LNG vessels, all of which are project vessels, providing stable revenue; 43 of these vessels are operational with a capacity of 7.2 million cubic meters, while 40 vessels are under construction with a capacity of 6.96 million cubic meters[11]. - The company’s operational model includes spot market charters, time charters, and contracts of affreightment (COA), allowing for flexible logistics solutions[12]. - The company established new high-revenue routes in regions such as the Americas and Oceania, enhancing its operational efficiency and market presence[24]. Risk Management and Compliance - The company faces risks from macroeconomic fluctuations, which significantly impact the demand for shipping of bulk resources like oil and LNG[126]. - Increased geopolitical uncertainties and trade frictions may affect the global energy transportation market, introducing further unpredictability[127]. - The ongoing global energy transition towards carbon neutrality poses challenges to the company's business planning and operational layout[128]. - The company has established compliance procedures to ensure adherence to relevant laws and regulations, which may incur additional operational costs[138]. - The company acknowledges the risks associated with international trade and compliance, which could significantly affect its international business operations[133]. Corporate Governance - The board of directors is responsible for overseeing the company's governance policies and ensuring compliance with legal and regulatory requirements[80]. - The board consists of executive directors, non-executive directors, and independent non-executive directors, all elected by the shareholders for a term of three years[82]. - The company emphasizes the importance of good corporate governance to enhance decision-making and risk management capabilities[64]. - The company has established a comprehensive internal control and risk management system, integrating compliance management and risk control, and has revised the "Company Risk and Internal Control Manual" in 2023[67]. - The company has received independence confirmation letters from all four independent non-executive directors, affirming their independence from the company and major shareholders[88]. Future Outlook - The group expects global oil demand to increase by 1.24 million barrels per day in 2024, with China and India being the main growth contributors[51]. - The group anticipates a 4.1% year-on-year increase in crude oil ton-mile trade demand and a 7.3% increase in refined oil ton-mile trade demand in 2024[51]. - The global LNG trade volume is projected to grow by 5.3% in 2024, with an average annual compound growth rate of 9.1% from 2023 to 2028[53]. - The company aims to enhance its global operations and marketing network to improve resource allocation and overall fleet revenue[57]. - The company plans to pursue green and low-carbon development paths, including the research and development of new energy-powered vessels[60].