每经AI快讯，中远海能(01138.HK)涨超4%，截至发稿，涨3.96%，报9.7港元，成交额8966.57万港元。 ...

Company Summary - China Cosco Shipping Energy Transportation Co., Ltd. (中远海能) shares rose over 4%, trading at HKD 9.7 with a transaction volume of HKD 89.67 million [1] - The company completed a private placement of A-shares on October 15, raising approximately CNY 8 billion (net CNY 7.98 billion) by issuing 694,444,444 shares at CNY 11.52 per share [1] - The funds raised will be used to construct 6 VLCCs, 2 LNG carriers, and 3 Aframax crude oil tankers, which is expected to optimize the fleet structure and enhance clean energy deployment, ensuring future capacity and market competitiveness [1] Industry Summary - The oil market is experiencing changes as OPEC+ has accelerated production since April, with a potential increase of 2.2 million barrels per day in September, which may lead to a decline in oil prices and boost refinery inventory replenishment [2] - This situation is expected to stimulate oil trade demand, providing momentum for the oil transportation market [2] - In response to the U.S. imposing port service fees on Chinese shipping companies, China has implemented a "special port service fee" for U.S. vessels, highlighting the strategic value of Chinese shipping companies like China Cosco Shipping Energy in the international shipping competition [2]

Company Summary - Zhongyuan Shipping (01138) saw a stock price increase of over 4%, reaching HKD 9.7 with a trading volume of HKD 89.67 million [1] - The company completed a private placement of A-shares on October 15, raising approximately CNY 8 billion (net CNY 7.98 billion) by issuing 694,444,444 shares at CNY 11.52 per share [1] - The issuance involved seven investors, including the controlling shareholder, China Ocean Shipping Group, which subscribed for 347,222,222 shares (50% of the total) with an 18-month lock-up period [1] - The raised funds will be used to construct six VLCCs, two LNG carriers, and three Aframax crude oil tankers, aimed at optimizing fleet structure and enhancing clean energy initiatives [1] Industry Summary - The oil market is experiencing a boost as OPEC+ has accelerated production since April, with a potential increase of 2.2 million barrels per day in September, which may lead to a decline in oil prices and stimulate demand for oil transportation [2] - The recent imposition of port service fees on Chinese shipping companies by the U.S. has prompted China to retaliate with a "special port fee" on U.S. vessels, highlighting the strategic value of Chinese shipping companies like Zhongyuan Shipping in the international shipping competition [2] - This context is expected to provide a solid foundation for the stable growth of the company's performance in the oil transportation market [2]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [8] Core Insights - The travel chain is experiencing a recovery in demand, with ticket prices showing a positive trend and a clear inflection point in revenue [2][5] - The shipping sector is witnessing a seasonal surge in freight rates due to peak season and geopolitical factors [6] - The logistics sector is seeing a year-on-year increase in unit prices for major express delivery companies, with a second round of price hikes initiated [6] Summary by Sections Aviation - Demand recovery is evident, with business travel gradually increasing since September, leading to improved revenue margins. The industry is expected to benefit from a tightening supply side and lower fuel costs, resulting in a resonance of income and costs [5][17] - The introduction of new aircraft is expected to remain slow in 2025, with engine maintenance squeezing capacity. The industry is projected to reach historical highs in capacity utilization [5][17] Shipping - Oil shipping rates are on the rise, with the average VLCC-TCE increasing by 8.7% to $86,000 per day. Geopolitical events and OPEC+ production increases are expected to support the oil shipping market [6][22] - The SCFI index for foreign trade shipping has risen by 12.9% to 1,310 points, driven by increased demand and tariff adjustments [6][22] - The BDI index for bulk shipping has increased by 6.9% to 2,069 points, supported by stable overseas mining shipments [6][22] Logistics - The express delivery sector is seeing a year-on-year increase in unit prices, with a second round of price hikes underway. The overall performance of the sector is expected to improve in Q4 and next year [6][36] - The average daily collection volume for postal express services has decreased by 0.7% year-on-year, indicating seasonal effects and price adjustments [6][36]

Summary of COSCO Shipping Energy Transport Management Update Call Company Overview - **Company**: COSCO Shipping Energy Transport (CSET) - **Date of Call**: 16 October 2025 - **Stock Codes**: 1138.HK / 600026.SH Key Industry Insights - **Tanker Cycle Outlook**: Management expressed a positive outlook on the tanker cycle, driven by: 1. **Demand Recovery**: Supported by OPEC's steady output recovery and China's Strategic Petroleum Reserve restocking [2][32] 2. **Supply Constraints**: Effective supply tightening due to India's shift towards compliant Middle-East and Latin-American crude, extreme weather, gray-fleet retirements, and shipyard congestion [2][32] 3. **Policy Drivers**: Introduction of port fees on US-linked vessels in China, escalating US-China trade tensions, and participation in Brazil through a joint venture with CNOOC [2][32] 4. **Shareholder Returns**: Plans to resume dividends and buybacks post-restrictions [2][32] Financial Performance and Forecasts - **3Q25 Revenue Forecast**: Expected to be Rmb4.95 billion, a decrease of 5% YoY and 16% QoQ [4] - **3Q25 NPAT Forecast**: Expected to be Rmb976 million, an increase of 26% YoY but a decrease of 16% QoQ [4] - **4Q Earnings Rebound**: Anticipated due to strong spot rates, with average TD3C rates around US$72k/day since September [4] Supply and Demand Dynamics - **OPEC+ Production Increase**: OPEC+ has increased production by approximately 2.47 million barrels per day since April, providing substantial cargo volumes for long-haul shipments [8] - **VLCC Market Trends**: The VLCC market has shown volatility, with rates fluctuating significantly due to geopolitical events and market sentiment [8][12] - **Impact of Sanctions**: US sanctions and China's reciprocal port fees have created a bullish environment for compliant tonnage, with high TCEs expected to persist [8][12] Strategic Initiatives - **Decarbonization Efforts**: CSET is testing methanol-dual-fuel VLCCs and exploring new energy solutions, aligning with long-term carbon reduction goals [18] - **Expansion in Brazil**: CSET is increasing its presence in Brazil through a joint venture with CNOOC, capitalizing on growing Brazilian crude output [18] Valuation and Investment Thesis - **Price Target**: CSET-H target price set at HK$12, reflecting a potential upside of 25% [34][39] - **Investment Thesis**: CSET is rated Overweight based on: 1. Industry recovery signals post-2025 2. Scrapping of older vessels and tightening supply discipline 3. Diversified fleet mix and strong market positioning 4. Limited exposure to geopolitical risks [33][43] Risks and Considerations - **Downside Risks**: Include slower-than-expected recovery in tanker demand, regulatory cost pressures, and geopolitical uncertainties [45] Conclusion - CSET is positioned favorably within the tanker market, with strong fundamentals and a clear strategy for navigating current challenges, making it an attractive investment opportunity as the market tightens into 2026 [32][38]

Core Viewpoint - Company successfully completed a private placement of A-shares, raising a total of 8 billion yuan, which will be used to optimize its fleet and enhance its competitive position in the oil transportation market [1][2]. Group 1: Fundraising and Share Issuance - The company announced a private placement of 694 million shares, representing 14.6% of the pre-issue total share capital, at a price of 11.52 yuan per share [1]. - The total amount raised is 8 billion yuan, with a net amount of 7.98 billion yuan after expenses [1]. Group 2: Fleet Optimization - The funds raised will primarily be used for existing new ship orders, including 6 VLCCs, 2 LNG carriers, and 3 Aframax crude oil tankers, which will enhance the company's leadership in both domestic and international oil transportation markets [2]. - The company currently owns 43 VLCCs, with an average fleet age of 11.5 years, and 14 of these vessels are over 15 years old, indicating a need for fleet renewal [2]. Group 3: Market Outlook - The oil transportation market is expected to remain favorable due to limited new VLCC supply and the aging fleet, with nominal capacity growth near zero [3]. - Seasonal demand is anticipated to coincide with non-seasonal factors, such as increased trade barriers and geopolitical tensions affecting oil supply, which will benefit compliant oil transportation [3]. - OPEC+ has resumed production increases, which is expected to boost oil transportation demand [3]. - The initiation of a rate-cutting cycle by the Federal Reserve is likely to support oil demand through a contango structure, further benefiting oil transportation [3]. Group 4: Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 5.31 billion yuan, 6.18 billion yuan, and 6.45 billion yuan for the years 2025 to 2027, with corresponding P/E ratios of 11.2, 9.7, and 9.3 times [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The recent private placement will optimize the fleet, with the company issuing 694 million shares at a price of 11.52 yuan per share, raising a total of 8 billion yuan [2][13]. - The funds raised will be primarily used for existing new ship orders, including 6 VLCCs, 2 LNG carriers, and 3 Aframax tankers, enhancing the company's competitive position in the oil transportation market [13]. - The controlling shareholder subscribed for 50% of the new shares, indicating confidence in the company's prospects [13]. - The oil transportation market is expected to experience a favorable environment due to limited supply and seasonal demand, with several catalysts anticipated in the fourth quarter [13]. Summary by Sections Company Overview - The company has a total share capital of 477,078 million shares, with a current share price of 12.52 yuan [9]. - The company’s net asset value per share is 7.69 yuan, with a 12-month high of 13.80 yuan and a low of 9.74 yuan [9]. Financial Projections - The projected net profit for the company from 2025 to 2027 is estimated at 5.31 billion, 6.18 billion, and 6.45 billion yuan, respectively, with corresponding PE ratios of 11.2, 9.7, and 9.3 times [13]. - The total revenue is expected to grow from 23.24 billion yuan in 2024 to 26.02 billion yuan in 2027 [19]. Market Dynamics - The report highlights that the supply of VLCCs is limited, with near-zero growth in nominal capacity, and the aging fleet will continue to restrict supply [13]. - Factors such as increased global trade barriers and OPEC+ production policies are expected to positively impact oil transportation demand [13].

Investment Rating - The report rates the transportation industry as "Positive" [1] Core Insights - Over 80% of transportation companies have performed well in ESG scores, with 15 companies scoring above 80 and 12 above 90, representing 83% and 67% respectively [9][11] - 94% of the 18 central enterprises in the transportation sector have completed the required disclosures regarding importance assessment, but only 33% have disclosed third-party verification reports [11][13] - Companies in the high score range actively disclose climate change issues, while those in the lower range focus more on environmental issues, indicating a need for improvement in climate-related disclosures [16][17] - The report highlights the social responsibilities of transportation enterprises, particularly in rural revitalization and safety operations, with a 94% disclosure rate for safety operations [37][41] - Governance scores are generally high, with many companies integrating party building into their governance structures, showcasing a unique governance advantage [47][51] Summary by Sections Overall Performance - More than 80% of transportation companies have good overall ESG scores, with detailed financial importance disclosures and high scores in environmental, social responsibility, and governance aspects [9][16] Importance Assessment - 94% of companies have completed the required disclosures, with 17 out of 18 companies highlighting financial importance [11][13] Environmental & Climate - 83% of companies scored between 30-34 in environmental issues, with high disclosure rates for waste management (100%) and energy management (96%) [16][20] - Climate management disclosures show a high completion rate of 89%, but climate strategy disclosures need improvement, with only 56% of companies fully disclosing [32][35] Social Responsibility - Transportation enterprises have detailed their efforts in rural revitalization and social contributions, achieving a 100% disclosure rate for social responsibility [41][42] - Safety operations are a key focus, with 94% of companies disclosing relevant information [37][45] Governance - Governance scores are high, with 14 companies disclosing governance structures and mechanisms, and many integrating party building into their governance [47][51] - 94% of companies focus on safety risk management, with detailed disclosures on safety management systems [53][56]

Core Viewpoint - China COSCO Shipping Energy Transportation Co., Ltd. (中远海能) has scheduled a board meeting on October 30, 2025, to review and approve the unaudited financial results for the nine months ending September 30, 2025 [1] Group 1 - The board meeting is set to take place on a Thursday [1] - The meeting will focus on the financial performance of the company and its subsidiaries [1] - The financial results to be discussed are for the period ending September 30, 2025 [1]

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 就 因 本 公 告 全 部 或 任 何 部 份 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。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條 而 作 出。 中遠海運能源運輸股份有限公司（「本公司」）之董事會（「董事會」）茲宣佈本公司謹訂 於二零二五年十月三十日（星 期 四）舉 行 董 事 會 會 議，藉 以 審 議 及 通 過（其 中 包 括）宣 佈 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 九 月 三 十 日 止 九 個 月 之 未 經 審 核 業 績。 承董事會命 中遠海運能源運輸股份有限公司 公司秘書 倪藝丹 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） 董事會會議通知 中 華 人 民 共 和 ...