Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The completion of the private placement is expected to support the company's development, with a focus on the fundamentals of oil transportation and the strategic value of the company [5] - The recent performance of VLCC freight rates has been strong, driven by increased production from OPEC+ and a favorable supply-demand balance in the oil transportation market [7] - The strategic value of the company is highlighted in the context of the US-China port fee conflict, positioning it advantageously in international shipping competition [7] Financial Performance Summary - Revenue projections for 2023 to 2027 are as follows: 22,091 million RMB (2023), 23,244 million RMB (2024), 24,918 million RMB (2025E), 28,804 million RMB (2026E), and 29,957 million RMB (2027E), with growth rates of 18.40%, 5.22%, 7.20%, 15.59%, and 4.01% respectively [6] - Net profit attributable to shareholders is projected to be 3,351 million RMB (2023), 4,037 million RMB (2024), 5,397 million RMB (2025E), 8,062 million RMB (2026E), and 8,625 million RMB (2027E), with year-on-year growth rates of 129.91%, 20.47%, 33.70%, 49.39%, and 6.98% respectively [6] - The company's P/E ratios for the years 2025 to 2027 are projected to be 11.07, 7.41, and 6.93 respectively [6] Capital Raising and Strategic Developments - The company has completed a private placement of 694,444,444 shares at an issue price of 11.52 RMB per share, raising approximately 8 billion RMB, which will be used to build new vessels and enhance its fleet structure [7] - The demand for oil transportation is expected to increase due to OPEC+ production cuts and a tightening supply of VLCCs, which will likely improve market conditions [7]

Group 1 - Shipping stocks are showing active performance with notable increases in share prices [1] - China Merchants Energy (01138.HK) rose by 3.21%, reaching HKD 9.65 [1] - Orient Overseas International (00316.HK) increased by 3%, trading at HKD 126.9 [1] - China Merchants Industry (01919.HK) saw a rise of 2.97%, priced at HKD 12.82 [1] - Yang Ming Marine Transport (02510.HK) gained 1.7%, with shares at HKD 8.39 [1]

Core Viewpoint - The shipping stocks are experiencing active performance due to the upcoming implementation of the U.S. 301 port fee measures on October 14, which has prompted China to announce retaliatory port fees on U.S. vessels. This situation is expected to create short-term volatility in shipping rates, particularly in the oil transportation sector, where rates have already surged due to recent sanctions and fee announcements [1][2]. Group 1: Shipping Stock Performance - Cosco Shipping Energy (01138) rose by 3.21% to HKD 9.65 [1] - Orient Overseas International (00316) increased by 3% to HKD 126.9 [1] - Cosco Shipping Holdings (01919) gained 2.97% to HKD 12.82 [1] - Yang Ming Marine Transport (02510) saw a rise of 1.7% to HKD 8.39 [1] Group 2: Impact of U.S.-China Port Fee Measures - The U.S. port fee measures are expected to have a limited overall impact on freight rates, but initial implementation chaos may lead to rate fluctuations [1] - The introduction of special port fees by China on U.S. vessels is anticipated to increase costs for shipping companies, potentially leading to a stronger motivation for cost pass-through and increased bargaining power for these companies [2] - In the medium to long term, shipping companies may adjust their capacity across global routes to mitigate the impact of port fees, but the significant role of China in global dry bulk, energy transport, and manufacturing exports necessitates ongoing observation of the situation [2] Group 3: Oil Shipping Market Outlook - Following the recent sanctions and the announcement of special port fees, there is heightened concern regarding port congestion and supply chain efficiency, leading to a significant increase in VLCC shipping rates week-on-week [1] - The combination of seasonal demand and the current market conditions suggests that oil shipping rates are likely to perform strongly in the short term [1]

Group 1 - Shipping stocks are experiencing active performance, with notable increases in share prices for companies such as COSCO Shipping Energy (up 3.21% to HKD 9.65), Orient Overseas International (up 3% to HKD 126.9), COSCO Shipping Holdings (up 2.97% to HKD 12.82), and Yang Ming Marine Transport (up 1.7% to HKD 8.39) [1] - The U.S. 301 port fee measures will be implemented on October 14, prompting China to announce special port fees for U.S. vessels starting the same day. This reciprocal action is expected to create short-term price fluctuations in shipping rates due to initial implementation chaos [1][2] - Concerns over port congestion and supply chain efficiency have intensified following new U.S. sanctions and China's announcement of special port fees, leading to a significant increase in VLCC shipping rates last week. The combination of these factors and the seasonal peak is expected to result in strong performance for oil shipping rates in the short to medium term [1] Group 2 - The reciprocal port fee measures between China and the U.S. are anticipated to increase costs for shipping companies, potentially disrupting established trading rhythms and causing short-term chaos. This environment may empower shipping companies to pass on costs and exert greater pricing power, supporting short-term rate increases [2] - In the medium to long term, shipping companies may adjust capacity across global routes to mitigate the impact of port fees. However, given China's critical role in global dry bulk, energy transport, and manufacturing exports, the ultimate effects of these measures will require further observation [2] - Investment opportunities in shipping stocks related to U.S.-China trade tensions are suggested, with oil and dry bulk shipping rates likely to benefit from the short-term risk premium associated with the current chaos [2]

每经AI快讯，中远海能(01138.HK)涨超4%，截至发稿，涨3.85%，报9.71港元，成交额1.12亿港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - China Merchants Energy (中远海能) shares rose over 4%, currently trading at 9.71 HKD with a transaction volume of 112 million HKD, influenced by geopolitical developments and market forecasts [1] Company Summary - China Merchants Energy's operational performance in the first half of the year met expectations, with net profit exceeding forecasts primarily due to one-time gains [1] - Bank of America has raised its earnings forecasts for 2025-2027, reflecting favorable conditions in the oil tanker market due to OPEC+ production increases and tightening US sanctions [1] - The bank maintains a "Buy" rating, indicating that the company is expected to be a major beneficiary of the recovery in the tanker market [1] Industry Summary - The Chinese Ministry of Transport announced a port service fee for US vessels in response to US port fees on Chinese ships, effective from October 14 [1] - Goldman Sachs anticipates that the shipping industry's effective capacity may experience temporary disruptions, adding upward pressure on freight rates, particularly for very large crude carriers (VLCCs) [1] - Huatai Securities noted strong demand in the crude oil tanker market in September, predicting that OPEC+ production increases will stimulate inventory replenishment and cross-regional arbitrage demand, with VLCC rates expected to strengthen in Q4 2025 and Q1 2026 [1]

Core Viewpoint - The stock of China Ocean Shipping Energy (01138) has seen a rise of over 4%, attributed to positive market sentiment following comments from U.S. President Trump regarding India's potential halt on Russian oil purchases, alongside favorable earnings forecasts from Bank of America and other analysts [1]. Group 1: Company Performance - China Ocean Shipping Energy's stock rose by 3.85% to HKD 9.71, with a trading volume of HKD 112 million [1]. - Bank of America noted that the company's operating performance in the first half of the year met expectations, with net profit exceeding forecasts due to one-time gains [1]. - The bank has raised its earnings forecasts for 2025 to 2027, reflecting favorable conditions in the oil tanker market due to OPEC+ production increases and tightening U.S. sanctions [1]. Group 2: Industry Insights - The Chinese Ministry of Transport announced a port service fee for U.S. vessels in response to U.S. port fees on Chinese ships, effective from October 14 [1]. - Goldman Sachs anticipates that the shipping industry may experience temporary disruptions in effective capacity, which could increase freight rates, particularly for very large crude carriers (VLCCs) [1]. - Huatai Securities reported strong demand in the crude oil tanker market in September, predicting that OPEC+ production increases will stimulate inventory replenishment and cross-regional arbitrage demand, leading to a potential rise in VLCC freight rates in Q4 2025 and Q1 2026 [1].

Core Viewpoint - The successful completion of the A-share issuance by China Merchants Energy Transport Co., Ltd. (referred to as "the company") demonstrates strong market confidence and enhances its capital strength, aligning with its strategic goals in the energy transportation sector [1][3]. Group 1: Fundraising Details - The company raised approximately 8 billion RMB through a targeted issuance of A-shares, with a share price of 11.52 RMB, marking one of the largest private placements in the A-share market in the past two years [1]. - The project took 9 months from internal decision-making in January 2025 to full fund receipt in October, showcasing the company's efficient capital operation capabilities [2]. Group 2: Investor Participation - The issuance attracted seven major institutional investors, including the controlling shareholder China Ocean Shipping Group Co., Ltd., which subscribed for 50% of the shares, along with various state-owned and green investment funds [2]. Group 3: Market Confidence and Capital Strength - The issuance price represented a 23.34% premium over the base price of 9.34 RMB, with the effective subscription amount being approximately 2.5 times the market inquiry fundraising scale, reflecting strong market confidence in the company's future [3]. - The successful fundraising significantly enhances the company's capital strength, optimizes its asset-liability structure, and improves its risk resistance capabilities [3]. Group 4: Investment in Sustainable Development - The raised funds will be used to construct six VLCCs (Very Large Crude Carriers), two LNG (Liquefied Natural Gas) carriers, and three methanol dual-fuel Aframax tankers, aligning with the company's core business and the green low-carbon development trend [4]. - The construction of high-end environmentally friendly vessels will help the company meet international maritime organization (IMO) emission reduction requirements and contribute to sustainable development in global energy transportation [4]. - The completion of this capital operation marks an acceleration in the company's green fleet construction, reinforcing its core competitiveness in the global energy transportation sector [4].

COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* （在中華人民共和國註冊成立之股份有限公司） 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。 （股份代號：1138） 海外監管公告 於本公告刊發日期，董事會由執行董事任永強先生及朱邁進先生，非執行董事汪樹青先 生、王威先生及周崇沂女士，以及獨立非執行董事黃偉德先生、李潤生先生、趙勁松先生 及王祖溫先生所組成。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條之規定而作出。 中遠海運能源運輸股份有限公司（「本公司」）之A股在上海證券交易所上市，以下公告為本 公司根據上海證券交易所之要求於上海證券交易所網站刊發之公告。 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 中華人民共和國，上海 二零二五年十月十五日 * 僅供識別 中远海运能源运输股份有限公司 向特定对象发行股票募集资金 验资报告 | 索引 | 页码 | | --- | --- ...

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。 於本公告刊發日期，董事會由執行董事任永強先生及朱邁進先生，非執行董事汪樹青先 生、王威先生及周崇沂女士，以及獨立非執行董事黃偉德先生、李潤生先生、趙勁松先生 及王祖溫先生所組成。 * 僅供識別 COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* （在中華人民共和國註冊成立之股份有限公司） （股份代號：1138） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條之規定而作出。 中遠海運能源運輸股份有限公司（「本公司」）之A股在上海證券交易所上市，以下公告為本 公司根據上海證券交易所之要求於上海證券交易所網站刊發之公告。 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 中華人民共和國，上海 二零二五年十月十五日 国浩律师（上海）事务所 关于 中远海运能源运输股份有限公司 向特定对象发行 A 股股票之 发行过程和认购对象合规性的 ...