Group 1 - The stock of China Cosco Shipping Energy Transportation Co., Ltd. (中远海能) rose nearly 6%, closing at HKD 9.14 with a trading volume of HKD 57.6 million [1] - The initial price increase plan by upstream shipping companies for early April has largely failed, but the second round of price hikes is ongoing, with Maersk planning to raise European route freight rates after April 29 [1] - The Shanghai-Rotterdam route freight rate has increased to $1975/3800, and subsequently, CMA CGM announced a price increase to $2200/4000 effective May 1 [1] Group 2 - The recent escalation of tensions in the Middle East, particularly following Israel's airstrike on the Iranian embassy in Syria on April 1, has led to a noticeable increase in international freight rates [1] - Since March 15, European route container shipping prices have been on a steady rise, with the index climbing from 1481 points to nearly 2300 points, marking a cumulative increase of over 55%, reaching the highest level in over three months [1]

证券代码：600026 证券简称：中远海能 公告编号：2024-010 中远海运能源运输股份有限公司 关于召开 2023 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 （二） 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 重要内容提示： http://roadshow.sseinfo.com/） 中远海运能源运输股份有限公司（以下简称"公司"）已于 2024 年 3 月 29 日发布公司 2023 年度报告，为便于广大投资者更全面深入地 了解公司 2023 年度经营成果、财务状况，公司计划于 2024 年 04 月 24 日 下午 15:00-16:30 举行 2023 年度业绩说明会，就投资者关心的 问题进行交流。 一、 说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2023 会议召开时间：2024 年 04 月 24 日(星期三) 下午 15:00-16:30 会议召开地点：上海证券交易所上证路演中心（网址： 会议召开 ...

智通财经APP获悉，中远海能(01138)现涨超4%，截至发稿，涨4.52%，报9.25港元，成交额7789.86万港元。 国泰君安指出，原油油运方面，假期影响贸易节奏，且近期租家私下成交打压情绪，中东-中国VLCCTCE略降至3.8-3.9万美元。成品油运方面，MRTCE略降至3.3-3.4万美元。市场预期伊朗行动或将加剧中东局势紧张，对油价与红海影响或将持续。而OPEC近日预测夏季燃料消费将十分强劲，全年将继续增长。 该行指出，油价波动或将继续短期影响贸易节奏，不改石油消费韧性与未来数年油运供需向好趋势。油运业产能利用率已近阈值，运价中枢上升且弹性增大，建议放低短期波动关注中枢趋势。年初以来油运板块涨幅显著，油运超级牛市将提供业绩估值双重空间。 ...

Core Viewpoint - The stock of China Merchants Energy Shipping Company (01138) has increased by over 4%, reaching HKD 8.92, with a trading volume of HKD 45.5289 million, driven by strong VLCC-TCE rates in Q1 2023 [1] Group 1: VLCC-TCE Performance - In Q1 2023, the VLCC-TCE recorded USD 44,648 per day, representing a nearly 200% increase quarter-on-quarter and a 30% increase year-on-year [1] - On February 16, 2023, VLCC-TCE surged to USD 65,537 per day, marking the highest level since the second half of 2023 [1] Group 2: Market Outlook - According to Haitong Futures, the freight rates for VLCCs are expected to face a potential adjustment in Q2 due to Saudi Arabia's voluntary oil production cuts extended until the end of June 2023, alongside concentrated refinery maintenance in Asia and Europe, which may constrain procurement demand [1] - Guosen Securities forecasts that only one VLCC will be available for delivery globally in 2024, with supply constraints due to aging vessels, stricter environmental regulations, and increasing administrative sanctions [1] - The demand side anticipates that the expected interest rate cuts in the U.S. starting in 2024 may boost global economic momentum, leading to an increase in global crude oil demand [1] - It is projected that the global oil transportation supply-demand gap will be 4.1% in 2024, indicating a continued upward trend in freight rate levels [1]

智通财经APP获悉，中远海能(01138)跌超4%，截止发稿跌4.79%，报8.35港元，成交额3201万港元。 消息面上，日前，包括马士基、达飞、赫伯罗特等在内的头部船公司陆续发布涨价通知，宣布上调多条亚洲出口航线的运费。上涨金额最高达2000美元，与当前运价相比涨幅接近70%。记者采访多家货代公司了解到，目前实际价格并未有上涨，甚至部分产品线路价格还出现下降。原因是当前市场仍处于供大于求的状态，受访业内人士普遍认为，海运市场当下和未来至少两三个季度，都缺乏大幅涨价的动力，预计价格将维持相对平稳的趋势。 国信证券指出，当前油运行业正处传统淡季，且春节期间的异常需求对近期形成了透支，运价短期进入快速下行阶段，但是考虑到2024年行业供给增长有限，该行仍看好年内运价中枢较2023年进一步抬升，当前行业供需已经进入紧平衡，需求侧一旦OPEC不再减产或大国开始补库，均有望带来运价快速上涨。 ...

智通财经APP获悉，中远海能(01138)涨超4%，截至发稿，涨4.24%，报9.09港元，成交额9511.1万港元。 消息面上，中远海能2023年营业额为人民币219.12亿元(单位下同)，同比增加18.02%；公司权益持有人应占溢利33.49亿元，同比增加129.23%；拟派发末期股息每股35分。此外，受益于行业运价大幅提升，中远海能去年外贸油运强劲增长。2023年，中远海能外贸油运实现营业收入140亿元，同比增长22.9%，板块实现毛利41.5亿元，同比增长184.6%。 国信证券认为，2024年外贸油运业务有望迎量价齐升。2024年全球可供交付的VLCC数量仅为1艘，且在老龄化加剧、环保政策趋严、行政制裁趋严的背景下，供给侧当前面临强约束，而需求端来看，美国预计2024年开始降息有望为全球释放经济动能，全球原油需求量有望提升。预计2024年全球油运供需差为4.1%，看好2024年运价中枢继续抬升。 ...

智通财经APP获悉，中远海能(01138)涨超7%，截至发稿，涨7.4%，报8.71港元，成交额1.1亿港元。 消息面上，中远海能近日发布2023年度业绩，该集团取得营业额人民币219.12亿元(单位下同)，同比增加18.02%；公司权益持有人应占溢利33.49亿元，同比增加129.23%；拟派发末期股息每股35分。 光大证券指出，受益于行业持续上行，公司23年业绩大幅提升，且保持较高分红比例回馈股东。该行看好油运行业景气周期持续，未来2-3年供给刚性凸显，红海通行受阻消耗有效运力贡献增量，旺季运价高度值得期待。 ...

Investment Rating - The investment rating for COSCO Shipping Energy Transportation Co., Ltd. (600026.SH) is "Buy" [1][4]. Core Views - The report highlights significant growth in the foreign trade oil transportation sector, with expectations for a favorable oil transportation market in 2024 [1][9]. - In 2023, the company reported a revenue of 22.09 billion yuan, an increase of 18.4% year-on-year, and a net profit of 3.35 billion yuan, up 130.0% year-on-year [1][6]. - The foreign trade oil transportation segment was the main driver of growth, achieving a revenue of 14 billion yuan, a 22.9% increase, and a gross profit of 4.15 billion yuan, up 184.6% [1][9]. Summary by Sections Financial Performance - In Q4 2023, the company generated a revenue of 5.56 billion yuan, a decrease of 11.3% year-on-year, and a net profit of -360 million yuan, down 114.4% [1][6]. - The company plans to distribute a cash dividend of 1.67 billion yuan, resulting in a cash dividend payout ratio of 49.84% for 2023 [1][6]. Business Segments - The foreign trade oil transportation segment's average daily earnings (TCE) for VLCC-TD3C (Middle East to Far East route) reached 35,416 USD/day, a year-on-year increase of approximately 110% [1][9]. - The domestic oil and LNG business showed steady growth, with domestic oil and refined oil transportation volume reaching approximately 90.37 million tons, generating revenue of 6.2 billion yuan, a 4.9% increase [1][9]. Future Outlook - For 2024, the report anticipates a simultaneous increase in volume and price for foreign trade oil transportation, with a projected global oil transportation supply-demand gap of 4.1% [1][9]. - The company’s earnings forecasts for 2024-2025 have been adjusted to 6.15 billion yuan and 6.86 billion yuan, respectively, with a new profit forecast for 2026 set at 7.4 billion yuan [1][9].

Investment Rating - The report maintains a "Recommend" rating for COSCO Shipping Energy Transportation Co., Ltd. (600026) [1] Core Views - The company reported a net profit attributable to shareholders of 3.35 billion yuan in 2023, a year-on-year increase of 130.0%, with a non-recurring net profit of 4.13 billion yuan, up 197.3% year-on-year [1] - The cash dividend payout ratio for 2023 is approximately 49.8%, reflecting strong cash flow and shareholder returns [1] - The report highlights a positive outlook on the oil transportation market, driven by geopolitical tensions and a robust demand for oil transportation [1] Financial Performance Summary - **Revenue**: In 2023, total revenue reached 22.09 billion yuan, an increase of 18.4% year-on-year [2] - **Net Profit**: The net profit attributable to shareholders was 3.35 billion yuan, with a significant year-on-year growth of 130.0% [2] - **Earnings Per Share (EPS)**: The EPS for 2023 was 0.70 yuan, with projections of 1.39 yuan, 1.56 yuan, and 1.74 yuan for 2024, 2025, and 2026 respectively [2] - **Profit Margins**: The gross profit margin for 2023 was 29.9%, an increase of 11.4 percentage points year-on-year [1] Market Dynamics - **Demand**: The report notes a 6.2% year-on-year increase in oil transportation demand, driven by geopolitical conflicts and record-high crude oil imports in China [1] - **Supply**: The global tanker fleet saw a low growth rate, with only 141 new tankers delivered in 2023, a decrease of 45% year-on-year [1] - **Freight Rates**: The average VLCC-TCE (Time Charter Equivalent) rate for 2023 was approximately $43,200 per day, reflecting an 80.9% increase year-on-year [1] Investment Forecast - **Profit Projections**: The report slightly adjusts the profit forecasts for 2024 and 2025 to 6.64 billion yuan and 7.45 billion yuan respectively, with a new forecast for 2026 at 8.31 billion yuan [1] - **Valuation**: The target price is set at 21.1 yuan, indicating a potential upside of 26% from the current price of 16.73 yuan [1]

Investment Rating - The report maintains an "Outperform" rating for COSCO Shipping Energy Transportation [12][19]. Core Views - The 2023 annual report performance is in line with expectations, with operating income of 22.091 billion yuan, a year-on-year increase of 18.40%, and net profit attributable to shareholders of 3.351 billion yuan, a year-on-year increase of 129.95% [11][17]. - The oil transportation sector's profitability is expected to continue improving, with potential for both freight rates and valuations to rise due to solid supply-side logic and a favorable outlook for VLCC (Very Large Crude Carrier) market conditions [19]. Financial Performance Summary - The gross profit from foreign trade oil transportation was 4.15 billion yuan, a year-on-year increase of 184.6%, while domestic oil transportation gross profit was 1.49 billion yuan, a year-on-year increase of 15.6% [11][18]. - The LNG transportation segment contributed a net profit of 790 million yuan, a year-on-year increase of 18.4% [11][18]. - The report forecasts net profit attributable to shareholders for 2024-2026 to be 7.377 billion yuan, 8.141 billion yuan, and 8.949 billion yuan, respectively, with corresponding PE ratios of 10.9x, 9.9x, and 9.0x [19]. Dividend and Shareholder Returns - The company proposes a cash dividend of 3.5 yuan for every 10 shares, resulting in a cash dividend ratio of 49.84% [11][17].