Core Viewpoint - The delivery of the LNG carrier "Haiyun" marks a significant milestone for the company in its LNG transportation business, enhancing its dual core business development [1] Group 1: Vessel Delivery - The company received a 175,000 cubic meter LNG carrier named "Haiyun" on September 24, 2025 [1] - This vessel is the first of two eco-friendly LNG carriers ordered in 2022 [1] - The ship is equipped with a new LNG dual-fuel slow-speed main engine and an integrated ICER system, meeting the highest emission standards set by the International Maritime Organization [1] Group 2: Technical Specifications - The cargo hold utilizes the GTT Mark III Flex containment system, with a daily evaporation rate of only 0.085% [1] Group 3: Business Development - The delivery is seen as a milestone that supports the stable development of the company's dual core business [1] - As of the announcement date, the company operates 27 LNG vessels and has 37 vessels on order [1]

该轮为公司2023年订造的4艘新型节能环保卡姆萨型干散货船的第1艘，采用新一代节能环保设计，配置 轴带式发电机等节能设备，能效和节能环保指标大幅优于公司现有的6艘7.6万载重吨级巴拿马型散货 船。 格隆汇9月25日丨招商轮船(601872.SH)公布，2025年9月25日，公司通过下属全资单船公司在扬州仪征 接收了1艘82,000载重吨级的卡姆萨型干散货船"明福"轮。 截至本公告发布之日，公司干散货船板块拥有和营运管理中的船舶103艘（不含长期及短期租入船）， 其中VLOC37艘（含参股及代管），好望角型干散货船16艘，巴拿马型干散货船7艘，灵便型干散货船 37艘，重吊多用途船6艘；在手订单15艘，其中1艘与"明福"轮同型的卡姆萨型干散货船将于2025年四季 度交付。 ...

招商轮船(601872.SH)公告称，公司于2025年9月25日通过下属全资单船公司在扬州仪征接收了1艘82,000 载重吨级的卡姆萨型干散货船"明福"轮。该轮为公司2023年订造的4艘新型节能环保卡姆萨型干散货船 的第1艘，具备灵活的多货种运输能力，尤其是专业的粮食运输能力，将有效扩充公司自有巴拿马型船 队规模，提升市场竞争力和持续盈利能力。截至公告发布之日，公司干散货船板块拥有和营运管理中的 船舶103艘，在手订单15艘。 ...

"海韵"轮交付运营是招商轮船坚持LNG运输业务"双轮驱动"发展策略，抢抓战略机遇期打造自有LNG船 队的里程碑。自有LNG船队的发展，有助于公司油气、干散双核心业务的持续稳定发展和稳定盈利底 盘的进一步增厚，将进一步巩固公司的核心竞争力和持续盈利能力，有助于实现公司打造"弱周期成长 型航运平台"的战略目标。 招商轮船（601872）(601872.SH)发布公告，2025年9月24日，公司通过下属控股单船公司在大连接收了 1艘17.5万立方米大型液化天然气(LNG)运输船"海韵"轮。该轮为公司2022年第一批订造的2艘同型节能 环保LNG运输船的第1艘。 ...

Core Viewpoint - China Merchants Energy Shipping Company (招商轮船) has received its first large LNG carrier, "Haiyun," marking a significant step in its strategy to develop a proprietary LNG fleet and enhance its core competitiveness and profitability [1] Group 1: Company Developments - The company received a 175,000 cubic meter LNG carrier on September 24, 2025, in Dalian, which is part of its first batch of two energy-efficient LNG carriers ordered in 2022 [1] - The delivery of "Haiyun" is a milestone in the company's dual-driven development strategy for LNG transportation, aimed at seizing strategic opportunities [1] Group 2: Strategic Implications - The development of a proprietary LNG fleet will support the stable growth of the company's core oil and gas, as well as dry bulk businesses, further enhancing its profitability [1] - This initiative aligns with the company's goal of establishing a "weak cycle growth-type shipping platform" [1]

（记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：请问目前vlcc运价每上涨1万美元，对公司利润增厚多 少？ 招商轮船（601872.SH）9月25日在投资者互动平台表示，目前我们拥有营运中的100%权益的VLCC油 轮52艘，另外联合石油公司合资运营1艘租入VLCC，公司每艘VLCC每年运营天数通常约355天。目前 绝大部分VLCC在现货和短租市场运营，此外我们还有7艘Aframax油轮目前部分在pool和现货市场运 营。投资者可以自行计算盈利弹性。以上数据为目前的状况，仅供参考。 ...

Core Viewpoint - The port and shipping sector experienced a collective decline in early trading, with significant drops in stock prices for various companies [1] Group 1: Company Performance - Nanjing Port saw a decline of over 8% [1] - Ningbo Maritime dropped more than 6% [1] - Other companies such as Ningbo Ocean, Lianyungang, and China Merchants Energy also faced declines [1]

Group 1 - The stock price of China Merchants Energy Shipping Co., Ltd. dropped by 5.13% to 8.50 CNY per share, with a trading volume of 436 million CNY and a turnover rate of 0.63%, resulting in a total market capitalization of 68.634 billion CNY [1] - The company, established on December 31, 2004, and listed on December 1, 2006, primarily engages in international crude oil, dry bulk, domestic roll-on/roll-off, and various cargo shipping services, with transportation services accounting for 86.38% of its revenue [1] - The company has its headquarters in Shanghai and additional offices in Hong Kong and Shenzhen [1] Group 2 - According to data, the China Merchants Energy Shipping Co., Ltd. is the second-largest holding in the Jiayin Schroder Fund, with 1.013 million shares held, representing 1.55% of the fund's net value [2] - The Jiayin Multi-Strategy Return Flexible Allocation Mixed A Fund has a total scale of 269 million CNY and has achieved a year-to-date return of 10.24% [2] - The fund manager, Wang Yiwei, has a tenure of 5 years and 304 days, with the best fund return during this period being 28.78% [2]

Core Points - The delivery of a 175,000 cubic meter LNG carrier designed and built by China Shipbuilding Group marks a significant advancement in China's high-value shipbuilding sector [1] - The LNG carrier, measuring 295 meters in length, can meet the gas demand of Dalian city for one and a half months when fully loaded [3] - The vessel is capable of docking at most large LNG terminals worldwide and will be utilized for LNG transportation across global ports [3] Company Insights - The delivery of the first vessel is a crucial step for China Merchants Energy Transportation in entering the global LNG transportation market and establishing a "national shipping team" [5] - The company plans to leverage this vessel to systematically develop personnel training in shore management, ship navigation, and engineering, gradually building its LNG ship management capabilities and crew [5] - China Shipbuilding Group's Dalian shipyard currently holds orders for 17 LNG carriers, showcasing a leading capacity advantage in batch orders and construction [9] Industry Context - LNG carriers are considered the "crown jewel" of the shipbuilding industry due to their high design and construction complexity, with only a few shipyards globally possessing the core construction capabilities [7] - The successful delivery of this LNG carrier significantly enhances China's influence and autonomy in the global energy transportation system [9]

Core Viewpoint - The successful delivery of a 175,000 cubic meter liquefied natural gas (LNG) carrier by China Shipbuilding Group marks a significant advancement in China's high-value shipbuilding sector, enhancing the country's capabilities in global energy transportation [1][5]. Group 1 - The delivered LNG carrier has a total length of 295 meters and can meet the gas demand for both residential and industrial use in Dalian for one and a half months when fully loaded [3]. - This vessel is capable of docking at most large LNG terminals worldwide and will be utilized for LNG transportation across global ports [3]. - The construction of LNG carriers is highly complex, with only a few shipyards globally possessing the core construction capabilities, highlighting the significance of this achievement for China's shipbuilding industry [5]. Group 2 - Currently, Dalian Shipbuilding has a backlog of 17 LNG carrier orders, establishing a leading capacity advantage in batch receiving and construction within the industry [5]. - This development significantly enhances China's influence and autonomy in the global energy transportation system [5].