Chang Jiang Shang Bao·2025-07-21 22:58Core Viewpoint - China Merchants Energy Transportation Co., Ltd. (中远海能) has received approval for its 8 billion yuan private placement, which will be used to expand its fleet by constructing 11 new vessels, including 6 Very Large Crude Carriers (VLCCs) and 2 LNG carriers [1][2]. Group 1: Fundraising and Fleet Expansion - The company plans to raise a total of up to 8 billion yuan, with 4.598 billion yuan allocated for the construction of 6 VLCCs, while the remaining funds will be used for 2 LNG carriers and 3 Aframax oil tankers [2]. - The construction of the 6 VLCCs has already commenced, with contracts signed and 20% of the shipbuilding costs paid, with expected delivery by 2028 [2]. - This fundraising initiative is aimed at optimizing the fleet's age structure and enhancing the company's competitive edge in both domestic and international oil transportation [2][3]. Group 2: Industry Position and Performance - China Merchants Energy holds the largest oil tanker capacity in the world, with a fleet of 159 oil tankers totaling 23.74 million deadweight tons, and 12 oil tankers under construction [4]. - The company is also a leading player in the LNG transportation sector, with 87 LNG vessels under investment, of which 50 are operational, contributing to stable revenue through long-term contracts [4]. - The company's revenue has shown significant growth over the past three years, with revenues of 18.66 billion yuan, 22.73 billion yuan, and 23.24 billion yuan from 2022 to 2024, reflecting year-on-year growth rates of 46.93%, 21.84%, and 2.25% respectively [5]. Group 3: Recent Performance Trends - In the first quarter of 2025, the company reported a revenue of 5.753 billion yuan, a decrease of 4.01% year-on-year, with net profit dropping by 43.31% to 708 million yuan [6]. - The oil tanker segment generated revenue of 4.97 billion yuan, showing a slight decline of 5.6% year-on-year, while the LNG transportation business grew, contributing a net profit of 200 million yuan, an increase of 12.3% [6].