“民营造船第一股”，签下大单

Core Viewpoint - *ST Songfa has signed contracts for the construction of three vessels, which are expected to enhance its competitive advantage in the shipping industry [1][3]. Group 1: Contract Details - The contracts involve one Very Large Crude Carrier (VLCC) and two Capesize bulk carriers, with a total contract value estimated between $200 million and $400 million [2]. - The delivery schedule for the vessels is set for mid-2026 and the second half of 2027 [2]. - The contract amount exceeds 50% of the company's audited revenue from the previous fiscal year, thus meeting specific regulatory thresholds [2]. Group 2: Competitive Advantage - The VLCC is designed for high efficiency, capable of adapting to major oil ports globally, and is suitable for long-distance crude oil transportation [3]. - The Capesize bulk carriers are positioned as core vessels in the dry bulk shipping market, offering significant scale advantages and economic efficiency [3]. - Successful construction of these vessels is expected to reflect the company's innovation capabilities and technical strength in high-end shipbuilding [3]. Group 3: Future Impact - The company anticipates that the normal execution of these contracts will positively impact future performance, enhancing long-term market competitiveness and profitability [3]. - Revenue recognition from these contracts will be determined based on accounting standards and the actual performance of the contracts [4].