Shang Hai Zheng Quan Bao·2025-10-31 06:13Core Viewpoint - The company reported its third-quarter financial results for 2025, highlighting a mixed performance in the oil tanker market, with VLCC rates showing significant improvement while other segments faced challenges [7][8]. Financial Performance - For the first three quarters of 2025, the company achieved a net profit attributable to shareholders of RMB 2.72 billion, a year-on-year decrease of 21.2%, although the decline has narrowed [8]. - In Q3 2025, the net profit attributable to shareholders was RMB 850 million, representing a 4.4% increase compared to the same period last year [8]. - The average daily earnings for VLCC on the TD3C route (Middle East to China) were USD 42,918, up approximately 16.5% year-on-year [7]. - The average daily earnings for LR2 on the TC1 route (Middle East to Japan) were USD 29,506, down about 37.4% year-on-year [7]. Operational Highlights - The company’s oil tanker capacity input for the first three quarters of 2025 was 665,599 deadweight tons per day, an increase of 12.8% year-on-year [8]. - The transportation volume (excluding time charter) was 13.88 million tons, up 10.1% year-on-year [8]. - The transportation turnover (excluding time charter) reached 4.942 billion ton-miles, an increase of 14.3% year-on-year [8]. - The oil tanker segment generated a total revenue of RMB 14.74 billion, a decrease of 4.9% year-on-year, while the operating costs rose by 6.3% to RMB 11.93 billion [8]. Strategic Developments - The company plans to lease six VLCCs from a related party, with an average fixed daily rent of RMB 134,871 per vessel, and a rental structure combining fixed and profit-sharing elements [39][42]. - The leasing agreement is expected to enhance the company's operational capacity and revenue potential while optimizing cash flow management [43][65]. - The transaction is part of the company's strategy to maintain a leading position in the oil tanker market and ensure energy transportation safety [43][63]. Upcoming Events - The company will participate in a collective performance briefing for the third-quarter results on November 13, 2025, to address investor inquiries [27][28].