Group 1: LNG Transportation Vessel Delivery - The company received a new 175,000 cubic meter LNG transportation vessel named "Haiyun" on September 24, 2025, marking the first delivery of two eco-friendly LNG vessels ordered in 2022 [1] - "Haiyun" is designed according to the latest international LNG transportation standards, featuring a new dual-fuel low-speed main engine and an ICER system, meeting the highest emission standards set by the International Maritime Organization [1] - The vessel's cargo tank utilizes the GTT Mark III Flex containment system, with a daily evaporation rate of only 0.085%, and is equipped with a re-liquefaction system for efficient handling of LNG vapor [1] Group 2: Strategic Development and Fleet Expansion - The delivery of "Haiyun" is a milestone in the company's strategy to develop its own LNG fleet, enhancing the stability and profitability of its oil and gas core business [2] - As of the announcement date, the company operates 27 LNG vessels (including those in joint ventures) and has 37 vessels on order, with three additional LNG vessels expected to be delivered in 2025 from a joint venture project [2] Group 3: Dry Bulk Carrier Delivery - On September 25, 2025, the company received a new 82,000 deadweight ton Kamsarmax dry bulk carrier named "Mingfu," which is the first of four new eco-friendly Kamsarmax vessels ordered in 2023 [4] - "Mingfu" features advanced energy-saving designs and equipment, significantly outperforming the company's existing fleet of 76,000 deadweight ton Panamax bulk carriers in terms of energy efficiency and environmental standards [4] - The new series of vessels will enhance the company's capacity for transporting various cargo types, particularly grain, and will improve the overall structure and competitiveness of its dry bulk fleet [5]

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]