智通财经APP获悉，三位知情人士透露，自欧盟7月对印度Nayara能源公司(Nayara Energy)实施制裁后， 沙特阿美(Saudi Aramco)与伊拉克国家石油公司(SOMO)已停止向这家有俄罗斯背景的炼油企业出售原 油。 据消息人士及伦敦证券交易所集团(LSEG)航运数据显示，这两家海湾地区原油出口商暂停供应后， Nayara能源公司8月的原油进口已完全依赖俄罗斯。目前，Nayara的多数股权由包括俄罗斯石油巨头俄 罗斯石油公司(Rosneft，ROSN.US)在内的俄罗斯实体持有。 Kpler与LSEG的航运数据显示，Nayara通常每月会接收约200万桶伊拉克原油和100万桶沙特原油，但8 月未收到来自这两家供应商的任何发货。截至目前，SOMO与Nayara能源公司未回应置评请求，沙特阿 美则拒绝置评。 其中两位消息人士表示，欧盟制裁导致Nayara在向SOMO采购原油时面临付款难题，但未透露更多细 节。 Kpler、LSEG的数据及行业渠道获取的信息显示，SOMO对Nayara的最后一批巴士拉原油(Basra crude)由 超大型原油运输船(VLCC)"Kalliopi"号承运，于7月29 ...

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Views - The company, COSCO Shipping Energy Transportation Co., Ltd., specializes in energy transportation with a fleet capacity of 20.5 million DWT, ranking first globally. The business segments include domestic oil transportation, LNG transportation, and foreign trade oil transportation, each with distinct characteristics [2][6]. - The domestic and LNG segments provide stability, while the foreign trade segment offers significant profit elasticity. The easing of the Russia-Ukraine conflict and tightening sanctions on Iran are expected to boost oil transportation demand, creating a favorable cycle for the industry [2][9]. Summary by Sections Introduction: Geopolitical Restructuring of Oil Transportation - The past two years have seen high average oil transportation rates, but seasonal demand has been weak due to limited actual demand and the impact of "shadow fleets" on oil transportation needs. The end of the Russia-Ukraine conflict and increasing sanctions on Iran may lead to a restructuring of oil trade patterns [6][16]. COSCO Shipping Energy: A Leader in Energy Logistics - COSCO Shipping Energy is a subsidiary of China COSCO Shipping Group, focusing on the transportation of oil and LNG. By January 2025, the company will have a fleet capacity of 20.5 million DWT, holding a 3.1% share of the global market [6][27]. Business Stability and Elasticity - The company’s business segments exhibit a balance of stability and elasticity. The foreign trade oil transportation segment is cyclical, while domestic oil and LNG transportation provide stable revenue and profit margins [39][44]. Foreign Trade Oil Transportation: Supply-Demand Dynamics - The foreign trade oil transportation segment is characterized by significant cyclicality. Factors such as the potential end of the Russia-Ukraine conflict and increased sanctions on Iran are expected to reverse current supply-demand challenges [8][53]. Investment Recommendations: LNG as a Safety Net - The company’s LNG and domestic oil transportation segments provide a safety net, while foreign trade oil transportation offers upward elasticity. The expansion of the fleet is projected to enhance performance, with profits from LNG and domestic oil transportation expected to grow by 55% over the next four years [9][50]. Financial Projections - The company’s projected net profits for 2024, 2025, and 2026 are estimated at 3.96 billion, 5.66 billion, and 6.53 billion yuan, respectively, with corresponding P/E ratios of 13.6, 9.5, and 8.3 [9].

公司研究丨深度报告丨中远海能（600026.SH） [Table_Title] 地缘重构破局油运，油轮巨头筑基扬帆 %% %% %% %% research.95579.com 1 %% %% research.95579.com 2 中远海能（600026.SH） cjzqdt11111 丨证券研究报告丨 报告要点 [Table_Summary] 中远海能专门从事能源运输，自有油轮运力规模 2,050 万 DWT，运力规模居全球首位。公司目 前主要有内贸油运、LNG 运输和外贸油运三大业务，分别具有牌照化、项目制和周期性的特征。 内贸与 LNG 业务为盾，随着未来 4 年公司船队规模扩张，利润（含投资收益）增长约 55%， 夯实基本盘。外贸业务为矛，具有显著利润弹性。俄乌冲突缓解、对伊制裁趋严，将助推油运 景气周期形成闭环，提振合规市场油运需求，同时拆船加速消除供给焦虑。投资角度，二手船 价较高且新老船价差收窄体现了产业的乐观情绪，基于二手船价的重置成本提供估值支撑。 分析师及联系人 [Table_Author] 韩轶超 SAC：S0490512020001 SFC：BQK468 请阅读最后评级说明和重要声 ...