消息面上，OPEC+11月开始每天增产13.7万桶原油，增产幅度相对温和。浙商证券（601878）指出，油 运方面，OPEC+增产预期、旺季叠加低基数，美国加强对俄伊制裁，今年旺季可期。美银证券此前表 示，中远海能上半年营运表现大致符合预期，当中纯利胜预期，主要来自一次性收益。该行上调2025至 27年盈利预测，以反映OPEC+增产及美国制裁收紧为原油油轮市场带来的顺风。该行维持"买入"评 级，认为集团将成为油轮市场复苏的主要受益者。 中远海能（600026）(01138)涨超6%，截至发稿，涨6.37%，报9.19港元，成交额1.93亿港元。 ...

智通财经APP获悉，中远海能(01138)涨超6%，截至发稿，涨6.37%，报9.19港元，成交额1.93亿港元。 消息面上，OPEC+11月开始每天增产13.7万桶原油，增产幅度相对温和。浙商证券指出，油运方面， OPEC+增产预期、旺季叠加低基数，美国加强对俄伊制裁，今年旺季可期。美银证券此前表示，中远 海能上半年营运表现大致符合预期，当中纯利胜预期，主要来自一次性收益。该行上调2025至27年盈利 预测，以反映OPEC+增产及美国制裁收紧为原油油轮市场带来的顺风。该行维持"买入"评级，认为集 团将成为油轮市场复苏的主要受益者。 ...

Financial Data and Key Metrics Changes - Revenues for Q2 2025 were $87.1 million, with operating income at $22.2 million and net income at $6.8 million, while adjusted EBITDA was $51.6 million [3][11] - Available liquidity as of June 30, 2025, was $104 million, consisting of $66.3 million in cash and cash equivalents and $38.5 million in undrawn credit facilities, which is $4 million higher than at the end of Q1 [3][11] Business Line Data and Key Metrics Changes - The company achieved full utilization of its fleet, with an overall utilization rate of 96.8%, despite the start of two dry dockings [3] - The backlog as of June 30, 2025, was extended to $895 million in fixed contracts, averaging 2.6 years [9] Market Data and Key Metrics Changes - The shuttle tanker market is tightening in both Brazil and the North Sea, driven by Floating Production Storage and Offloading (FPSO) startups and ramp-ups [8][9] - The average age of the fleet was reduced from 10.1 years to 9.7 years with the addition of a new vessel [9] Company Strategy and Development Direction - The company is focused on fleet growth through acquisitions and maintaining high operational utilization, while also planning to increase distributions to unitholders [17][27] - The strategic acquisition of the Dakin Connexion is expected to enhance long-term contracts and fleet growth without drawing on cash reserves [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial outlook, citing positive momentum in the shuttle tanker market and the company's ability to address debt maturities [12][16] - The company is optimistic about the demand for shuttle tankers, anticipating a medium-term shortage against forthcoming production [16] Other Important Information - A cash distribution of $0.026 per common unit was declared and paid in August 2025 [4] - The company initiated a $10 million unit buyback program, repurchasing 226,000 common units at an average price of $7.24 [6][10] Q&A Session Summary Question: Delivery timeline for Dakin Connexion - Management confirmed that the Dakin Connexion was delivered on July 2, 2025, the same day it was announced [19][20] Question: Future dropdowns and fleet growth - Management indicated that they do not have a specific timing for future dropdowns but will respond to opportunities as they arise, emphasizing the importance of financial capacity [22] Question: Contracting discussions for older vessels - Management clarified that their business model focuses on operating vessels rather than trading them, and they are actively discussing contracts for older vessels [26] Question: Balancing fleet growth and distribution increases - Management stated that fleet growth and returns to unitholders are both important and can be pursued simultaneously without conflict [27][28]

Financial Data and Key Metrics Changes - Revenues for Q2 2025 were reported at $87.1 million, with operating income of $22.2 million and net income of $6.8 million. Adjusted EBITDA stood at $51.6 million. Available liquidity as of June 30, 2025, was $104 million, comprising $66.3 million in cash and cash equivalents and $38.5 million in undrawn credit facilities, which is $4 million higher than at the end of Q1 2025 [3][11][12] Business Line Data and Key Metrics Changes - The company achieved full utilization of its fleet, with an overall utilization rate of 96.8%, despite the start of two dry dockings. The charter coverage was extended through various new chartering agreements and options exercised by charterers [3][4][9] Market Data and Key Metrics Changes - The shuttle tanker market is tightening in both Brazil and the North Sea, driven by Floating Production Storage and Offloading (FPSO) startups and ramp-ups. The company has extended its backlog to $895 million of fixed contracts, averaging 2.6 years, with the average age of the fleet decreasing from 10.1 years to 9.7 years following the addition of a new vessel [8][9][15] Company Strategy and Development Direction - The company is focused on growth through acquisitions and maintaining a high operational utilization rate. It aims to increase earnings visibility and liquidity while also considering unit buybacks as a means to enhance shareholder value. The strategy includes replenishing the fleet with younger vessels and securing long-term contracts [7][10][17][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive momentum for both the company and the wider sector, indicating that the financial impact of chartering typically arrives after an upturn in sentiment or spot market activity. They noted that the shuttle tanker demand is expected to absorb the current order book, with a medium-term shortage anticipated [10][12][15] Other Important Information - The company declared a cash distribution of $0.026 per common unit, which was paid in August 2025. Additionally, a $10 million unit buyback program was initiated, with 226,000 common units repurchased at an average price of $7.24 per unit [4][6][16] Q&A Session Summary Question: Delivery timeline for Dakin Connexion - Management confirmed that the Dakin Connexion was delivered on the day of the announcement, July 2, 2025 [19] Question: Future dropdowns and financing flexibility - Management indicated that they do not have a specific timing for future dropdowns but will respond to opportunities as they arise, based on financial capacity and terms offered [20][21] Question: Contracting discussions for older vessels - Management stated that their business model focuses on operating vessels rather than trading them, and they are actively discussing contracting opportunities for all vessels, including older ones [26] Question: Balancing fleet growth and distribution increases - Management emphasized that fleet growth and returns to unit holders are both important and can be pursued simultaneously, with acquisitions necessary to maintain a rejuvenated fleet [27][28]