格隆汇1月30日丨中远海能(01138.HK)公告，2026年1月30日，远海公司(公司间接全资子公司)与新加坡 船东签订船舶光租合同，租入三艘大型气体船；同日，远海公司与中资承租方签订船舶期租合同，将上 述船舶期租租出。光租/期租租期均为20年(合同项下租船人均有选择权)。 公司旨在通过布局新型能源运输船队，推动业务结构的优化与升级。交易涉及的船型具备绿色低碳、多 液货兼容运输的技术优势，可适配多种清洁能源化工原料运输需求，有助于公司更好满足重点客户新业 务发展需求、增强客户粘性、拓展运力和发展路径，巩固和深化产业链合作关系。 ...

Group 1 - The South Korean shipbuilding industry is thriving, with Hanwha Ocean securing orders for seven liquefied natural gas (LNG) carriers totaling $1.75 billion, with each priced at $250 million, expected to be delivered by 2029 [1] - HD Hyundai has also reached an agreement with Nippon Yusen for four plus four vessels, with a unit price of $260 million, potentially bringing the total contract value to $2.08 billion [1] - All these vessels will be leased to Cheniere Energy in the United States, and this year, global orders for LNG carriers over 140,000 cubic meters have reached 21, all won by three South Korean shipbuilders, with no orders from China [1] Group 2 - Hanwha Ocean received $9.83 billion in orders this year, nearly tripling from last year, with 60% being LNG carriers, supported by long-term charters with clients [3] - The high-pressure engines used by South Korean shipbuilders are particularly favored by European shipowners for their environmental performance [3] - The shipyards in South Korea are fully booked until 2029, while the global planned delivery of new ships is only 17, indicating a significant supply-demand imbalance as LNG terminal production capacity is set to reach 52 million tons next year [3] Group 3 - The competition in the shipbuilding industry is not just about manufacturing but also about how energy flows and capital regulations, with U.S. LNG production increasing by 80 million tons annually [4] - Korean shipyards are preferred by charterers for their reliability and timely deliveries, supported by the Korean government promoting carbon compliance technologies [4] - Chinese shipyards face challenges in meeting international standards for new propulsion system certifications and gaining entry into the networks of major charterers and energy companies [4] Group 4 - By 2029, there are only about 70 LNG ship orders globally, while actual demand exceeds 150 ships, highlighting the urgency for China to secure 5 to 8 orders by 2025 to avoid missing out on this development cycle [4] - Chinese shipyards have the capability but lack a breakthrough point, with low pricing being a potential strategy, though it is insufficient without reliability in delivery [4] - The rapid development of South Korea is attributed to their advanced technology and strategic partnerships across the entire supply chain, while China is still fragmented and lacks established trust with clients [5] Group 5 - The global LNG market is changing, and competition in the shipbuilding industry is intensifying, with time running out for China to take action [5] - If no significant steps are taken by 2025, China may lose its eligibility to participate in bidding for future projects [5] - Success in this industry requires a combination of technology, client acquisition, and competitive pricing, all of which South Korea has successfully integrated [5]

Core Viewpoint - The report highlights the financial performance and operational status of COSCO SHIPPING Energy Transportation Co., Ltd. for the first half of 2025, indicating a decline in revenue and net profit compared to the previous year, while emphasizing the company's strong position in the energy transportation sector. Financial Performance - Total revenue for the first half of 2025 was approximately RMB 11.64 billion, a decrease of 2.55% compared to the same period last year [2][3] - Total profit amounted to approximately RMB 2.38 billion, reflecting a significant decline of 29.03% year-on-year [2][3] - Net profit attributable to shareholders was approximately RMB 1.77 billion, down 32.24% from the previous year [2][3] - Basic earnings per share decreased by 29.14% to RMB 0.3919 [3] Operational Overview - As of June 30, 2025, the company controlled a fleet of 157 oil tankers with a total deadweight tonnage of 23.45 million [7] - The company has invested in 87 LNG vessels, with 52 currently in operation, totaling 8.76 million cubic meters [5][7] - The LPG transportation segment operates 12 vessels with a capacity of 126,000 cubic meters [5][7] Industry Context - The global oil transportation market remains stable, with Middle Eastern oil exports dominating at 42% of global supply [9] - The LNG market is experiencing growth, with the company being a key player in both domestic and international LNG transportation [5][12] - The chemical transportation sector is expanding, with the company managing 8 chemical tankers [5][12] Strategic Positioning - The company maintains a leading position in China's oil and gas import transportation, leveraging strong relationships with major energy companies [7] - The operational strategy includes a diversified business model that encompasses oil, LNG, LPG, and chemical transportation, enhancing resilience against market fluctuations [7][12] - The company is focused on technological innovation and digital transformation to improve operational efficiency and service quality [8][12]