7月21日晚间，海通发展(603162.SH)发布2025年半年度报告，公司上半年实现营业收入18亿元，同比增 长6.74%；净利润8686.61万元，同比下降64.14%。 同日，海通发展发布的定增预案显示，公司拟定增不超过人民币2.1亿元，扣除发行费用后的募集资金 净额将用于"干散货船购置项目"。 海通发展表示，公司拟通过本次发行募集资金购置3艘干散货船舶，继续扩大公司运力规模、优化船队 结构，进一步深化全球航线布局。 公告显示，海通发展本次发行价格为7.00元/股，发行价格不低于定价基准日前20个交易日公司股票交 易均价的80%，相当于打了八折。 需要注意的是，海通发展控股股东、实际控制人曾而斌家族拟包揽公司此次定增。 尽管陷入增收不增利，海通发展（603162）仍坚持扩充运力。 手上现金并不充沛 盈利能力不佳之下，海通发展还计划扩充运力。 半年报中，海通发展称，2025年上半年，公司通过新购船舶以及光船租赁的方式新增运力12艘，截至 2025年6月末已交接8艘，待全部船舶交接完成后，公司长租干散货船舶(使用运力期限在一年及一年以 上)14艘，自营干散货船舶58艘，重吊多用途船1艘，油船3艘，总计散货船 ...

Core Viewpoint - COSCO Shipping Energy aims to optimize its fleet by raising up to RMB 8 billion through a private placement to build new vessels, including VLCCs and LNG carriers, to enhance its competitive edge in oil transportation [1] Group 1: Fundraising and Investment Plans - COSCO Shipping Energy plans to issue A-shares to specific investors, including COSCO Shipping Group, to raise funds for constructing 6 VLCCs, 2 LNG carriers, and 3 Aframax tankers, with a total fundraising target of no more than RMB 8 billion [1] - The company’s financial officer stated that the new vessels will replace aging ships, with no current plans for fleet expansion, focusing on routes primarily from the Middle East to China and other third-party countries [1] Group 2: Market Environment and Trade Impact - Current U.S.-China trade tariffs have not significantly impacted oil and LNG transportation, with short-term effects on freight rates being minimal [2] - China’s crude oil imports are not heavily reliant on the U.S., with only about 2% of imports coming from American sources, indicating a stronger dependence on Middle Eastern and West African supplies [2] Group 3: Supply and Demand Dynamics - According to Clarksons, the global supply growth rate for crude oil tankers is projected at approximately 1.2% for 2025, while product tanker supply is expected to grow by about 5.6%, maintaining a healthy supply-demand balance [3] - The aging global fleet, tight shipyard capacity, and ongoing environmental regulations are creating a scenario where the rate of new vessel additions is outpaced by the rate of aging vessels, leading to a sustained positive market cycle for oil transportation [3] Group 4: Financial Performance and Market Trends - COSCO Shipping Energy reported a net profit of RMB 4.037 billion for 2024, a year-on-year increase of 19.37%, marking the best performance since the company’s merger in 2016 [4] - The international oil transportation market is experiencing a slowdown in demand growth, with freight rates under pressure due to OPEC+ production cuts and refinery maintenance periods, particularly in the second half of 2024 [4] - The average Time Charter Equivalent (TCE) for VLCCs on the Middle East to China route was approximately USD 34,900, reflecting a 3% decrease from 2023 but still above the average levels of the past five and ten years [4] Group 5: Operational Strategies and Market Factors - In Q1 2025, the average TCE for the VLCC TD3C route remained above USD 30,000, with stable freight rates influenced by vessel-to-cargo matching, regional oil price fluctuations, and the price spread of crude oil [5] - COSCO Shipping Energy has diversified its routes, operating transatlantic routes from Guyana and Brazil to Europe, with 45% of operations in the Atlantic and 53% in the Middle East [5] - Key factors affecting the tanker market include voyage distances rather than cargo volumes, with geopolitical events such as sanctions on Russian oil imports and rerouting away from high-risk areas positively impacting the market [5]