Core Viewpoint - Recently, the tanker freight rates have experienced a significant increase, positively impacting the earnings of global tanker owners, including China Merchants Energy Shipping Company (中远海能) [1] Company Summary - China Merchants Energy's stock opened over 3% higher, with a current price of HKD 9.34 and a trading volume of HKD 4.0722 million [1] - During the 2025 semi-annual earnings presentation on September 22, the company reported that most of its VLCC fleet is currently in spot operations [1] Industry Summary - The VLCC TCE (Time Charter Equivalent) reached USD 96,000 per day on September 16, 2025, maintaining a high level in the following days [1] - This freight rate level marks the best September performance for VLCC rates since 1990, with the previous peak in September 2004 also at USD 96,000 per day [1]

Core Viewpoint - Zhongtai Securities initiates coverage on Intercontinental Shipping (02409) with a "Buy" rating, projecting steady revenue growth driven by a dual strategy of light and heavy asset management [1][2] Group 1: Company Strategy - Intercontinental Shipping operates as a comprehensive shipping service provider, employing a dual strategy of light and heavy asset management to enhance operational flexibility and cash flow stability [2] - The heavy asset side focuses on bulk shipping services, while the light asset side emphasizes ship management and supervision services [2] Group 2: Shipping Services - The company has a fleet of nearly 40 vessels, including 26 bulk carriers, 2 general cargo ships, and 10 tankers/chemical carriers, with a total capacity of 1.48 million dwt [3] - The fleet structure is continuously optimized, with a focus on increasing the proportion of high-margin controlled vessels and reducing average vessel age [3] - The company has 18 vessels under construction through self-owned and chartered methods, with an additional 21 vessels being built through joint ventures, expected to be delivered between late 2025 and early 2028 [3] Group 3: Ship Management - As a leading third-party ship management service provider, the company offers a comprehensive suite of lifecycle management and value-added services [4] - The company has established a standardized and replicable operational system, with a contract duration typically ranging from 1 to 15 years, ensuring high customer retention [4] - By the end of 2024, the company managed 288 vessels, marking a year-on-year increase of 24.14% [4] Group 4: Catalysts for Growth - The new IMO carbon emission regulations are expected to enhance the competitive advantage of shipping services, pushing the industry towards greener practices [5] - The company has significantly reduced its greenhouse gas emissions per unit of total assets from 1.381 tCO₂/thousand USD in 2020 to 0.556 tCO₂/thousand USD in 2024 [5] - The "National Fleet National Management" initiative is anticipated to strengthen the company's leading position in the ship management industry, enhancing compliance and operational capabilities for domestic shipping enterprises [6]

Core Viewpoint - The report from Zhongtai Securities projects Intercontinental Shipping's revenue and net profit growth from 2025 to 2027, highlighting a dual strategy of asset-light and asset-heavy operations to drive growth in shipping services and ship management [1][4]. Group 1: Shipping Services - The company is a comprehensive shipping service provider and a leading ship management service provider based in China, employing a dual strategy of asset-light and asset-heavy operations [1]. - The fleet structure is continuously optimized, with a controlled fleet of 38 vessels as of June 30, 2025, including 26 bulk carriers, 2 general cargo ships, and 10 tankers/chemical carriers, achieving a total capacity of 1.48 million dwt [2]. - The company has established partnerships with 1,355 suppliers globally, enhancing its operational capabilities [2]. Group 2: Ship Management - Intercontinental Shipping has been recognized as one of the top ten ship management companies globally, reinforcing its industry-leading position [3]. - The company employs a dual charging model combining a lump-sum and management fee, ensuring strong business sustainability and high customer retention [3]. - As of the end of 2024, the company managed 288 vessels, reflecting a year-on-year growth of 24.14% [3]. Group 3: Catalysts for Growth - The new IMO carbon emission regulations are expected to enhance the competitive advantage of shipping services, pushing the industry towards greener practices [4]. - The company has significantly reduced its greenhouse gas emissions per unit of total assets from 1.381 tCO2/thousand USD in 2020 to 0.556 tCO2/thousand USD by 2024 [4]. - The "National Ship, National Management" initiative is anticipated to strengthen the company's leading position in the ship management industry, enhancing compliance and operational capabilities for domestic shipping enterprises [5].

Core Points - The "Gangrong" vessel, the world's first 9300CEU methanol dual-fuel powered ro-ro ship, successfully completed its maiden voyage in Tianjin, marking a significant step towards low-carbon transformation in global shipping [1][2] - The ship has a total length of 219.9 meters and a design capacity of 9300 standard car spaces, positioning it among the largest ro-ro vessels globally [2] - Utilizing a dual-fuel power system, the vessel can switch between traditional fuel and methanol, achieving over 70% reduction in greenhouse gas emissions when using green methanol [2] Summary by Sections - **Vessel Specifications** - "Gangrong" has a length of 219.9 meters and a width of 37.7 meters, with a design capacity of 9300 standard car spaces, making it one of the largest ro-ro ships in the world [2] - **Environmental Impact** - The vessel's maiden voyage involved loading nearly 7000 domestic vehicles and large equipment for transport to Europe [2] - Approximately 300 tons of green methanol were bunkered, resulting in a reduction of 460 tons of CO2 emissions [2] - The use of green methanol allows for a reduction of over 70% in greenhouse gas emissions compared to traditional fuels [2] - **Collaboration and Infrastructure** - Tianjin Port Group collaborated with China Merchants Industry Holdings and other entities to ensure stable and reliable green methanol bunkering operations [2] - Technical validation of green methanol transportation, storage, and bunkering plans was completed in advance, integrating green port infrastructure with green ship technology [2]

受今年第18号台风"桦加沙"影响，海口新海港、秀英港于9月23日18时起全线停航。面对这场可能堪比2018年超强台风"山竹"的严峻考验，海峡股份于23日 零时迅速启动防台应急响应机制，统筹全部船舶及两港区资源，全力投入车辆与旅客抢运工作。 据了解，在18小时的紧张抢运中，海峡股份共运营进出岛航次148个，累计安全运输车辆6615辆次、旅客14705人次。 转自：新华财经 为提升疏运效率，两港区共开通10条作业通道，并对鲜活农产品运输车辆严格执行"优先进港、优先配载、优先登船"的"三优"政策。调度中心紧密跟踪台风 路径与潮汐变化，动态调整航线班次。同时，公司通过站内广播、电子屏、社交媒体等多渠道实时发布信息，并在港口设立专项服务台，提供答疑、改签、 退票与情绪安抚等"一站式"服务。 台风"桦加沙"逼近琼州海峡，两岸港口严阵以待。为最大限度保障滞留车辆和旅客安全出岛，海南海峡航运股份有限公司于23日零时迅速启动防台应急响应 机制，最终在停航前的最后窗口期内，成功安全疏散了逾6600辆车辆和近1.47万名旅客，确保了人民群众生命财产安全。 与此同时，两港区防台措施同步有序展开。新海港客运枢纽、GTC等重点区域关闭所 ...

Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. has announced significant investments in methanol dual-fuel vessels and is actively working on carbon emissions trading in the EU [1] Group 1: Fleet Expansion and Modernization - The company has ordered a total of 42 methanol dual-fuel vessels with a capacity of 780,000 TEUs [1] - Plans are in place to retrofit existing vessels to methanol power, aiming to optimize fleet structure [1] - The self-operated container fleet has reached 557 vessels, with a total capacity exceeding 3.4 million TEUs [1] Group 2: Financial Performance - In Q2 2025, the cost per container showed a slight decrease compared to Q1 2025 [1] - However, revenue per container experienced a decline due to market supply-demand fluctuations and U.S. tariff policies [1] Group 3: Future Deliveries - The company holds new vessel orders totaling 910,000 TEUs, which are scheduled for delivery between 2025 and 2029 [1] Group 4: Environmental Initiatives - The company registered as a member of the European Energy Exchange by the end of April 2025, indicating a commitment to participating in the EU ETS for shipping carbon emissions trading [1]

每经AI快讯，9月24日，港股中远海能(01138.HK)高开逾3%，截至发稿，涨3.09%，报9.34港元，成交 额407.22万港元。 ...

Group 1 - Zhongyuan Shipping (01138) opened over 3% higher, currently up 3.09% at HKD 9.34, with a trading volume of HKD 4.0722 million [1] - On September 22, Zhongyuan Shipping indicated a significant increase in tanker freight rates, positively impacting the fleet earnings of global tanker owners [1] - The company's VLCC fleet is mostly in spot operation, benefiting from the current market conditions [1] Group 2 - JPMorgan considers Zhongyuan Shipping as China's largest tanker operator and a global leader in crude oil, refined oil, and LNG transportation [1] - The company operates a diversified fleet under China COSCO Group, providing downside protection in a volatile freight market due to its scale, newer vessel age structure, and increasing LNG business [1] - Huayuan Securities reported that VLCC TD3C TCE reached USD 96,000 per day on September 16, 2025, maintaining high levels thereafter, marking the best September VLCC freight rates since 1990 [1] Group 3 - The upcoming week is the last full working week before China's National Day holiday, with a concentration of Middle East cargoes expected for October shipments [1] - The available VLCC capacity in the next 30 days is projected to reach the lowest level in the past year, suggesting potential further increases in VLCC freight rates, possibly surpassing the September high since 1990 [1]

抢运间隙，防台风工作同步推进。新海港泊位处，工作人员正给升降桥做固定，扳手转动的声音清 脆有力。"得升到1.5米高，防止台风天海水倒灌。"工作人员抹了把汗说。 受今年第18号台风"桦加沙"影响，琼州海峡于9月23日18时起停运，此时距停航还有2小时，港区内 车辆正有序驶向泊位。 为最大限度保障滞留车辆和旅客安全出岛，海南海峡航运股份有限公司于23日0时起迅速启动防台 应急响应机制，统筹全部船舶及两港区资源，全力投入车辆与旅客抢运工作，力争在停航前实现港区待 渡车辆全部清运。 "为提升疏运效率，两港区共开通10条作业通道，并对鲜活农产品运输车辆严格执行'优先进港、优 先配载、优先登船'的'三优'政策。"海峡股份相关负责人表示。 海南日报全媒体记者 郭萃 船舶调度室里，屏幕上的船舶动态图不停闪烁。"我们跟踪台风路径与潮汐变化，动态调整航线班 次，所有船舶实行'装满即走'。"海口新海轮渡码头有限公司综合办公室主任陈明伦盯着实时数据，指 尖在调度本上快速标注。 "要停航了，得赶在停航前把这一车瓜菜运出去。"9月23日16时，在海口新海港，广东司机周建明 一边张望着前方车辆通行情况，一边关注着车上的时间显示屏。 同时， ...

Group 1 - On September 23, Jinjiang Shipping's stock rose by 0.69%, with a trading volume of 124 million yuan [1] - The financing data for Jinjiang Shipping on the same day showed a financing purchase amount of 10.7842 million yuan, with a net financing purchase of 2.1332 million yuan [1] - As of September 23, the total balance of margin trading for Jinjiang Shipping was 122 million yuan, accounting for 5.39% of its market capitalization [1] Group 2 - For the first half of 2025, Jinjiang Shipping reported a revenue of 3.378 billion yuan, representing a year-on-year growth of 26.11% [2] - The net profit attributable to shareholders for the same period was 794 million yuan, showing a significant increase of 150.43% year-on-year [2] - Since its A-share listing, Jinjiang Shipping has distributed a total of 886 million yuan in dividends [2] Group 3 - As of June 30, 2025, the number of shareholders for Jinjiang Shipping was 47,700, a decrease of 2.75% from the previous period [3] - The second-largest circulating shareholder is the CSI Shanghai State-owned Enterprises ETF, holding 2.5646 million shares, a decrease of 55,600 shares from the previous period [3] - New institutional shareholders include E Fund Value Growth Mixed Fund, holding 2.2 million shares, and GF Multi-Factor Mixed Fund, also a new entrant [3]