证券代码：601872 证券简称：招商轮船 公告编号：2025[064] 招商局能源运输股份有限公司 关于甲醇双燃料动力VLCC油轮新船交付的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 2025年12月22日，招商局能源运输股份有限公司（下称"公司"）在大连船舶重工集团有限公司（下 称"大连造船"）订造的全球首艘甲醇双燃料动力VLCC油轮"凯拓"轮在大连交付。 2023年公司第七届董事会第二次会议审议通过了《关于新建1艘甲醇双燃料VLCC的议案》，同意公司 在大连船厂建造1艘甲醇双燃料VLCC油轮。具体请参见公司2023年8月29日和2023年9月15日发布的 《招商轮船第七届董事会第二次会议决议公告》《招商轮船关于签订甲醇双燃料动力VLCC造船协议的 公告》，公告编号：2023[059]号和2023[065]号。"凯拓"轮动力系统可实现传统燃油与甲醇两种燃料模 式灵活切换，满足目前国际海事组织Tier Ⅲ最高排放标准，使用绿色甲醇时可减少70%以上的温室气体 排放。 "凯拓"轮为全球第一艘甲醇双燃料动力VLCC，并 ...

智通财经APP获悉，高盛发布研报称，展望明年中国航空公司将迎来更高的国际旅游需求，更多国家对 中国旅客实施免签政策，加上机位供应短缺的情况或持续，预期机票价格有进一步上行空间，此受国际 旅客流量预测上调所驱动，原因包括中国出口活动改善、更多国家对中国旅客实施免签政策，料可推动 航空股2027年股本回报率达到达到22%。该行指出，虽然与日本相关旅游风险仍值得关注，但目前继续 对航空股持有正面看法。考虑到中国国航(00753)表现强劲，高盛重点推荐国航H股及A股，评级"买 入"。 其他交通板块方面，高盛表示对原油油轮公司维持乐观看法，预期在2026年的持续上行周期中，现货运 价可进一步上涨，认为中远海能(01138)因其对原油油轮及中国进口业务的较高敞口而受益，同样给 予"买入"评级。至于集装箱航运公司，高盛转为看淡，指出今年新船订单高于预期，推动订单对现有运 力占比达到33%，或带来更深且更长的下行周期。该行予中远海控(01919)评级沽售。 ...

格隆汇12月11日｜油轮短缺问题日益严重，以至于通常在首航时用于运输成品油的新造船舶，现在却空 载赶往目的地，只为尽快装载原油。船舶追踪和租船数据显示，今年交付的六艘超级油轮从东亚空载前 往中东、非洲或美洲装载原油。相比之下，去年只有一艘超级油轮出现过这种情况。新船的船东通常会 让船在首航时先运载汽油等成品油，然后再去装载原油。一方面，成品油比原油更干净，船舶运过成品 油后无需清洗；另一方面，许多新船建于东亚，而东亚地区大量进口原油、出口成品油，这也使得这样 的航线组合最为便利。 ...

Financial Data and Key Metrics Changes - For Q3 2025, the company achieved an adjusted EBITDA of $150.5 million and a net profit of $91.5 million, marking the best quarterly result of the year [4][17] - The net loan-to-value (LTV) ratio improved from 24.1% in Q2 to 20.5% in Q3, supported by strong operational cash flows [6][19] - The company declared a cash dividend of $73.2 million, corresponding to a payout ratio of 80% for the quarter, marking 15 consecutive quarters of dividend payments [7] Business Line Data and Key Metrics Changes - The fee-based business in pools contributed $7.1 million in fee income, maintaining steady performance [17] - The average time charter equivalent (TCE) income was reported at $26,040 per day, with total TCE incomes reaching $247 million [18] Market Data and Key Metrics Changes - The product tanker market showed significant strength in Q3, driven by higher trading volumes and strong refinery margins, particularly from increased export flows out of the Middle East and Asia [4][8] - Clean petroleum product volumes on water for 2025 continued to track above the four-year average, with Q3 showing an unseasonal increase compared to previous years [8][9] Company Strategy and Development Direction - The company is focused on fleet renewal, having sold four older vessels and announced a preliminary agreement to acquire 14.45% of TORM shares [5][6] - Hafnia aims to maintain a transparent and consistent dividend policy while pursuing strategic opportunities to enhance its competitive position [6][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong earnings environment and operational dynamics heading into Q1 2026, supported by rising refinery margins and increased transportation demand [14][24] - The company highlighted the importance of maintaining safety standards in the industry, particularly concerning the dark fleet, as geopolitical tensions evolve [24] Other Important Information - The company has been actively managing its liquidity position, ending the quarter with over $630 million in total available liquidity [20] - The company expects to complete another 14 dry dockings in Q4, with off-hire days anticipated to decline, positioning the company for stronger utilization and earnings momentum [19] Q&A Session Summary Question: Coverage of LR2 fleet in 2026 - The company has covered more of its LR2 fleet for three years, with three ships on three-year deals and one on a two-year deal [26][27] Question: Impact of Russian CPP exports decline - The decline in Russian clean petroleum product exports has been beneficial for increased liftings, with no significant competition from the dark fleet observed [28][29] Question: Details on Red Sea reopening impact - The analysis indicated that the reopening of the Red Sea would have a limited impact on fleet supply, with a net effect of approximately 43 MR units [31][32] Question: Purchase options on vessels under sale and leaseback - The exercise of purchase options has improved cash flow break-even significantly, expected to be below $13,000 per day for the next year [39] Question: Future fleet renewal or growth strategy - The company is cautious about new builds at current pricing levels and is focusing on larger projects with forward cover [40][41] Question: Net LTV forecast and dividend policy - The net LTV is expected to remain around 20% at the end of Q4, which will influence the dividend payout ratio depending on market values [44][45]

Core Viewpoint - Nordic American Tankers (NAT) reported a significant increase in Suezmax tanker day rates, nearing $100,000, following seasonal weakness, indicating a positive outlook for cash accumulation in Q4 2025 [1][3] Financial Performance - For Q3 2025, NAT achieved revenue of $45.687 million, a 13.8% increase quarter-over-quarter but a 12.2% decrease year-over-year [4] - EBITDA for Q3 2025 was $21.381 million, down 6.9% from Q2 2025 and down 29.8% from Q3 2024 [4] - Operating profit for Q3 2025 was $6.784 million, reflecting a 10.2% decrease quarter-over-quarter and a 58.2% decrease year-over-year [4] - The net loss for Q3 2025 was $2.781 million, a significant increase in losses compared to the previous quarter [4] Year-to-Date Performance - For the first nine months of 2025, NAT reported total revenue of $123.785 million, a decrease of 30.7% compared to the same period in 2024 [4] - Year-to-date operating profit was $25.184 million, down 63.3% year-over-year [4] - The net profit for the first nine months of 2025 was $0.611 million, a drastic decline of 98.7% compared to the same period in 2024 [4] Fleet and Future Plans - NAT has signed a Letter of Intent (LOI) with a South Korean shipyard to construct two Suezmax tankers at a price of $86 million each, with delivery expected in the second half of 2028 [5] - The company operates a fleet of 20 Suezmax tankers, with an average TCE of $27,490 per day in Q3 2025 [5] Market Outlook - The global demand for oil remains strong, particularly in emerging economies, and OPEC's continued production increases are favorable for the tanker market [7] - As of June 30, 2025, there are 600 Suezmax tankers globally, with 120 expected to be delivered over the next four years, which is 20% of the current fleet [7] - NAT, being the only publicly listed company focused solely on Suezmax tankers, anticipates a strong tanker market in the coming years [7]

Market Overview - US stock index futures are all up ahead of the Thanksgiving holiday, with Dow futures rising by 0.15%, S&P 500 futures by 0.33%, and Nasdaq futures by 0.61% [1] - European indices show mixed performance, with Germany's DAX up 0.49%, France's CAC40 up 0.02%, the UK's FTSE 100 down 0.26%, and the Euro Stoxx 50 up 0.18% [2] Oil Market - WTI crude oil is up 0.17%, priced at $57.91 per barrel, while Brent crude oil is down 0.23%, priced at $61.80 per barrel [3] Economic Data and Events - This week, investors will focus on several important economic data releases, including US retail sales and PPI data for September, and the Conference Board's consumer confidence index for November [5] - The Federal Reserve's Beige Book and initial jobless claims data will also be released, with a relatively light earnings week ahead, featuring Alibaba, Dell Technologies, Kohl's, and Best Buy as key companies to watch [5] Federal Reserve Insights - Analysts from Capital Economics suggest that the Federal Reserve may face a historic 6-6 tie in its December voting, indicating increasing divisions within the committee regarding interest rate decisions [6] - Morgan Stanley's Michael Wilson believes that the recent sell-off in US stocks may soon end, maintaining an optimistic outlook for the market in 2024, with a projected rebound of the S&P 500 to 7800 points, representing an 18% increase from current levels [6] Stock Performance and Trends - The S&P 500 index has declined approximately 3.7% in November, with a potential further drop due to $150 billion in liquidity being withdrawn from the market due to US Treasury settlements [7] - Nvidia's recent earnings report has not alleviated market concerns regarding a potential AI stock bubble, with debates ongoing about the sustainability of valuations in the AI sector [8] Shipping and Tanker Market - VLCC shipping rates have surged to a five-year high, driven by increased demand for alternative oil supplies amid sanctions on Russian oil and rising production from the Middle East and the US [9][10] Company-Specific News - Lexinfintech (LX.US) reported Q3 earnings showing resilience in its ecosystem business, with revenues of 3.42 billion yuan and a net profit of 675 million yuan, reflecting a 1.5% increase quarter-over-quarter [11] - BHP Group (BHP.US) has announced it will no longer pursue a merger with Anglo American, marking a significant shift in its strategic direction [12] - Amazon (AMZN.US) operates over 900 data centers across more than 50 countries, indicating a larger scale of operations than typically recognized [12]

Market Overview - US stock index futures are rising ahead of the Thanksgiving holiday, with Dow futures up 0.15%, S&P 500 futures up 0.33%, and Nasdaq futures up 0.61% [1] - European indices show mixed performance, with Germany's DAX up 0.49%, France's CAC40 up 0.02%, and the UK's FTSE 100 down 0.26% [1] Oil Market - WTI crude oil is up 0.17% at $57.91 per barrel, while Brent crude oil is down 0.23% at $61.80 per barrel [2] Economic Data and Events - Investors are preparing for several important economic data releases, including US retail sales and PPI data for September, and the Conference Board's consumer confidence index for November [3] - The upcoming week will also see the release of initial jobless claims and the Federal Reserve's Beige Book [3] Federal Reserve Insights - There is a possibility of a 6:6 deadlock in the Federal Reserve's December voting, indicating increasing divisions among members regarding interest rate decisions [4] - Morgan Stanley's strategist Michael Wilson believes the recent sell-off in US stocks may be nearing an end, with a bullish outlook for the market in 2024 [4] Stock Performance and Earnings - The S&P 500 index has declined approximately 3.7% in November, with a potential liquidity crisis looming due to $150 billion being withdrawn from the market due to US Treasury settlements [5] - Nvidia's recent earnings report has not alleviated market concerns regarding a potential AI stock bubble, with debates ongoing about the sustainability of valuations in the AI sector [6] - Shipping rates for supertankers have surged to a five-year high, driven by increased demand for alternatives to sanctioned Russian oil [6] Company-Specific News - LexinFintech (LX.US) reported Q3 earnings with revenue of 3.42 billion yuan and a net profit of 675 million yuan, showing resilience amid macroeconomic challenges [7] - BHP Group (BHP.US) has announced it will no longer pursue a merger with Anglo American, marking a significant shift in its strategic direction [8] - Amazon (AMZN.US) operates over 900 data centers across more than 50 countries, highlighting the scale of its cloud services [9]

Core Insights - Indian oil companies have announced a halt in purchasing Russian crude oil, indicating a trend of "de-Russification" in oil procurement. Similar moves are observed in China, which is also diversifying its sources of crude oil [2][4] - The freight rates for Very Large Crude Carriers (VLCCs) have surged significantly due to increased demand from India and China for oil from other producing countries, amidst tightening sanctions on Russia by the U.S. [2][4] - As of November 13, the World Scale (WS) index for freight rates reached approximately 132, with charter rates rising to $125,000 per day, doubling from around 65 in late August [2] Group 1: Market Dynamics - The freight rates for VLCCs exceeded $100,000 for the first time since April 2020, driven by U.S. sanctions against major Russian oil companies, Rosneft and Lukoil, aimed at undermining Russia's military funding amid stalled ceasefire negotiations with Ukraine [4] - The demand for VLCCs has intensified as India increases its oil purchases from other countries, leading to a tight supply situation in the regular market for large oil tankers [4][5] Group 2: Geopolitical Influences - The ongoing U.S.-China trade tensions are also impacting shipping costs, with the U.S. imposing port fees on Chinese vessels since mid-October, prompting China to retaliate with similar measures [6] - A recent agreement between U.S. and Chinese leaders to postpone the port fee measures for a year may lead to increased U.S. crude exports to China, which could positively affect the tanker market despite potential price corrections [6] - The sentiment in the shipping market remains strong, with limited new VLCC orders expected, further tightening supply and maintaining high freight rates [6]

Financial Data and Key Metrics Changes - In Q3 2024, the company reported a profit of $40.3 million, or $0.18 per share, with an adjusted profit of $42.5 million, or $0.19 per share, reflecting a decrease of $37.8 million compared to the previous quarter due to lower time charter earnings [4][5] - Time charter earnings fell from $283 million in the previous quarter to $248 million in Q3 2024 [4] - Operating expenses increased by $3.1 million from the previous quarter, attributed to a decrease in supply rates and costs related to ship management changes [5] Business Line Data and Key Metrics Changes - The company achieved daily rates of $34,300 for VLCCs, $35,100 for Suezmax, and $31,400 for LR2/Aframax fleets in Q3 2024 [3] - For Q4 2024, 75% of VLCC days are booked at $83,300 per day, 75% of Suezmax days at $60,600, and 51% of LR2/Aframax days at $42,200 [3] Market Data and Key Metrics Changes - Oil in transit has reached record highs, with export volumes growing, particularly from the Americas and the Atlantic Basin [10] - Year-on-year, Middle Eastern producers' exports increased by 1.2 to 1.3 million barrels per day in October [10] - The company noted logistical challenges in trading sanctioned export oil, particularly affecting Lukoil and Rosneft [10] Company Strategy and Development Direction - The company is optimistic about the tanker market, citing a return to a VLCC-centric trade pattern driven by strong export numbers from Brazil, Guyana, and Canada [12][20] - The order book for tankers is increasing, but the company believes that effective fleet growth will remain muted due to the aging fleet and limited new builds [18][20] - The company aims to focus on VLCCs, which have shown better economic returns compared to other classes [55] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the current market developments and the potential for sustained high rates due to limited fleet growth and strong demand for compliant oil [20] - The company anticipates a prolonged period of tightness in the shipping market, with firm refining margins and high utilization rates [20] - Management acknowledged the volatility of the market but noted that key fundamentals are supportive of continued strength [66] Other Important Information - The company has a strong liquidity position with $819 million in cash and cash equivalents and no meaningful debt maturities until 2030 [6] - The average cash-based breakeven rates for the next 12 months are estimated at approximately $26,000 for VLCCs, $23,300 for Suezmax, and $23,600 for LR2 tankers [8] Q&A Session Summary Question: Is the company looking to deleverage the balance sheet while maintaining dividends? - Management indicated that they are not particularly comfortable with low loan-to-value ratios and have been conservative in their financial analysis, focusing on cash generation rather than actively reducing debt [24][25] Question: How do older ships become less efficient without being scrapped? - Management explained that older ships face high insurance costs and limited trading options, making them less efficient in the compliant oil market, which could lead to a gradual reduction in their effective fleet presence without actual scrapping [28][29] Question: What is the outlook for the dark fleet and its impact on the market? - Management noted an increase in vessels sitting idle and discussed potential solutions for recycling sanctioned vessels, indicating that the dark fleet's dynamics are complex and evolving [36][37] Question: How does the current market environment affect vessel demand? - Management highlighted that while there is currently no contango, modest contango could support trade lanes and enhance vessel demand, particularly as oil prices remain firm [41][42] Question: What is the company's view on floating storage demand? - Management clarified that current floating storage is more related to logistics and weather rather than commercial viability, contrasting it with the high demand seen during COVID [61][62] Question: How does the company view Q1 2026 compared to Q4 2025? - Management expressed optimism for Q1 2026, citing strong fundamentals and a tight physical shipping market, although they acknowledged the inherent volatility of the market [66]

Financial Data and Key Metrics Changes - In Q3 2024, the company reported a profit of $40.3 million, or $0.18 per share, with an adjusted profit of $42.5 million, or $0.19 per share, reflecting a decrease of $37.8 million from the previous quarter primarily due to lower time charter earnings [4][5] - Time charter earnings fell from $283 million in the previous quarter to $248 million in Q3 2024 [4] - Operating expenses increased by $3.1 million from the previous quarter, attributed to a decrease in supply rate and costs related to a change in ship management [5] Business Line Data and Key Metrics Changes - The company achieved daily rates of $34,300 for VLCCs, $35,100 for Suezmax, and $31,400 for LR2/Aframax fleets in Q3 2024 [3] - For Q4 2024, 75% of VLCC days are booked at $83,300 per day, 75% of Suezmax days at $60,600, and 51% of LR2/Aframax days at $42,200 [3] Market Data and Key Metrics Changes - Oil in transit has reached record highs, with export volumes increasing, particularly from the Americas and the Atlantic Basin [10] - Year-on-year, Middle Eastern producers' exports are up by 1.2 to 1.3 million barrels per day for October [10] - The company noted logistical challenges around the trade of sanctioned export oil, particularly affecting Lukoil and Rosneft [10] Company Strategy and Development Direction - The company is focusing on maintaining a strong balance sheet and liquidity, with $819 million in cash and cash equivalents as of September 30, 2025 [6] - The fleet consists of 41 VLCCs, 21 Suezmax tankers, and 18 LR2 tankers, all ECO vessels, with a strategy to capitalize on the VLCC-centric trade pattern [6][12] - The company is optimistic about the tanker market's longevity due to limited growth in the compliant tanker fleet and strong oil export fundamentals [20] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the current market developments, indicating a positive outlook for the tanker industry [2] - The company anticipates a sustained contango structure in the oil market, which could lead to inventory builds and increased demand for compliant vessels [12][20] - Management highlighted that the tanker market is experiencing high utilization and strong oil exports, with limited growth in the compliant tanker fleet [20] Other Important Information - The company has no meaningful debt maturities until 2030 and no new building commitments, allowing for flexibility in financial management [6] - The average cash-based breakeven rates for the next 12 months are estimated at approximately $26,000 per day for VLCCs, $23,300 for Suezmax, and $23,600 for LR2 tankers [7][8] Q&A Session Summary Question: Is the company looking to deleverage the balance sheet while maintaining dividends? - Management stated that they are different from peers and are not particularly comfortable with low loan-to-value ratios, indicating a conservative approach to financial management [22][24] Question: How do older ships become less efficient without being scrapped? - Management explained that older vessels face high insurance costs and limited trading options, making them less efficient in the compliant oil market [26][29] Question: What is the outlook for the dark fleet and its impact on the market? - Management noted an increasing number of vessels sitting idle and discussed potential solutions for recycling sanctioned vessels [34][36] Question: How does the current market environment affect vessel demand? - Management indicated that the current market is tight, with no signs of weakness, and highlighted key fundamentals supporting the market [65][70] Question: What is the outlook for Q1 compared to Q4? - Management expressed optimism for Q1, citing strong fundamentals that were not present in Q4 of the previous year [66][70]