General Principles - The information disclosure management system of COSCO Shipping Energy Transportation Co., Ltd. aims to standardize the company's information disclosure behavior and protect the legitimate rights and interests of shareholders and creditors [1][2] - The system is based on various laws and regulations, including the Company Law of the People's Republic of China and the Securities Law [2][3] Scope of Application - The system applies to the company, its subsidiaries with over 50% control, and other companies under its consolidated financial statements [2] Basic Principles of Information Disclosure - Information refers to specific data that could significantly impact the trading price of the company's securities and is not yet known to investors [3] - Disclosure must be timely, accurate, and fair to all shareholders, ensuring no false statements or omissions [3][4] Content of Information Disclosure - Required disclosure documents include prospectuses, fundraising documents, listing announcements, periodic reports, and temporary reports [7] - Periodic reports must adhere to specific formats and rules set by regulatory bodies, with annual reports due within three months after the fiscal year-end [8][9] Procedures for Information Disclosure - The company must have a structured approval process for information disclosure, involving department heads, the board secretary, and the chairman [18][19] - The board secretary is responsible for managing the information disclosure process and ensuring compliance with regulations [19][20] Media for Information Disclosure - Information must be disclosed in both Chinese and English, with designated media including the Shanghai Stock Exchange and Hong Kong Stock Exchange websites [24][25] Responsibilities and Accountability - The board of directors and senior management are responsible for the accuracy and completeness of disclosed information, with potential penalties for violations [30][31] - The audit committee must monitor the company's information disclosure practices and report any issues to the board [35][36] Confidentiality Measures - Company personnel with access to undisclosed information must maintain confidentiality, and measures should be taken to limit the number of individuals with access [38][39] Supervision and Management - The company will impose disciplinary actions for breaches of the information disclosure management system, including potential legal consequences for serious violations [40][41]

General Principles - The company has established an insider information management system to enhance confidentiality and protect investors' rights, in accordance with relevant laws and regulations [2][3] - The board of directors is responsible for the management of insider information, with the board secretary organizing its implementation [2][3] Scope of Application - The insider information management system applies to the company, its subsidiaries with over 50% control, and other companies where the company can exert significant influence [2] Definition of Insider Information - Insider information refers to specific information related to the company's operations, finances, or securities that has not been publicly disclosed and could significantly impact market prices [3][4] - Examples of insider information include major contracts, significant debts, major losses, changes in management, and other critical corporate actions [3][4][5] Insider Information Recipients - Insider information recipients include company directors, senior management, major shareholders, and other individuals who can access insider information due to their roles or relationships with the company [5][6] Registration and Record-Keeping - The company must report insider information recipient records to the Shanghai Stock Exchange for significant events such as major asset restructuring, stock issuance, and other impactful corporate actions [6][9] - The registration must include details such as the recipient's name, position, identification number, and the nature of the insider information [7][8] Confidentiality Obligations - Insider information recipients are required to maintain confidentiality and are prohibited from disclosing or trading based on insider information before it is publicly disclosed [12][13] - The company must ensure that all departments and subsidiaries adhere to the insider information management system and may establish additional confidentiality protocols as needed [11][12] Accountability and Penalties - The company is responsible for investigating any insider trading or information leakage and must report findings to regulatory authorities [12][13] - Violations of the insider information management system may result in administrative and economic penalties, and serious breaches could lead to criminal prosecution [12][13] Implementation and Amendments - The insider information management system will be implemented upon approval by the board of directors and will be subject to amendments in accordance with changes in laws and regulations [14]

Core Points - The article outlines the information disclosure deferral and exemption management system of China COSCO Shipping Energy Transportation Co., Ltd. to ensure compliance with legal obligations [1][2] - The company can defer or exempt disclosure of information under specific conditions, such as maintaining confidentiality and the absence of abnormal stock price fluctuations [2][3] - The definition of trade secrets and state secrets is provided, emphasizing the importance of confidentiality in protecting the company's interests [3][4] - The company must document and review any deferral or exemption requests, ensuring proper internal procedures are followed [4][5] - If the reasons for deferral or exemption are no longer valid, the company is required to disclose the information promptly [6][7] Summary by Sections - **Conditions for Deferral/Exemption**: The company can defer or exempt disclosure if the information remains confidential, insiders commit to confidentiality, and there are no abnormal stock price movements [2][3] - **Definition of Secrets**: Trade secrets are defined as non-public information that provides economic benefits and is protected by confidentiality measures, while state secrets relate to national security [3][4] - **Documentation Requirements**: The company must maintain records of deferred or exempted disclosures, including the content, reasons, and internal review processes [5][6] - **Disclosure Obligations**: If the conditions for deferral or exemption change, the company must disclose the information, including the rationale for considering it a trade secret [6][7] - **Compliance with Regulations**: The system must adhere to applicable laws and regulations, and any conflicts with these must be resolved in favor of legal requirements [7]

中远海运能源运输股份有限公司 银行间债券市场非金融企业债务融资工具 信息披露事务管理制度 (经本公司董事会于二〇二五年八月十五日修订） 第一章 总则 第一条 为规范中远海运能源运输股份有限公司（以下简称"公司"）在银 行间债券市场发行债务融资工具的信息披露行为，加强信息披露事务管理，促 进公司依法规范运作，维护公司和投资者的合法权益，依据《中华人民共和国 公司法》、中国银行间市场交易商协会（以下简称"交易商协会"）《银行间 债券市场非金融企业债务融资工具信息披露规则》（以下简称"《信息披露规 则》"）及相关法律法规的要求，结合《中远海运能源运输股份有限公司章程》 等有关规定，制订本制度。 第二条 本制度所称信息披露，是指《银行间债券市场非金融企业债务融资 工具管理办法》（中国人民银行令〔2008〕第 1 号）、《信息披露规则》、中 国人民银行和交易商协会对在银行间债券市场发行债务融资工具的非金融企业 信息披露规定的事项。 第三条 本制度适用于中远海能及其所属全资子公司、控股子公司（以下统 称"子公司"），参股子公司参照执行。 第二章 信息披露的基本原则 第四条 公司应按照《信息披露规则》履行持续信息披露的义务 ...

Core Points - The company aims to enhance communication with investors and potential investors to foster a long-term, stable relationship, ultimately maximizing company value and shareholder interests [1][2] - The investor relations management is defined as the company's efforts to improve communication through information disclosure, thereby enhancing investor understanding and recognition [1][2] - The management of investor relations is guided by principles ensuring truthful, accurate, complete, and timely information disclosure while maintaining confidentiality of undisclosed information [2][3] Objectives and Principles - The primary objectives of investor relations management include establishing a positive image in the capital market, maintaining respectful relationships with investors, and achieving both overall benefit maximization and shareholder wealth growth [2][3] - The communication targets for investor relations include registered and potential investors, securities and industry analysts, financial media, and other relevant institutions [3][4] Communication Content and Methods - Key communication content includes operational status, financial conditions, research and development of new products or technologies, performance, dividend distribution, mergers and acquisitions, external cooperation, major contracts, related party transactions, significant litigation or arbitration, management changes, and major shareholder changes [4][5] - Communication methods include various forms of meetings and presentations, ensuring timely feedback to the board of directors and management [4][5] Organizational Structure and Responsibilities - The chairman of the board is the primary responsible person for investor relations management, while the board secretary is the main responsible person for executing these activities [4][5] - The board office is designated as the functional department for investor relations management, responsible for organizing and conducting related activities [4][5] Implementation of Investor Relations Work - The company is required to disclose information in accordance with legal and regulatory requirements, ensuring that no information is disclosed through other means before it is published in designated newspapers and websites [5][6] - Training on investor relations management knowledge is provided to relevant personnel, ensuring that they are well-prepared for investor interactions [5][6]

中远海运能源运输股份有限公司 实施考核管理办法 （修订稿） 二〇二五年【】月 为保证中远海运能源运输股份有限公司（以下简称"公司"）股 权激励计划的顺利进行，进一步完善公司法人治理结构，形成良好均 衡的价值分配体系，持续激励公司中高级管理人员和技术业务骨干关 注公司长远发展并为之共同努力奋斗、助推公司业绩稳步提升，确保 公司发展战略和经营目标的实现，根据《中华人民共和国公司法》等 有关法律、法规及《中远海运能源运输股份有限公司章程》的相关规 定，结合公司内部绩效考核管理制度，制定股票期权激励计划实施考 核管理办法。 一、 考核目的 进一步完善公司法人治理结构，建立和完善公司激励约束机制， 保证股权激励计划的顺利实施，并在最大程度上发挥股权激励的作用， 进而确保公司发展战略和经营目标的实现。 二、 考核原则 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和 考核对象的业绩进行评价，以实现股权激励计划与激励对象工作业绩、 贡献紧密结合，从而提高管理绩效，实现公司与全体股东利益最大化。 三、 考核范围 本办法适用于参与公司本次激励计划的所有激励对象，包括公司 高级管理人员、核心管理人员和业务技术骨干。 四、 ...

Core Points - The article outlines the management and organizational structure of the stock option incentive plan for China COSCO Shipping Energy Transportation Co., Ltd, detailing the roles of various committees and departments involved in the plan's execution [1][2][3] Group 1: Management and Organizational Structure - The stock option incentive plan is managed by the shareholders' meeting, the board of directors, and the remuneration and assessment committee [1] - The board of directors is responsible for reviewing and approving the stock option incentive plan and its amendments, as well as overseeing the granting of stock options [1][2] - The remuneration and assessment committee drafts the stock option incentive plan and evaluates the performance conditions for the granted options [1][2][3] Group 2: Execution and Responsibilities - The execution departments include the board office/securities affairs department, financial management department, human resources/organization department, and legal and risk management department [2] - The board office/securities affairs department is responsible for information disclosure and tracking the implementation of the incentive plan [2] - The financial management department analyzes the achievement of annual performance indicators and assesses the fulfillment of performance conditions [2][3] Group 3: Approval and Implementation Procedures - The remuneration and assessment committee drafts the stock option incentive plan and submits it to the board for review after consulting with COSCO Shipping Group [3] - The board must approve the plan, and independent directors and the supervisory board must provide opinions on its benefits to the company [3] - The shareholders' meeting must approve the plan with a two-thirds majority vote, and the plan can only be implemented after this approval [3][4] Group 4: Granting and Exercising Options - The granting process involves the remuneration and assessment committee proposing a grant plan, which is then approved by the board [4][5] - The exercise of options requires the incentive recipients to submit an application, which is reviewed by the remuneration and assessment committee [6] - The company must disclose the exercise information and handle the necessary registration and settlement procedures [6][7] Group 5: Special Circumstances and Dispute Resolution - The plan outlines conditions under which the incentive plan may be terminated, including significant financial discrepancies or legal issues [7][8] - Special circumstances affecting individual recipients, such as misconduct or retirement, are also addressed, detailing how their options will be handled [8][9] - Disputes arising from the execution of the incentive plan should be resolved through negotiation or arbitration [10] Group 6: Financial Accounting and Tax Treatment - The accounting treatment for stock options is based on relevant accounting standards, with costs recognized over the vesting period [10][11] - Tax obligations for recipients of stock options are specified, with the company responsible for withholding and remitting taxes [10][11] Group 7: Internal Control and Supervision - The board of directors serves as the final authority for interpreting and approving the incentive plan [11][12] - Various departments are assigned specific responsibilities to ensure effective oversight and compliance with regulations [11][12]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - Pessimistic sentiment has slightly recovered, with the main contract experiencing wide - range fluctuations. Given the large recent volatility, it is not recommended to increase positions, and stop - losses should be set. In the context of geopolitical conflicts and tariff uncertainties, the game is difficult, and it is advisable to participate with light positions or stay on the sidelines [2][5]. 3. Summary by Content 3.1 SCFIS, NCFI and Other Freight Rate Indexes - On August 11, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2235.48 points, down 2.7% from the previous period; for the US - West route, it was 1082.14 points, down 4.2% from the previous period. On August 8, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1053.86 points, down 3.11% from the previous period; for the European route, it was 1257.71 points, down 8.37% from the previous period; for the US - West route, it was 1042.91 points, down 6.42% from the previous period. Also on August 8, the Shanghai Export Container Freight Index (SCFI) was 1489.68 points, down 61.06 points from the previous period; the SCFI price for the European line was 1961 USD/TEU, down 4.39% from the previous period; for the US - West route, it was 1823 USD/FEU, down 9.80% from the previous period. The China Export Container Freight Index (CCFI) for the comprehensive index was 1200.73 points, down 2.6% from the previous period; for the European route, it was 1799.05 points, up 0.5% from the previous period; for the US - West route, it was 827.84 points, down 5.6% from the previous period [3]. 3.2 PMI Data - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7 and the previous value of 49.5. The eurozone's July services PMI preliminary value reached 51.2, exceeding the expected 50.7 and the previous value of 50.5. The eurozone's July composite PMI preliminary value was 51, higher than the expected 50.8 and the previous value of 50.6. The eurozone's July SENTIX investor confidence index jumped to 4.5, significantly higher than June's 0.2 and the market - expected 1.1, reaching the highest level since April 2022. In the US, the July S&P Global manufacturing PMI preliminary value was 49.5, with an expected 52.7 and a previous value of 52.9; the July S&P Global services PMI preliminary value was 55.2, with an expected 53 and a previous value of 52.9. The US July Markit composite PMI preliminary value was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9. China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [3][4]. 3.3 Trade and Market Situation - The Sino - US tariff extension continues, and the negotiation has not made substantial progress. The tariff war has gradually evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has slightly decreased. Against the backdrop of geopolitical conflicts and tariff uncertainties, the game is difficult, and it is recommended to participate with light positions or stay on the sidelines [5]. 3.4 Market Conditions of the Main Contract - On August 14, the main contract 2510 closed at 1359.5, with a decline of 0.18%, a trading volume of 32,100 lots, and an open interest of 56,700 lots, a decrease of 4042 lots from the previous day. The market's macro - sentiment has slightly recovered, but due to the possible stabilization of market freight rates, the long - short game is intense, and the market fluctuates widely. Except for the main contract, other contracts have risen. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [5]. 3.5 Trading Strategies - **Short - term strategy**: For risk - takers, a light - position long attempt can be made around 1300 for the 2510 contract. Follow - up market trends should be monitored, and it is not recommended to hold losing positions. Stop - losses should be set. - **Arbitrage strategy**: Given the volatile international situation, each contract still follows seasonal logic with large fluctuations. It is recommended to stay on the sidelines temporarily or make a light - position attempt. - **Long - term strategy**: For each contract, it is recommended to take profits when the price rises, wait for the price to stabilize after a pull - back, and then judge the subsequent trend [5]. 3.6 Contract Rules Adjustment - The up - and down limit for contracts 2508 - 2606 is adjusted to 18%. The company's margin for contracts 2508 - 2606 is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [5]. 3.7 Shipping Industry Forecast - After a 6% growth in global container shipping volume in 2024, it is expected to grow by 3% year - on - year in 2025 and 2026 respectively. The global container fleet may not scrap any capacity in 2025 after scrapping 100,000 TEU of capacity each year in 2023 and 2024. The global ship delivery volume is expected to be 3.1 million TEU in 2024, 1.8 million TEU in 2025, and 1.6 million TEU in 2026. Currently, there are 9.3 million TEU of ship orders globally, accounting for 29% of the global fleet, higher than 27% in 2024 [5].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The current major contradiction in the EC market is the decline rate during the off - season, affected by uncertainties in geopolitics and tariffs and the repeated domestic macro - sentiment [2][17] - In terms of fundamentals, in Week 33, the collection situation of the MSK improved, OA was average, and PA was poor; in Week 34, the collection significantly declined [2][17] - EMC canceled its independent ship in Week 35, and OA added a sailing suspension in Week 39. The weekly average capacities in August, September, and October 2025 (tentatively) are still high, with a slight decline [2][17] - Currently, the October contract is at a large discount to the spot. The decline of shipping companies in the past two weeks is in line with market expectations. The decline of the December contract did not drive the market down further. Due to the high liquidity and the support from continuous position - shifting, but the overall future drive is downward, and there is still room for valuation adjustment. It is recommended to hold the short position of the October contract and maintain the logic of shorting on rallies [2][17] Summary by Related Catalogs Futures Contract Information - EC2508: Yesterday's closing price was 2083.9, with a change of 0.04%, trading volume of 92, open interest of 2556, and a change in open interest of - 73 [2][17] - EC2510: Closing price of 1359.5, change of 1.98%, trading volume of 32077, open interest of 56698, and a change in open interest of - 4042 [2][17] - EC2512: Closing price of 1723.3, change of 1.36%, trading volume of 6322, open interest of 11131, and a change in open interest of - 334 [2][17] - EC2602: Closing price of 1521.4, change of 2.24%, trading volume of 1393, open interest of 4424, and a change in open interest of - 35 [2][17] - EC2604: Closing price of 1335.0, change of 0.48%, trading volume of 1327, open interest of 5459, and a change in open interest of - 92 [2][17] - EC2606: Closing price of 1495.0, change of 1.49%, trading volume of 107, open interest of 832, and a change in open interest of 7 [2][17] Month - to - Month Spread - EC2508 - 2510: The spread was 724.4, with a day - on - day change of - 25.5 [2][17] - EC2510 - 2512: The spread was - 363.8, with a day - on - day change of 3.2 [2][17] - EC2512 - 2602: The spread was 201.9, with a day - on - day change of - 10.2 [2][17] Spot Index Information - SCHIS: Updated weekly on Mondays. On August 11, 2025, it was 2235.48 points, with a decline of 2.71% from the previous period and a decline of 0.81% in the previous period [2][17] - SCH (European line): Updated weekly on Fridays. On August 8, 2025, it was 1961 dollars/TEU, with a decline of 4.39% from the previous period and a decline of 1.87% in the previous period [2][17] - CCFI: Updated weekly on Fridays. On August 8, 2025, it was 1799.05 points, with a change of 0 - 3% from the previous period and an increase of 0.13% in the previous period [2][17] - NCFI: On August 8, 2025, it was 1257.71 points, with a decline of 8.57% from the previous period and a decline of 3.53% in the previous period [2][17] Recent European Line Quotations - Week 34: Shipping companies' prices dropped by 200 - 300 dollars, with an average of 2850 dollars (2000 points). PA Alliance was 2700 dollars, MSK was 2600 dollars, and OA Alliance was 2900 - 3000 dollars [3][18] - Week 35: The current average shipping company quotation is 2630 dollars (1800 points). MSK opened at 2200 dollars. HPL dropped 400 dollars to 2435 dollars, EMC dropped 200 dollars to 2934 dollars. On Thursday, HMM dropped 200 dollars to 2500 dollars, OOCL dropped 300 dollars to 2800 dollars, and ONE dropped 200 dollars to 2508 dollars [3][18] Related News - On August 14, Hamas proposed a cease - fire request, promising to evacuate and ensure the safety of the detained personnel [3][18] - On August 14, Israeli Deputy Foreign Minister Haskell said that there must be a non - Israeli, peaceful, and non - armed government in Gaza after the war [3][18] Index Release Delay - The release of the XSI - C index was delayed by three working days [4][19]

格隆汇8月15日丨太平洋航运(02343.HK)公布，继公司于2025年7月11日发出赎回通知后，持有本金总额 为11,100,000美元的债券持有人已行使其转换权。公司已于2025年8月14日（即赎回日）按本金的100% 全额赎回剩余未偿还本金300,000美元，并支付应计但尚未支付的利息。 截至本公告日期，公司确认并无任何尚未赎回的债券。公司已向香港联合交易所有限公司申请撤回债券 的上市地位。该撤回预期将于2025年8月25日交易时段结束后生效。 ...