Financial Data and Key Metrics Changes - The company reported a normalized EBITDA of $266 million for the first quarter of 2025, indicating a solid financial start to the year [5][9] - The company reaffirmed its normalized EBITDA guidance for 2025 at $1.01 billion, with 90% of EBITDA contracted over the next seven years, minimizing commodity price and volumetric risks [9][16] Business Line Data and Key Metrics Changes - The company successfully completed the pipeline scope of the Blackrod Connection project, which is expected to contribute to future EBITDA growth [5][18] - The company maintained a system operating factor of 98% in the first quarter, demonstrating effective operations and strong system availability [13][75] Market Data and Key Metrics Changes - The company noted that 94% of its volumes are fully committed, with only 6% reserved for uncontracted volumes, indicating a stable market position despite headwinds [46] - The company experienced volatility in uncontracted capacity due to additional pipeline egress capacity and tariff uncertainties, but this was anticipated [46][48] Company Strategy and Development Direction - The company is focused on maintaining a risk-managed approach to capital allocation while strengthening its investment-grade financial position [20] - The management emphasized the importance of pipeline integrity and safety, committing to ongoing investments in integrity programs [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet its contractual commitments despite operational restrictions due to the Milepost 171 incident [12][34] - The management highlighted the importance of transparency with stakeholders as they navigate the aftermath of the incident and work on remedial actions [19][45] Other Important Information - The company declared a quarterly dividend of $0.50 per share, payable on July 15, indicating a commitment to returning value to shareholders [6] - The company is coordinating closely with regulators and third-party experts to investigate the Milepost 171 incident and implement enhanced integrity programs [13][14] Q&A Session Summary Question: Can you elaborate on the range of outcomes post-incident? - Management emphasized that 90% of EBITDA is contracted, reducing risk on the base business, and they are working closely with regulators to assess maintenance activities [24][26] Question: What are the expectations regarding pressure restrictions and their duration? - Management indicated it is too early to speculate on the timeframe for pressure restrictions, as investigations are ongoing [33][36] Question: How will the incident impact leverage and costs? - Management expects all costs related to the incident to be covered by insurance or through variable tolls, maintaining the debt to EBITDA ratio [42][43] Question: What is the outlook for uncommitted volumes? - Management noted that while there are headwinds against uncontracted barrels, the base business remains stable due to high contract commitments [46][48] Question: How does the company view long-term EBITDA growth? - Management remains optimistic about the Blackrod project contributing to future growth and sees potential tightening of egress volumes in 2026 [51][53] Question: What is the company's stance on potential asset sales and partnerships? - Management stated that all assets are core and while there are no current plans for asset sales, they remain open to partnerships, particularly with First Nations [59][60] Question: How is the company addressing the market interest post-election? - Management reported consistent interest from customers on both ends of the system, indicating a positive outlook for future business development [66][67]

里海管道集团公司（CPC）：第一季度原油运输量增加至1785万桶。 ...

Market Overview - Hong Kong stocks surged today, with all three major indices rising over 2%. The Hang Seng Index increased by 2.3% or 532.38 points, closing at 23640.65 points, with a total turnover of 2228.41 million HKD [1] - The positive sentiment in the market is attributed to the unexpected progress in the first round of trade negotiations between China and the US, which is expected to continue in a constructive direction [1] Blue-Chip Stocks Performance - JD Health (06618) saw a notable increase of 5.13%, closing at 39.95 HKD, contributing 3.56 points to the Hang Seng Index. The company reported Q1 2025 revenue of 16.645 billion RMB, a year-on-year growth of 25.5%, and operating profit of 1.071 billion RMB, up 119.8% [2] - Other blue-chip stocks included China Life (02628) rising by 6.55% to 16.26 HKD, AIA (01299) up 5.15% to 65.3 HKD, while Link REIT (00823) fell by 1.34% to 40.45 HKD [2] Sector Performance - Large technology stocks collectively rose, with Baidu increasing over 4% and Alibaba and JD both rising over 3% [3] - Financial stocks experienced a significant rally, with China Pacific Insurance (02601) up 6.77% to 24.45 HKD, China Life (02628) up 6.55%, and GF Securities (01776) up 6.31% to 11.46 HKD [3] Shipping Sector - The shipping sector performed well, with Pacific Basin Shipping (02343) rising by 7.78% to 1.94 HKD and Seafront International (01308) up 6.51% to 22.9 HKD. The improvement is linked to the easing of tariff conflicts and a seasonal increase in container shipping demand [4][5] Automotive Sector - The automotive sector saw widespread gains, with Li Auto (02015) rising by 4.54% to 112.8 HKD and Xpeng Motors (09868) up 3.87% to 81.8 HKD. The retail sales of new energy passenger vehicles reached 905,000 units in April, a year-on-year increase of 33.9% [6][5] Coal Sector - The coal sector showed positive movement, with China Coal Energy (01898) up 4.91% to 8.55 HKD. Despite recent price declines, analysts suggest that demand may improve as summer approaches [7] Notable Stock Movements - Tencent Music (01698) surged by 12.84% to 61.5 HKD, reporting Q1 2025 revenue of 7.36 billion RMB, with online music service revenue growing by 15.9% [8] - Smoore International (06969) reached a new high, increasing by 10.18% to 17.32 HKD, amid rising sales of new tobacco products [9] - MicroPort Scientific (02252) saw a decline of 8.12% to 16.52 HKD due to a share placement announcement [10] - Samsonite (01910) dropped by 8.58% to 14.06 HKD after reporting a 7.3% decrease in net sales for Q1 2025 [11]

14时20分，抵达锚地的两船协同配合，将患病船员安全转移至海巡08303，并将他送往陆地医院接受治 疗。由于送医及时，该船员病情得到了及时医治。 从接报到入院治疗，本次海上救援行动全程仅用了不到3个小时，赢得了宝贵的救助时间。在这次救援 行动中，岸基的高效协调和快速响应，以及618轮船长和船员们在险情面前的冷静应对，充分检验了其 应急处置能力与多方联动机制的效果。 《中国民航报》、中国民航网 记者许晓泓 通讯员董睿 报道："五一"小长假，当很多人还在享受假期旅 游度假的幸福时刻，中国航油的一支"海上铁军"正在保障航油供应的茫茫大海中紧张地忙碌着。 5月4日21时12分，"海鑫油618"轮满载15472吨航油从泉州港缓缓驶离码头，开始执行2518次航次计划驶 往上海浦航码头。对全体船员来说这是一次很普通的航煤运输任务，谁也没有想到，一位船员突发疾 病，情况危急，急需上岸就医。接报后，公司岸基立即启动应急预案，联动多方力量，打通生命救助绿 色通道，展开了一场历时3小时的海上救援接力行动，最终顺利将船员送院治疗，挽救了宝贵的生命， 再次彰显了央企的责任担当。 5月5日11时55分，618轮值班机工胡师傅像往常一样在 ...

中化新网讯 截至5月6日，抚锦郑管道今年已累计转输油品95.68万吨，管道沿线各库站保持安全高效运 行。 "抚锦郑管道是国家'北油南调'的战略工程，肩负着优化东部地区成品油物流格局和提升资源配置效率 的重大使命。"中国石油东北销售公司业务营运部经理刘鑫表示，2024年9月17日，首批柴油自管道经辽 宁、天津、河北、河南3省1市的14个地级市正式注入郑州末站，抚锦郑管道全线贯通投用。 抚锦郑管道投用以来，东北销售与西北销售紧密协作，联动国家管网推动抚锦郑管道与兰郑长管道全面 连通，在中原腹地形成更加完整的成品油供应网络，保产保供能力持续提升，物流优化空间进一步拓 展，成品油产业链合力不断增强。 据刘鑫介绍，传统意义上的"北油南调"，转运次数多、损耗管理难度大、运输路线长，一般需要25—30 天，遇到台风、暴雨等极端天气还会延误更长时间，保供成本较高。并且，受长江水位季节性变化及天 气因素影响，物流周期延长，保供成本还会增加。东北销售抓住抚锦郑管道投用契机，依据市场动态与 管道实际运行状况灵活调整管输方案，做到资源精准配置与滚动平衡，实现油品输送与价值流转的顺畅 衔接。通过在管道薛店站对锦郑管道输送的成品油资源进 ...

美国财政部：对伊朗石油运输、资助伊朗军事和"恐怖活动"的全球网络实施制裁，在多个司法管辖区运 营的近20家公司被列入制裁对象。 ...

丨证券研究报告丨 行业研究丨行业周报丨运输 [Table_Title] OPEC+加速增产，航空和油轮 Q2 盈利拐头 ——交运周专题 2025W19 报告要点 [Table_Summary] OPEC+已经连续两个月加快增产步伐，在此背景下，我们认为油轮和航空这 2 个板块有望在 Q2 迎来业绩增速的拐点。对油轮来说，将打消供给增加带来的焦虑并使需求曲线上扬；而对航 空来说，考虑到票价绝对水平非常低，行业 Q2 单位毛利有望显著改善，大航有望扭亏为盈， 小航经营利润有望显著增加。 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title OPEC+加速增产，航空和油轮 2] Q2 盈利拐头 ——交运周专题 2025W19 [Table_Summary2] ...

华泰证券研报指出，展望5月，推荐供需改善的航空、运价有望抬升的油运、在红利板块中具备业绩优 势的公路以及部分业绩稳健的个股：1)航空：中期看好供给放缓带来的潜在盈利弹性，暑运旺季或催化 行情；2)油运：OPEC+增产有望提振5月运价；3)公路：一季度业绩稳健，在红利板块中具有比较优 势。避险情绪与利率均支撑红利估值，建议参与分红填权行情。 NO.2中金公司：中期维度下，政策有望刺激高端白酒需求企稳 中金公司（601995）研报认为，1)当前白酒需求景气度已处历史底部(过去五年景气度分位数28%)，向 下风险或有限。2)政策较宽松为消费回暖提供基础，1—3月份经济数据已有表现，预计更多托底政策出 台将助力白酒需求稳步筑底回升。3)未来白酒需求或以较慢斜率小幅回升，从消费场景看，短期大众需 求偏刚性，且同期低基数下，宴席需求或有望有所表现；中期维度下，政策刺激有望刺激高端白酒需求 企稳。全年白酒业绩在三四季度低基数支撑下或呈先抑后扬的走势。 NO.3中国银河（601881）证券：继续看好银行板块配置价值 ｜2025年5月9日星期五｜ NO.1华泰证券：交运板块关注航空、油运、公路 中国银河证券指出，一揽子金融政策 ...

据国际文传电讯社：哈萨克斯坦国家石油运输商KazTransOil表示，4月哈萨克斯坦对德国的原油出口增 加至16万吨。 ...

上 市 公 司 交通运输 2025 年 04 月 30 日 中远海能 (600026) ——VLCC-TCE 显著高于市场平均，下半年进一步改善 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 10.29 | | 一年内最高/最低（元） | 18.63/9.74 | | 市净率 | 1.3 | | 股息率%（分红/股价） | 5.54 | | 流通 A 股市值（百万元） | 35,755 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.66 | | 资产负债率% | 51.14 | | 总股本/流通 A 股（百万） | 4,771/3,475 | | 流通 B 股/H 股（百万） | -/1,296 | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11 ...