证券代码：601872 证券简称：招商轮船 公告编号：2024[079] 招商局能源运输股份有限公司 关于分拆子公司重组上市的进展公告 相关方仍需对交易条款等相关事项进行决策并达成一 致，且尚需满足多项条件方可实施，包括但不限于公司董事 会重新审议以及股东大会审议通过本次交易方案，履行上海 证券交易所、中国证券监督管理委员会、国务院国有资产监 督管理委员会及其他有权监管机构的相应程序等。本次交易 最终能否实施存在重大不确定性，有关信息均以公司在指定 信息披露媒体发布的公告为准，敬请广大投资者关注公司后 续公告并注意投资风险。 特此公告。 招商局能源运输股份有限公司董事会 2024年12月12日 招商局能源运输股份有限公司（以下简称"招商轮船"、 "公司"）拟分拆所属子公司中外运集装箱运输有限公司（以 下简称"中外运集运"）、广州招商滚装运输有限公司（以下 简称"招商滚装"），通过与安通控股股份有限公司（以下简 称"安通控股"，上海证券交易所上市公司，证券代码： 600179）进行重组的方式实现重组上市（以下简称"本次交 易"）。本次交易以招商轮船分拆子公司重组上市为目的，交 易完成后招商轮船预计将成为安通控股 ...

证券代码：601872 证券简称：招商轮船 公告编号：2024[078] 招商局能源运输股份有限公司 关于 AFRAMAX 油轮新船交付的公告 本公司董事会及董事保证本公告内容不存在虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性负个别 及连带责任。 2024 年 12 月 9 日，招商局能源运输股份有限公司（下称"公 司"）通过下属全资单船公司在大连造船接收了 1 艘 11.5 万载重吨 的阿芙拉型（Aframax）油轮凯舟轮。 该轮为公司 2021-23 年订造的 5 艘 Aframax 油轮中的第 3 艘，为 新一代节能环保型油轮，配备脱硫洗涤塔。造船合同具体情况请参见 公司于 2021 年 10 月 11 日发布的《招商轮船购建油轮公告》，公告 编号：2021[059]号。 招商局能源运输股份有限公司董事会 2024 年 12 月 10 日 凯舟轮交付后拟部署在西部（美洲）市场。该系列船的陆续交 付营运，将优化公司油轮船队的船型船龄结构，加强 Aframax 船队 与 VLCC 船队的协同效应，进一步扩大公司全球经营的覆盖面、增 强服务客户的能力和公司油轮船队的持续盈利能力。 截 ...

证券代码：601872 证券简称：招商轮船 公告编号：2024[077] 1 输股份有限公司关于分拆所属子公司中外运集装箱运输有限公司广 州招商滚装运输有限公司重组上市的预案》。 2024 年 12 月 3 日，公司收到了国务院国有资产监督管理委员会 出具的《国有资产评估项目备案表》（备案编号为 0009GZWB2024009、 0010GZWB2024010），国务院国有资产监督管理委员会对中通诚资产 评估有限公司出具的《安通控股股份有限公司拟收购股权所涉及的中 外运集装箱运输有限公司股东全部权益价值项目资产评估报告》（中 通评报字(2024)12245 号）与《安通控股股份有限公司拟收购股权所 涉及的广州招商滚装运输有限公司股东全部权益价值项目资产评估 报告》（中通评报字(2024)12247 号）的评估结果予以备案，备案结果 与上述资产评估报告所载评估结果一致。 本次交易尚需满足多项条件方可实施，包括但不限于履行上海证 券交易所、中国证券监督管理委员会及其他有权监管机构相应程序 等。本次分拆能否获得上述批准或核准以及最终获得相关批准或核准 的时间均存在不确定性，敬请广大投资者注意投资风险。 特此公告。 ...

证券代码：601872 证券简称：招商轮船 公告编号：2024[076] 招商局能源运输股份有限公司 关于以集中竞价方式回购公司股份的进展公告 本公司董事会及董事保证本公告内容不存在虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性负个别 及连带责任。 一、回购股份的基本情况 招商局能源运输股份有限公司（以下简称"公司"）于 2024 年 10 月 17 日召开第七届董事会第十四次会议，并于 2024 年 11 月 1 日 召开 2024 年第二次临时股东大会，会议分别审议通过了《关于公司 1 重要内容提示： 回购方案首次披露日 2024/10/18 回购方案实施期限 自公司股东大会审议通过回购方案之日起 12 个月 内 预计回购金额 2.22 亿元（含）—4.43 亿元（含） 回购用途 √减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 □为维护公司价值及股东权益 累计已回购股数 1,430.95 万股 累计已回购股数占总股本比例 0.18% 累计已回购金额 9,562.94 万元 实际回购价格区间 6.99 元/股—6.23 元/股 以集中竞价交易方式回购公司股份的议案 ...

根据《公司法》和《公司章程》的相关规定，赵春吉先生的辞职 报告自送达公司董事会时生效。 特此公告。 招商局能源运输股份有限公司董事会 2024 年 12 月 3 日 证券代码：601872 证券简称：招商轮船 公告编号：2024[075] 招商局能源运输股份有限公司 关于高管辞职的公告 本公司董事会及董事保证本公告内容不存在虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性负个别 及连带责任。 招商局能源运输股份有限公司（下称"公司"）董事会近日收到 公司副总经理赵春吉先生书面辞职报告。赵春吉先生因工作调整原因， 申请辞去公司副总经理职务。 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses the oil tanker industry, focusing on the performance and outlook of Very Large Crude Carriers (VLCC) and the overall oil market dynamics. Key Points and Arguments Market Performance - The demand recovery for oil tankers has not met expectations, with VLCC market performance being particularly weak in Q3, primarily due to a decline in demand from the conventional market [2][3][9] - Despite a general decline, VLCCs are maintaining a relatively stable performance, hovering around a balance point of 20,000 to 40,000 [2][6] - The overall demand structure for oil tankers is a significant concern, with a notable shift in trade patterns affecting demand [3][9] Supply and Demand Dynamics - There is a long-term supply shortage for VLCCs, despite short-term pessimism regarding demand [6][7] - The supply of VLCCs is expected to remain tight in the medium to long term, with recent participation in industry events indicating a positive outlook from major clients [6][9] - The demand structure has shifted, with China and Iran becoming primary sources, replacing traditional Middle Eastern suppliers [8][11] Fuel and Technology - The company is focusing on energy-efficient production fuels and has opted for traditional fuel types over alternative fuels like LNG or methanol due to market uncertainties [4][5] - The company has ordered new VLCCs, emphasizing the need for modern vessels to replace aging fleets [21][23] Economic and Geopolitical Factors - Geopolitical factors, including sanctions on Iran and the Russia-Ukraine conflict, are influencing oil supply and demand dynamics [10][12] - The market is experiencing a significant shift in trade routes, with oil being redirected from traditional markets to new ones, impacting overall demand [12][13] Financial Performance and Outlook - Despite a weak market sentiment, the company's financial performance remains stable, with expectations that the market will eventually recover [24][27] - The company is actively engaging in share buybacks, indicating confidence in its long-term value [28] Future Plans - The company plans to continue investing in its core oil and dry bulk shipping operations, with significant capital expenditures planned through 2030 [18][20] - There is a focus on expanding the fleet and enhancing operational capabilities to meet future demand [17][18] Other Important but Overlooked Content - The call highlighted the importance of understanding the underlying demand structure rather than just focusing on surface-level market performance [3][9] - The potential for a recovery in the oil market is contingent on geopolitical developments, particularly regarding Iran and Russia [10][12] - The company is also exploring technological advancements to improve operational efficiency and reduce costs [25][26]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Views - The oil transportation market showed weak supply and demand in Q3 2024, while the bulk shipping segment saw significant profit growth year-on-year. The company reported a revenue of RMB 19.296 billion for the first three quarters of 2024, a year-on-year increase of 1.44%, but a net profit of RMB 3.369 billion, a decrease of 10.35% year-on-year. The net profits for the oil, bulk, container, and roll-on/roll-off businesses were RMB 2.060 billion, RMB 1.170 billion, RMB 0.472 billion, and RMB 0.249 billion, reflecting changes of -12.23%, +106.71%, -25.90%, and +14.75% respectively [4]. Summary by Sections Market Performance - The company's stock price is currently at RMB 6.76, with a market capitalization of RMB 55.052 billion. The average trading volume over the past three months is RMB 423.65 million [1][3]. Business Segments - **Oil Transportation**: Revenue for the oil transportation business was RMB 6.982 billion, down 3.59% year-on-year, with a net profit of RMB 2.060 billion, down 12.23%. The average TCE for the TD3C route was USD 36,846 per day, up 4.24% year-on-year [4]. - **Bulk Shipping**: Revenue for the bulk shipping business was RMB 6.070 billion, up 17.86% year-on-year, with a net profit of RMB 1.170 billion, up 106.71%. The average BDI index was 1,845 points, up 57% year-on-year [4]. - **Container Shipping**: Revenue for the container shipping business was RMB 4.053 billion, up 0.17% year-on-year, with a net profit of RMB 0.472 billion, down 25.90% [4]. Financial Projections - The report adjusts the profit forecast for the company, projecting net profits of RMB 4.828 billion, RMB 6.180 billion, and RMB 7.458 billion for 2024, 2025, and 2026 respectively, with growth rates of -0.2%, 28.0%, and 20.7%. The corresponding EPS is projected to be RMB 0.59, RMB 0.76, and RMB 0.92, with P/E ratios of 11.4, 8.9, and 7.4 respectively [4][5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company reported a revenue of 6.06 billion, a year-on-year increase of 0.5%, and a net profit attributable to shareholders of 870 million, a year-on-year decrease of 11.7% [2][3]. - The oil transportation sector is under pressure, while the bulk shipping sector shows strong performance [3][4]. - The company has a diverse fleet that enhances resilience amid market fluctuations [5]. Revenue Breakdown - The revenue contributions from different business segments are as follows: - Oil transportation: 2.02 billion, down 5.0% year-on-year - Bulk shipping: 2.11 billion, up 22.7% year-on-year - Container shipping: 1.33 billion, up 16.3% year-on-year - Roll-on/roll-off shipping: 410 million, down 18.9% year-on-year [2][4]. - Net profit contributions from these segments are: - Oil transportation: 390 million, down 27.7% year-on-year - Bulk shipping: 370 million, up 75.6% year-on-year - Container shipping: 230 million, up 32.8% year-on-year - Roll-on/roll-off shipping: 80 million, down 12.2% year-on-year [2][4]. Oil Transportation Analysis - The average TCE rate for VLCC in Q3 was 32,000 USD/day, a decrease of 29.4% quarter-on-quarter, reflecting a general market downturn [3]. - The company's time charter rates remained stable, and the TCE achieved in the spot market was on par with the same period last year [3]. - The oil transportation fleet's revenue decreased by 16.2% quarter-on-quarter, slightly better than the drop in rates, but net profit fell by 52.1% due to increased repair costs and depreciation [3]. Bulk Shipping Performance - The bulk shipping sector benefited from strong demand for imports, particularly for grain and coal, with import volumes increasing by 14.4% and 11.1% year-on-year, respectively [4]. - The BDI index averaged 1870 points in Q3, up 56.7% year-on-year, indicating a robust market for dry bulk shipping [4]. - The company's bulk shipping fleet achieved a revenue increase of 22.7% year-on-year to 2.11 billion, with net profit rising by 75.6% to 370 million [4]. Other Business Segments - Container shipping saw a revenue increase due to low base effects from the previous year, with net profit rising by 32.8% to 230 million [4]. - Roll-on/roll-off shipping faced challenges in the domestic market, contributing 80 million to net profit [4]. - The LNG business contributed 150 million to net profit, primarily from CLNG investment returns, remaining stable [4]. Future Outlook - The company has 80 vessels on order, including 6 VLCCs and 42 LNG carriers, representing 24.2% of its current capacity [5]. - The installation of scrubbers on over 60% of the fleet positions the company competitively in the market [5]. - The investment outlook remains positive, with expected revenues of 5.1 billion, 7.1 billion, and 8.1 billion for 2024-2026, corresponding to PE ratios of 11, 8, and 7 times [5].

证券代码：601872 证券简称：招商轮船 公告编号：2024[074] 重要内容提示 | 回购方案首次披露日 | 2024/10/18 | | --- | --- | | 回购方案实施期限 | 自公司股东大会审议通过回购方案之日起 12 个月内 | | 预计回购金额 | 亿元（含） 2.22 亿元（含）～4.43 | | 回购用途 | 减少注册资本 | | 累计已回购股数 | 435.59 万股 | | 累计已回购股数占总股本比例 | 0.0535% | | 累计已回购金额 | 2,998.2 万元 | | 实际回购价格区间 | 6.84 元/股～6.99 元/股 | 一、回购股份的基本情况 招商局能源运输股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 本公司董事会及董事保证本公告内容不存在虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性负个别 及连带责任。 招商局能源运输股份有限公司（以下简称"公司"）于 2024 年 10 月 17 日召开第七届董事会第十四次会议，并于 2024 年 11 月 1 日 召开 2024 年第二次临时股东大会，会议分别审议通过了《关于公司 ...

为每一次信赖远航 SAILING WITH ALL YOUR TRUST * 为每一次信赖远航 SAILING WITH ALL YOUR TRUST 声 明 招商轮船2024年第三季度报业绩说明会 本资料仅供参考，不构成或形成出售或发行或招揽购买或认购招商局能源运输股份有限公司（"招商轮 船"或"公司"）或任何控股公司或附属公司证券的要约或邀请的一部分。这些材料的任何部分不构成 任何合同或承诺的依据或依赖于任何合同或承诺。 对文件中所包含的信息或观点的公正、准确、完整或正确性未作任何明确或隐含的表述或担保，因此也 不得对其该等性质有任何依赖。本文件中所包含信息的变更不会做另行通告，且不会因路演后的重大进 展而进行更新。由于使用本文件及其内容，或与本文件相关而引发的任何损失，公司及其的关联公司、 顾问或代表均不承担任何责任（无论是否由于过失所致）。 本文件中的声明反映了公司目前的认识，以及截至文中各处所述日期时对公司未来的预测。该等前瞻性 声明是在一系列对公司经营和其它因素的假设基础上做出的，且此类假设不受公司控制并存在较大风险 与不确定性。因此实际结果可能与前瞻性陈述存在显著差异。公司不承诺对在该等日期后发 ...