详细内容解读

1. 投资及交易基本情况

中远海能（600026）及全资子公司海南海能将与启东中远海运海洋工程有限公司（启东海工）签署两艘巴拿马型原油轮建造合同。每艘合同价5.09亿元人民币，总价10.18亿元，连同建造期间利息及监造费等总投资约10.43亿元。资金来源为公司自有资金和外部融资，不涉及募集资金，也不构成重大资产重组。

2. 交易目的及战略意义

• 通过新造船舶优化船队年龄结构，保持内贸油轮船队规模，统筹内外贸运输需求，提升公司市场份额和行业竞争力。
• 响应国家支持船舶更新政策，满足内贸油轮新老更替需求，保持运力平稳衔接，实现可持续发展。
• 新建船舶采用生物燃料、甲醇燃料READY等环保动力系统，配备节能和智能化系统，积极推进绿色航运，符合公司低碳转型战略。

3. 关联交易及关联方情况

启东海工为中远海运集团下属全资子公司中远海运重工有限公司的全资附属企业，属于关联方。本次交易构成关联交易，但根据相关规定，无需提交股东大会审议。

启东海工具备成熟的造船经验和质量保障体系，能够满足公司技术和交付要求，且其船价、交付期及商业条件在市场中具有竞争力。

4. 合同主要内容与履约安排

• 协议双方：中远海能、海南海能（买方）与启东海工（卖方）。
• 合同金额：每艘5.09亿元，两艘合计10.18亿元。
• 付款安排：按照建造进度分五期以人民币支付。
• 交付时间：两艘船舶预计2028年交付。
• 合同条款：若交船延期或性能不达标，价格将相应下调，若性能严重不符，买方可拒收。
• 争议解决：仲裁。

5. 对公司经营及财务影响

• 公司将通过自有资金和外部融资分期支付船款，资产负债结构稳健，运营资金充足，融资风险可控。
• 新船预计于2028年交付后运营，将补充公司运力，提升整体竞争力和市场份额，增强客户服务能力，对公司未来营收及盈利水平产生积极影响。
• 交易不涉及管理层变动、人员安置、土地租赁等，无新增同业竞争和其他关联交易风险。

6. 关联交易审批及历史关联交易情况

• 2026年4月，独立董事和董事会全票通过该项交易，关联董事回避表决，相关程序合规。
• 除本次外，过去一年内与同一关联方或同类交易累计2次，金额未超净资产5%。包括2025年10月收购液化气运输公司100%股权（5.98亿元）、光租6艘VLCC和新建19艘船舶（总价78.82亿元）。
• 前述历史交易均按合同如期履约。

7. 保荐人核查意见

• 公司独立董事和董事会已审议通过，关联董事回避表决，无需股东会审议，程序合规合法。
• 保荐人认为交易有利于公司业务发展，不存在损害公司或中小股东利益的情形。

投资者须知及潜在影响

• 本次投资金额大、周期长（至2028年），将显著提升公司原油运输运力和行业地位，可能对未来收入与盈利能力带来正面影响。
• 交易系关联交易，但执行程序规范，定价公允，未现损害中小股东利益的情形。
• 新船采用绿色低碳动力系统，契合全球环保趋势，利好公司长期发展。
• 历史关联交易金额未超监管红线，公司财务结构稳健，融资风险可控。
• 如后续造船进度、交付或相关政策发生变化，可能对公司财务和股价产生影响，投资者需持续关注。

免责声明

本文内容基于公司公告公开资料整理，仅供投资者参考，不构成投资建议。投资涉及风险，敬请审慎决策。若有疑问，请咨询专业投资顾问。

English Version

COSCO Shipping Energy Transportation: In-Depth Analysis of the Investment in Two Panamax Crude Oil Tankers and Connected Transaction

Key Highlights

• Major Capital Investment: COSCO Shipping Energy and its subsidiary Hainan COSCO Shipping Energy will sign contracts with COSCO Shipping (Qidong) Offshore Engineering Co., Ltd. (Qidong Offshore) to build two Panamax crude oil tankers at a total contract price of RMB 1.018 billion (including tax), with total investment (including interest and supervision fees) at approximately RMB 1.043 billion. Funding will come from internal and external sources.
• Connected Transaction: As Qidong Offshore is a subsidiary of COSCO Shipping Group, this constitutes a connected transaction. However, it does not require a shareholders’ meeting nor does it amount to a major asset restructuring.
• Contract Details: Each vessel is priced at RMB 509 million. Payment will be made in five installments according to construction progress. Both ships are expected to be delivered in 2028. If delivery is delayed or performance is substandard, the contract price will be reduced, and the buyer may reject the vessel in extreme cases.
• Strategic Rationale: The new ships optimize fleet age, support domestic and international crude transport, and reinforce market share and competitiveness. The project aligns with national ship renewal policies and green, low-carbon strategies, with vessels equipped for biofuel, methanol fuel readiness, and intelligent systems.
• Board and Independent Director Approval: The board and independent directors unanimously approved the transaction, deeming the pricing fair and the process compliant, with no prejudice to minority shareholders’ interests.
• Historic Connected Transactions: In the past 12 months, total transactions with related parties of the same category amounted to less than 5% of audited net assets, including October and December 2025 deals involving acquisitions, leasing, and new builds with COSCO Shipping Group.
• Impact on the Company: The investment is expected to strengthen COSCO Shipping Energy’s capacity, market share, and profitability, with a robust financial structure and manageable risk.
• Sponsor’s Opinion: The sponsor raises no objections, confirming the transaction is beneficial to the company and compliant with all procedures.

Detailed Analysis

1. Investment and Transaction Overview

COSCO Shipping Energy (600026) and its wholly owned subsidiary Hainan COSCO Shipping Energy are signing contracts with Qidong Offshore to build two Panamax crude oil tankers at RMB 509 million each (total RMB 1.018 billion), with total investment around RMB 1.043 billion. Funds come from self-owned and external sources; no raised funds involved, and it is not a major asset restructuring.

2. Purpose and Strategic Importance

• Optimize fleet age, maintain domestic crude tanker scale, balance domestic and international transport, and enhance market share and competitiveness.
• Respond to national ship renewal policy, meet replacement needs, smooth capacity transition, and realize sustainable development.
• New ships feature biofuel, methanol fuel readiness, green propulsion, and smart systems, supporting the company’s green transformation.

3. Connected Transaction and Related Party Information

Qidong Offshore is a wholly-owned subsidiary of COSCO Shipping Heavy Industry, which is wholly owned by COSCO Shipping Group, making it a related party. This constitutes a connected transaction but does not require submission to the shareholders’ meeting.

Qidong Offshore has strong shipbuilding experience and quality assurance, with competitive pricing, delivery terms, and commercial conditions.

4. Contract Content and Performance Arrangements

• Parties: COSCO Shipping Energy, Hainan COSCO Shipping Energy (buyers), Qidong Offshore (seller).
• Contract Price: RMB 509 million per vessel, RMB 1.018 billion for two.
• Payment: Five installments according to construction progress.
• Delivery: Both vessels due for delivery in 2028.
• Contract Terms: Delays or underperformance trigger price reductions; severe performance issues allow buyer to reject vessel.
• Dispute resolution: Arbitration.

5. Impact on Operations and Financials

• Payment will be made in installments from internal and external funds, with a stable balance sheet and controllable financing risk.
• New vessels will boost operational capacity, competitiveness, and market share, positively impacting future revenue and profitability.
• The transaction does not involve management changes, personnel placement, land leasing, or new related-party competition risks.

6. Approval Procedures and Historical Connected Transactions

• In April 2026, the board and independent directors unanimously approved the transaction, with related directors abstaining. All procedures are compliant.
• In the past 12 months, similar transactions with the related party totalled two, with cumulative value under 5% of net assets, including an LNG carrier company acquisition (RMB 598 million), leasing of six VLCCs, and construction of 19 vessels (RMB 7.882 billion).
• These historical transactions are being performed according to contract terms.

7. Sponsor’s Review

• The board and independent directors have approved the transaction, related directors abstained, and no shareholders’ meeting is required. Procedures are compliant and lawful.
• The sponsor believes the transaction serves the company’s business development and does not harm the interests of the company or minority shareholders.

Investor Takeaways and Potential Impact

• This is a large and long-term investment (until 2028) that will significantly enhance COSCO Shipping Energy’s crude oil transport capacity and industry standing, potentially benefiting future earnings and share price.
• As a connected transaction, the process is compliant and pricing is fair, with no evidence of harm to minority shareholders.
• The new builds support green and low-carbon strategies, aligning with global trends and long-term corporate value.
• Historical transaction scale is within regulatory limits, and the company’s financial position is stable with controllable risk.
• Changes in shipbuilding progress, delivery, or policy could affect the company’s financials and share price; investors should monitor closely.

Disclaimer

This article is based on publicly available company announcements and is for informational purposes only. It does not constitute investment advice. Investing involves risk. Please consult a professional adviser before making any investment decisions.

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