中远海能斥资逾10亿元投资建造两艘巴拿马型原油轮 关联交易获保荐人无异议核查意见

【要点概览】

• 中远海运能源运输股份有限公司（中远海能）及全资子公司海南中远海运能源运输有限公司（海南海能）将与启东中远海运海洋工程有限公司（启东海工）签订建造两艘巴拿马型原油轮合同，总金额10.18亿元人民币，资本化费用总投资约10.43亿元。
• 本项目采用自有资金和外部融资支付，不涉及募集资金，也不构成重大资产重组。
• 新造船舶将采用甲醇、生物燃料READY等绿色动力系统，推动绿色航运和低碳转型。
• 本次关联交易已履行独董、董事会审议程序，无需提交股东大会审议，保荐人国泰海通证券出具无异议核查意见。

一、交易具体情况

中远海能及海南海能将以自有资金及外部融资方式投入，与启东海工签订两艘巴拿马型原油轮建造合同。合同船价为5.09亿元/艘，两艘合计10.18亿元，连同建造期利息、监造费等资本化费用，总投资约10.43亿元。

船舶计划于2028年交付，采用绿色燃料和智能化节能系统，响应全球航运减碳趋势，有助于提升公司船队整体竞争力。

二、交易目的及影响

• 服务国家战略： 通过新建船舶优化船龄结构，巩固公司在内外贸原油运输市场的领先地位。
• 响应政策机遇： 抢抓国家鼓励船舶更新政策，实现运力平稳衔接，提升经济效益。
• 绿色转型： 新船采用绿色动力，助力公司可持续发展战略。

预计新船交付后将补充运力，巩固并拓展中远海能在内外贸原油运输市场份额，强化盈利能力和经营韧性，有望对公司长期营业收入和盈利水平产生积极影响。

三、交易定价及合理性

公司通过与多家造船厂（包括独立第三方）市场化比选和谈判，启东海工在船价、交船期、付款比例和建造经验等方面具备明显优势。最终船价低于其他独立第三方船厂报价，且关键条款更优，定价公允合理。

交易属于正常造船投资范畴，不涉及账面值、评估值或公开市场值比较，无需盈利担保或回购承诺。

四、关联交易程序及历史关联交易梳理

• 2026年4月，公司独立董事专门会议、董事会会议均全票通过该议案，关联董事回避表决。
• 本次交易无需提交股东大会审议。
• 过去12个月内，公司与同一关联人进行的非日常关联交易累计金额未超净资产5%，未触及股东会审议要求。
• 历史主要关联交易包括：2025年10月收购上海中远海运液化气运输有限公司100%股权（5.98亿元）；2025年10月光租6艘VLCC大型油轮；2025年12月中远系船厂新造19艘船（总价78.82亿元）。
• 前述关联交易均已按合同条款履约。

五、合同主要条款

• 买方：中远海能、海南海能；卖方：启东海工。
• 船价：5.09亿元/艘（含税），共10.18亿元。
• 付款：根据建造进度分五期支付。
• 交付：两艘船预计2028年交付。
• 对价调整：如交付延迟或船舶性能不达标，船价下调，性能严重偏差买方可拒收。
• 争议解决：仲裁。

六、对投资者及股东的重要影响与关注事项

• 正面影响： 该项目预计将优化公司船队结构、提升市场份额和盈利能力，有助于公司长期成长，符合国家产业政策和绿色发展方向，或对公司估值形成支撑。
• 资金安排： 采用自有资金和外部融资结合，资金风险可控，公司资产负债结构稳健。
• 程序合规： 交易过程合规透明，关联人回避表决，独董、保荐人均全票通过。
• 无其他不利影响： 本次交易不涉及管理层变动、人员安置、土地租赁等事项，不会导致新增同业竞争或其他关联交易。
• 潜在影响： 随着新船舶在2028年交付并投运，如市场环境稳定，预计公司营收与盈利能力有望进一步提升，或对二级市场股价构成利好。

七、保荐机构核查结论

国泰海通证券认为，本次交易有利于公司业务发展，审议程序合法合规，不存在损害公司及中小股东利益的情形，对该交易事项无异议。

免责声明： 本文基于公开披露材料整理，仅供投资者参考，不构成任何投资建议。投资涉及风险，敬请投资者审慎决策。

English Version

COSCO Shipping Energy to Invest Over RMB 1 Billion in Building Two Panamax Crude Oil Tankers – Key Connected Transaction Receives Sponsor’s Unqualified Opinion

Key Highlights

• COSCO Shipping Energy Transportation Co., Ltd. (CSET) and its wholly-owned subsidiary Hainan COSCO Shipping Energy Transportation plan to sign contracts with Qidong COSCO Shipping Offshore Engineering Co., Ltd. (Qidong COSCO Offshore) for the construction of two Panamax crude oil tankers, totaling RMB 1.018 billion, with total capitalized cost approximately RMB 1.043 billion.
• Self-owned funds and external financing will be used, with no use of raised capital and the transaction is not a major asset restructuring.
• The new vessels will feature green propulsion systems such as methanol and biofuel READY, in line with global decarbonization trends.
• The connected transaction has been approved by the Board and independent directors, does not require shareholder meeting approval, and has received an unqualified review opinion from sponsor Guotai Haitong Securities.

1. Transaction Details

CSET and Hainan COSCO are investing their own and external funds to order two Panamax crude oil tankers from Qidong COSCO Offshore. Each vessel is priced at RMB 509 million (tax inclusive), total RMB 1.018 billion; with capitalized interests and supervision fees, total investment is about RMB 1.043 billion.

The vessels are scheduled for delivery in 2028, equipped with green fuel and intelligent energy-saving systems, which will enhance the competitiveness of the company’s fleet in line with global decarbonization trends.

2. Purpose and Impact

• Supporting National Strategy: Optimizing fleet age and consolidating COSCO Shipping Energy’s market leadership in domestic and international crude oil shipping.
• Policy Response: Seizing government incentives for vessel renewal to ensure smooth capacity transition and improved economic efficiency.
• Green Transformation: Adopting green fuel technology, advancing the company’s sustainable development agenda.

Upon delivery, the new vessels will boost carrying capacity, expand market share, and reinforce the company’s profitability and resilience, potentially delivering long-term revenue and profit growth.

3. Pricing and Rationale

The company competitively solicited quotes from multiple shipyards, including independent third parties. Qidong COSCO Offshore offered the lowest price and best terms, making the pricing fair and reasonable. The transaction is a routine investment and does not involve book, appraisal, or market value comparison, nor does it require profit guarantees or buyback commitments.

4. Connected Transaction Process and Historical Review

• In April 2026, the proposal was unanimously approved by independent directors and the Board. Interested directors abstained from voting.
• The transaction does not require shareholder meeting approval.
• In the past 12 months, the total amount of similar non-routine transactions with the same related party did not exceed 5% of audited net assets.
• Recent major related transactions: Oct 2025 acquisition of 100% equity in Shanghai COSCO Shipping LPG Transport (RMB 598 million); Oct 2025 bareboat charter of 6 VLCCs; Dec 2025 order for 19 newbuilds from COSCO-affiliated shipyards (total RMB 7.882 billion).
• All historic transactions are being executed as per agreement.

5. Main Contract Terms

• Buyers: CSET, Hainan COSCO; Seller: Qidong COSCO Offshore.
• Price: RMB 509 million/vessel (tax inclusive), total RMB 1.018 billion.
• Payment: In five installments based on construction progress.
• Delivery: Both vessels to be delivered in 2028.
• Price adjustment: If delivery is delayed or vessel performance (speed, fuel consumption, deadweight) is below standard, price will be adjusted downward; buyers may refuse delivery if deviations are significant.
• Dispute resolution: Arbitration.

6. Major Impact and Considerations for Shareholders/Investors

• Positive Outlook: The project is expected to optimize the company’s fleet, strengthen market share and profitability, and align with national and sustainability strategies, which may support valuation.
• Funding: Combination of self-owned funds and external financing, with manageable financial risk and stable balance sheet.
• Compliance: Transaction is compliant, with related parties abstaining from voting; approved by independent directors and sponsor.
• No adverse impact: No changes to management, staff, land leases, or other related-party transactions; no new competition concerns.
• Potential Impact: Upon delivery in 2028, if the market remains stable, the company’s revenue and profit are expected to rise, potentially acting as a share price catalyst.

7. Sponsor’s Opinion

Guotai Haitong Securities believes the transaction supports business development, complies with regulations, does not harm minority shareholders, and raises no objections.

Disclaimer: This article is based on publicly disclosed materials for informational purposes only and does not constitute investment advice. Investing involves risks—please make decisions prudently.

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