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Reporter of Every Economic News: Zhang Yun Editor of Every Economic News: Liang Xiao

On August 20, China Merchants Energy Shipping (SH601975, share price 3.02 yuan, market value 14.5 billion yuan) released its 2024 semi-annual report. In the first half of this year, the company achieved operating income of 3.528 billion yuan, a year-on-year increase of 11.78%; and achieved attributable net profit of 1.220 billion yuan, a year-on-year increase of 44.76%.

In terms of main business, China Merchants Nanyou operates the transportation of offshore crude oil, refined oil, chemicals and gas. Regarding the international crude oil market, the company said that in the first half of the year, the international crude oil price showed a trend of wide fluctuations from high to low. In the early stage, it was mainly affected by the instability of international geopolitics and the firm position of OPEC+ on production cuts. In the later stage, with the slight easing of geopolitics and the global economic downturn, the rise has declined.

How is the performance of the company's transportation market? CMB Oil said that the Southeast Asia/Northeast Asia foreign trade market, in which the company is mainly involved, is generally stable, and the freight rates in the MR fuel oil market remain strong, with higher returns than the domestic trade market. Domestic crude oil transportation participants maintain a good competitive and cooperative relationship, and the overall transportation pattern of the market is basically stable, maintaining a healthy development trend, so domestic trade freight rates are basically stable.

It is worth mentioning that in the first half of this year, the international refined oil tanker trade pattern changed, the flow was complex and diverse, the utilization rate of refined oil tankers increased, and the tight balance of effective shipping capacity led to the intensification of the volatility of international refined oil market freight rates. China Merchants Nanyou said that from the perspective of market segmentation, the western market has fallen from its high level and fluctuated violently. The eastern market freight rate has been running at a high level since it rose at the end of January. The off-season in the second quarter was not slow, and the overall eastern market revenue was higher than the western market.