Company code: China Merchants Energy Shipping Co.Ltd(601872) company abbreviation: China Merchants Energy Shipping Co.Ltd(601872) China Merchants Energy Shipping Co.Ltd(601872)
Summary of annual report 2021
Section I important tips
1 the summary of this annual report comes from the full text of the annual report. In order to fully understand the company’s operating results, financial status and future development plan, investors should go to www.sse.com com. cn. The website carefully reads the full text of the annual report. 2. The board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. 3. All directors of the company attend the board meeting. 4 ShineWing Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 5. The profit distribution plan or the plan of converting accumulation fund into share capital in the reporting period adopted by the resolution of the board of directors
1. In 2021, the net profit reported by the parent company was 104487706333 yuan, and the statutory surplus reserve of 10% was 10448770633 yuan;
2. Based on the number of shares to be distributed on the equity registration date when the profit distribution plan for 2021 is implemented, it is proposed to distribute a cash dividend of RMB 1.10 (including tax) for every 10 shares. As of December 31, 2021, the total share capital of the company is 8107841801 shares, and the total cash dividend to be distributed is 89186259811 yuan (including tax). Cash dividends accounted for 30.17% of the net profit actually attributable to the shareholders of China Merchants Energy Shipping Co.Ltd(601872) listed company during the reporting period according to the consolidated statements.
After the issuance of the profit distribution plan and before its implementation, if the share capital of the company changes, the distribution amount per share will remain unchanged and the total distribution amount will be adjusted accordingly.
Section II basic information of the company
1 company profile
Company stock profile
Stock type stock exchange stock abbreviation stock abbreviation before stock code change
A-share Shanghai Stock Exchange China Merchants Energy Shipping Co.Ltd(601872) China Merchants Energy Shipping Co.Ltd(601872) not applicable
Contact person and contact Party Secretary of the board of directors securities affairs representative
type
Name: Kong Kang, Zhao Juan, Xu An’an
Office address: 7 / F, Sinotrans Shanghai building, No. 777, Guozhan Road, Pudong New Area, Shanghai; 7 / F, Shanghai building, 168200, Connaught Road, Hong Kong; 168200, Connaught Road, Hong Kong
32 / F, China Merchants Building, Xinde Center
Tel: + 86-2168301260, + 85228597361, + 86-2168301260, + 85228597361
E-mail [email protected]. [email protected].
2. Introduction to the company’s main business in the reporting period
In terms of the global economy, extensive vaccination and the implementation of the fiscal stimulus plan (a total of US $16 trillion fiscal stimulus has been launched, with the United States accounting for us $6 trillion) have driven the global economy to rebound strongly in 2021. The IMF expects the global economic growth rate to reach 5.9%, the strongest growth in nearly 50 years.
In terms of maritime trade, global maritime trade is expected to grow by 3.7% to 11.96 billion tons in 2021, and has returned to the pre epidemic level in mid-2021. The recovery of various goods was different. LNG, grain and containers recorded a relatively positive growth, but crude oil recorded a negative growth. In terms of transport capacity supply, in 2021, the scale of global fleet transport capacity was generally controllable, the overall growth rate of oil tankers decreased to 1.7%, and the overall growth rate of dry bulk cargo ships and containers slowed to 3.5%. The stranding of Suez Canal and the pressure on the port caused by the epidemic have reduced the supply of effective transport capacity in the container and dry bulk carrier market. However, under the background of the continuous deep discount structure of the current price difference in the crude oil period, the continuous release of the floating warehouse transport capacity of VLCC tanker has increased the actual supply of transport capacity.
In terms of sea freight, in 2021, the average value of Clarkson sea freight index increased by 90% compared with that in 2020, which is the best performance after 2008, but the performance of various sectors varies greatly. The average freight rate of dry bulk cargo increased by 190% year-on-year, which is the strongest trend in recent 13 years; Container freight rates rose 257% year-on-year, a record high; The oil tanker sector is the weakest level in the past 20 years, and VLCC oil tankers even hit a new low since the 1980s.
In the first year of the 14th five year plan, green development, scientific and technological innovation and promoting China’s demand direction continue to support the global shipping market and bring new opportunities. Unblocking China’s great circulation will comprehensively promote consumption, build a modern logistics system, accelerate the construction of China’s multimodal transport system, and promote the prosperity of China’s coastal and inland trade and transportation.
In 2021, global climate and environmental governance ushered in a new milestone. The 26th climate conference adopted the Glasgow climate convention, which aims to control global warming within 1.5 degrees Celsius and save the world from catastrophic climate change. Around this time, governments have successively announced clean development goals, most of which use natural gas as a realistic means to accelerate carbon reduction, supplement renewable energy and improve the environment. Among them, China proposes to limit and strive to reduce coal consumption, stabilize crude oil consumption, orderly guide natural gas consumption and vigorously promote the integrated development of natural gas and various energy sources during the 14th five year plan and the 15th five year plan, which provides broad prospects for the efficient utilization of LNG resources in the future.
The regional comprehensive economic partnership agreement (RCEP) signed in November 2020 connects 15 Asia Pacific economies, including 10 ASEAN countries and China, Japan, South Korea, Australia and New Zealand, covering the world’s largest and fastest-growing container transportation market. In 2019, the intra Asian container trade volume accounted for 25% of the global container volume. Since the second half of 2020, China’s industrial production has remained stable and the foreign trade situation has continued to improve.
In terms of supply, covid-19 pneumonia has affected the stability of the global supply chain. The epidemic prevention and control measures have led to the decline of logistics turnover efficiency, including labor shortage, port congestion, increased transportation time, container shortage and other links of the supply chain. Container freight rates continued to rise significantly in the second half of 2020. At present, the supply and demand of the container transportation market is basically good, and it is still in the upward cycle. Although the orders for new ships have increased significantly, the ratio of orders in hand / fleet is still relatively reasonable. At the same time, considering the trends of replacement of old ships and carbon reduction, the main market participants still maintain rational restraint, and the profitability and value center of the industry are expected to be further improved. In 2021, countries continued to implement economic stimulus policies, the overall global economy maintained a recovery trend, the demand for container freight continued to grow, and the demand for container shipping market continued to rise. In addition, port congestion, crew shifts, bad weather and other factors affect the effective transport capacity of the market, and the supply of transport capacity continues to be in short supply.
On January 1, 2022, the regional comprehensive economic partnership agreement RCEP officially entered into force. Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam and other six ASEAN member countries and China, Japan, New Zealand, Australia and other four non ASEAN member countries officially began to implement the agreement. In the medium and long term, it is expected that with the acceleration of mutual investment and trade among RCEP countries, RCEP will further enhance the demand prospect of the container market in the region. 1. Fleet Development
During the reporting period, the company received three new generation energy-saving and environment-friendly VLCCs, one 325000 ton VLOC and two 3800 parking lot ro ro ships; Complete the disposal of 3 non energy-saving and environment-friendly VLCCs, 13 old and non energy-saving and environment-friendly bulk cargo ships and 3 domestic trade container ships; At the beginning of the year, four 1100 / 2400teu container ships were newly ordered to seize the relatively low position of the market, and one 115000 ton aframax tanker was ordered in the fourth quarter. By the end of the reporting period, the company had 51 VLCC oil tankers with 100% equity (excluding orders and leased ships) and 37 vlocs (including equity participation and escrow), and its own transportation capacity continued to rank first in the world. The fleet structure of the company at the end of the reporting period is as follows:
China Merchants Energy Shipping Co.Ltd(601872) fleet structure (up to December 31, 2021)
Controlling party’s deadweight ton (10000 orders)
Ship type company ship type DWT average ship age tons (10000)
DWT）
Haihong steamship own VLCC 51157794 7.3 3 92.10
Tanker aframax 5 53.59 13.2 1 11.50
Subtotal of oil tanker 56163153 7.8 4 103.60
Vloc-4 China Vanke Co.Ltd(000002) 8111819 4.8 (including 14 ships with 100% ownership)
Bulk carrier Hong Kong Minghua has its own DWT interests (14 30% equity)
Vloc-32.5 6 194.96 1.4 (30% equity)
10000 DWT
CAPESIZE 16 286.88 11.1
PANAMAX 10 83.09 10.0
ULTRAMAX 20 125.72 5.6
SUPRAMAX 10 57.94 10.0
HANDYMAX 4 18.45 9.5
HANDYSIZE 8 29.70 5.4
Super convenient universal 0 0 4 24.56
Type multipurpose ship
Long term and short-term charter in 85 502.01
Escrow VLOC 3 120.71
Own ship 102191493 7.0 4 24.56
Bulk carrier small charter ship 85 502.01
meter
Escrow vessel 3 120.71
CLng and ( ) Cosco Shipping Energy Transportation Co.Ltd(600026) held
LNG directly holds its own LNG 21 165.56 (5.8 clng50% equity)
Partial equity
Ro ro investment and RO ro self owned ro ro 23 8.68 9.7 ( Guangzhou Automobile Group Co.Ltd(601238) held)
30% equity)
Self owned feeder ship 16 33.30
