Financial Services Association, May 13 (Reporter Hu Haoqiong) As of today's close, COSCO Haineng (600026.SH)'s stock price hit a record high during the year, rising 5.66% to 18.12 yuan/share. This is also the first time since November 24, 2022, that COSCO Haineng's stock price has reached 18 yuan. The stock price was high, but after the market, the company announced plans to centrally reduce the shareholding of directors and executives.

The reporter learned that this is the third centralized bidding plan announcement issued by COSCO Haineng since 2022.

This evening, COSCO Haineng announced that Zhu Maijin, the company's executive director and senior manager, holds 10,2980 A-shares of the company, senior manager Qin Jiong holds 17,000 A-shares, and senior manager Ni Yidan holds 5,4,490 A-shares of the company. Together, the above three directors and senior management held about 0.0036706% of the company's total share capital. The above shares are all derived from the exercise of stock options.

According to the main content of the centralized bidding reduction plan of the announcement, the above three directors and senior managers intend to reduce their holdings within 6 months after 15 trading days from the date of publication of this announcement within the scope of transferring no more than 25% of the company's shares held each year in accordance with regulations, and the number of shares reduced by no more than 25% of the company's shares held by each of them at the end of 2023. That is, the number of shares to be reduced in 2024 will not exceed 25% of each company's shares held at the end of 2023.

That is, Zhu Maijin plans to reduce its holdings by no more than 25,745 shares, with a reduction ratio of no more than 0.0005,3964%; Qin Jiong plans to reduce its holdings by no more than 4,250 shares, or less than 0.00008908%; Ni Yidan no more than 13,622 shares, with a ratio of no more than 0.00028553%

In response to the reason for the current and previous concentrated reduction of senior management holdings, COSCO Marine stated in the announcement that it was a “personal capital requirement.”

In 2022 and 2023, COSCO Haineng's directors and executives also had plans to reduce their shareholding through centralized bidding, respectively.

Among them, Zhu Maijin, Qin Jiong, senior managers Luo Yuming, Li Zhuoqiong, and Ni Yidan reduced their holdings by a total of 10,8600 shares through centralized bidding from November 28, 2022 to November 29, 2022. (According to the announcement of the reduction plan disclosed at the time, the five individuals intend to reduce their holdings by no more than 190,258 shares in total through centralized bidding from November 28, 2022 to May 26, 2023.)

Mr. Qin Jiong and Ni Yidan reduced their holdings by a total of 23,600 shares through centralized bidding from July 3, 2023 to December 31, 2023. (According to the announcement of the reduction plan disclosed at the time, Zhu Maijin, Qin Jiong, Luo Yuming, and Ni Yidan will reduce their holdings by no more than 75,944 shares in total through centralized bidding from July 3, 2023 to December 31, 2023.)

Looking at the industry where COSCO Marine Energy is located, oil freight rates have remained at a high level since this year due to the current situation in the Red Sea. Based on this, COSCO Haineng's tanker sector achieved revenue of 5.271 billion yuan in the first quarter of this year, an increase of 1.4% over the previous year.

COSCO Marine Energy said in a quarterly report that from January to January 2024, there was a strong trend in freight rates for various ship types in the international tanker market. Due to the centralized release of pallets in March and phased shipping restrictions in the Middle East region, the freight rate was once pushed up to nearly 70,000 US dollars/day, and the freight rate remained stable above 40,000 US dollars/day after the pullback. From January to March 2024, the average daily earnings of VLCC TD3C (Middle East-China) was $44,261 per day.

Small and medium-sized tankers continue to benefit from changes in trade patterns brought about by geopolitical conflicts, and freight rates remain in a high boom range. Meanwhile, the tense situation in the Red Sea region has caused some ships that previously passed through the Suez Canal to detour the Cape of Good Hope, greatly increasing the tonna-nautical mile demand for small and medium-sized tankers. Refined oil tankers were more affected than crude oil tankers, and the average daily earnings of LR2 TC1 (Middle East - Japan) once exceeded 100,000 US dollars/day.

According to the latest data from the Baltic Exchange, as of May 10 this year, VLCC TD3C TCE reached $5,1005 per day.