601872.SHG China Merchants Energy Shipping
招商局能源运输股份有限公司（招商轮船） · Crude tankers · a reference page: the company's own figures, no estimate
China Merchants Energy Shipping · reference page
No dividend estimate — this page quotes what the company prints and models nothing.
- Share price
- CNY 17.71 close 2026-10-30, Shanghai A-share (EODHD)
- Last declared
- RMB 0.13 a share for the 2026 interim, ex-date and paid 2026-10-23 招商轮船2026年半年度权益分派实施公告
- TCE
- The company does not publish TCE by vessel type. Its own TCE wording is quoted below ↓.
- Payout plan
- “公司年度内分配的现金红利总额应占公司当年度实现的归属于上市公司股东净利润的 40%左右（含用于回购股份的现金），并结合公司业务发展状况力争稳定提升该比例。”
TSI translation: “The total cash dividends the company distributes within a year shall be about 40% of the net profit attributable to shareholders of the listed company realised that year (including cash used to repurchase shares), and the company will strive to raise this ratio steadily in line with its business development.” 招商轮船未来三年（2024年-2026年）股东回报规划（草案）
Buybacks count toward the 40%, so the plan sets no cash dividend per share; the page shows no forward DPS.
TSI translation (LLM-assisted). The Chinese original governs; numbers come from the Chinese tables, never from the translation.
TCE in the company's words quoted as printed, newest first
The company does not publish TCE by vessel type. It describes its TCE in words; where it prints a figure, the wording (“about”, “over”, “nearly”) is kept.
| Period | Fleet | Chinese original | TSI translation | Source |
|---|---|---|---|---|
| 2026Q3 | Tankers | 报告期公司油轮船队现货市场实现 TCE 水平（主要反映 5-8 月份的定载）较上半年有所上升。前瞻方面，截止报告日，油轮船队已锁定四季度约 2/3 营运天和部分 2027 年营运天，锁定的运费率相比1-9 月实际实现的水平巨幅增长、优于部分已经披露四季度锁定情况的国际同行。 | In the period, the spot TCE level achieved by the company's tanker fleet (mainly reflecting fixtures made in May-August) rose compared with the first half. Looking ahead, as of the report date the tanker fleet had locked in about 2/3 of its fourth-quarter operating days and part of its 2027 operating days, at freight rates that are a huge increase on the level actually achieved in January-September and better than some international peers that have disclosed their fourth-quarter bookings. | 招商轮船2026年第三季度报告 2026-10-29 |
| 2026H1 | VLCC | 报告期内，公司 VLCC 油轮船队实现 TCE 水平同比大幅上升，并在报告期末抓住海峡通航中东湾外市场的相对高位落实若干航次，为下半年经营打好开局。 | In the period, the TCE level achieved by the company's VLCC fleet rose sharply year on year, and at the end of the period it fixed several voyages at the relatively high levels of the market outside the Middle East Gulf as the strait reopened to traffic, giving the second half a good start. | 招商轮船2026年半年度报告 2026-08-31 |
| 2026H1 | Capesize over USD 40,000/day, on nearly half of voyages (not a fleet average) |
好望角型船队在市场反弹与暴涨交替期果断出手，近半航次日均 TCE 超过 4万美元。 | The Capesize fleet acted decisively as the market alternated between rebound and surge: nearly half of its voyages earned a daily TCE of over USD 40,000. | 招商轮船2026年半年度报告 2026-08-31 |
| 2026H1 | 62k multi-purpose close to USD 30,000/day |
62k 多用途船队上半年 TCE 近 3万美元/天，同比大幅上升，经营表现行业领先。 | The 62k multi-purpose fleet's first-half TCE was close to USD 30,000/day, up sharply year on year, an industry-leading performance. | 招商轮船2026年半年度报告 2026-08-31 |
| 2026Q1 | Tankers | 前瞻方面，油轮船队截止报告期末已锁定二季度近一半营运天，锁定的运费率显著高于一季度实际水平，为后续经营奠定坚实基础。 | Looking ahead, by the end of the period the tanker fleet had locked in nearly half of its second-quarter operating days, at freight rates significantly above the level actually achieved in the first quarter, laying a solid foundation for the period ahead. | 招商轮船2026年第一季度报告 2026-04-25 |
| 2025 | VLCC | 报告期公司 VLCC 船队实现 TCE 水平（含即期及期租租出）再次跑赢指数，即期经营 TCE跑赢几乎所有大型 VLCC 船队同行，助力公司油轮船队经营业绩创历史新高。 | In the period, the TCE level achieved by the company's VLCC fleet (including spot and time charters out) again beat the index; its spot operating TCE beat almost every large VLCC fleet among its peers, helping the tanker fleet to record results. | 招商轮船2025年年度报告 2026-03-27 |
| 2025Q3 | VLCC | 报告期公司 VLCC 船队实现日均 TCE 继续跑赢市场平均水平（会计业绩主要体现 6-8 月运价，公司 9月即期市场 VLCC 经营口径的实现 TCE 预计高于波交所 VLCC 评估均值 10%左右）；报告期锁定的四季度现货运营天预计实现的平均 TCE 水平大幅上升，亦跑赢市场指数。 | In the period, the daily TCE achieved by the company's VLCC fleet again beat the market average (the accounting results mainly reflect June-August rates; the company's realised operating TCE for its September spot VLCCs is expected to be about 10% above the Baltic Exchange VLCC assessment average); the average TCE expected on the spot operating days booked for the fourth quarter rose sharply and also beat the market index. | 招商轮船2025年第三季度报告 2025-10-30 |
Reported results RMB million, as filed
| Period | Revenue 营业收入 |
Net profit to shareholders 归属于上市公司股东的净利润 |
Excl. non-recurring items 扣除非经常性损益的净利润 |
Source |
|---|---|---|---|---|
| 2026Q3 第三季度（本报告期，7-9 月） | 12,770.8 | 5,023.9 | 4,498.4 | 招商轮船2026年第三季度报告 一、主要财务数据（一）主要会计数据和财务指标 |
| 2026H1 半年度（1－6月） | 19,651.2 | 6,959.5 | 6,907.3 | 招商轮船2026年半年度报告 七、公司主要会计数据和财务指标（一）主要会计数据 |
| 2026Q1 第一季度（本报告期） | 8,556.0 | 2,763.4 | 2,756.7 | 招商轮船2026年第一季度报告 一、主要财务数据（一）主要会计数据和财务指标 |
| 2025Q4 第四季度（10-12 月份） | 8,867.3 | 2,712.2 | 2,123.1 | 招商轮船2025年年度报告 九、2025 年分季度主要财务数据 |
| 2025Q3 第三季度（7-9 月份） | 6,725.3 | 1,175.3 | 994.7 | 招商轮船2025年年度报告 九、2025 年分季度主要财务数据 |
| 2025Q2 第二季度（4-6 月份） | 6,989.5 | 1,259.1 | 1,053.0 | 招商轮船2025年年度报告 九、2025 年分季度主要财务数据 |
| 2025Q1 第一季度（1-3 月份） | 5,595.2 | 865.4 | 853.2 | 招商轮船2025年年度报告 九、2025 年分季度主要财务数据 |
| 2024Q4 第四季度（10-12月份） | 6,503.1 | 1,738.3 | 1,726.8 | 招商轮船2024年年度报告 九、2024年分季度主要财务数据 |
| 2024Q3 第三季度（7-9 月份） | 6,061.7 | 872.2 | 843.5 | 招商轮船2024年年度报告 九、2024年分季度主要财务数据 |
| 2024Q2 第二季度（4-6 月份） | 6,980.7 | 1,121.7 | 1,086.1 | 招商轮船2024年年度报告 九、2024年分季度主要财务数据 |
| 2024Q1 第一季度（1-3月份） | 6,253.8 | 1,375.2 | 1,358.6 | 招商轮船2024年年度报告 九、2024年分季度主要财务数据 |
Printed in yuan (单位：元 币种：人民币); shown in millions, the printed figure on hover. 2026 Q2 is not printed as a quarter: the half-year report prints January-June only, so it is shown as printed and not split.
By segment, 2026 1-9M 金额单位：人民币亿元
| Segment | Revenue (RMB 100m) | y/y | Net profit (RMB 100m) | y/y |
|---|---|---|---|---|
| Tankers 油轮运输 | 151.39 | 124.81% | 99.34 | 425.61% |
| Dry bulk 干散货运输 | 82.73 | 35.98% | 18.41 | 157.84% |
| Containers 集装箱运输 | 56.94 | 28.65% | 15.56 | 50.05% |
| Ro-ro 滚装运输 | 15.18 | 28.64% | 5.18 | 254.79% |
| LNG LNG 船运输 | 3.01 | 9933.33% | 5.89 | 5.37% |
分部业绩（CLNG 船队不并表，本简表不包括未分配项目、分部间抵销等） — 招商轮船2026年第三季度报告.
Fleet by type at 2026-09-30, as printed
| Type | owned (现有船舶) vessels | dwt (万吨) | TEU / car places | average age (平均船龄) | on order (订单船舶) vessels | dwt (万吨) | TEU / car places |
|---|---|---|---|---|---|---|---|
| 油轮小计 Tankers | 60 | 1665.21 | 10.27 | 27 | 605.8 | ||
| Aframax | 8 | 88.4 | 7.98 | 10 | 115 | ||
| VLCC | 51 | 1576.01 | 11.09 | 18 (1) | 551.8 (1) | ||
| DPST穿梭油轮 shuttle tanker | 2 | 30.8 | |||||
| 燃料加注船 bunkering vessel | 1 | 0.8 | 1.7 | ||||
| 气体船小计 Gas | 40 | 356.38 | 5.94 | 29 | 237.33 | ||
| LNG | 40 | 356.38 | 5.94 | 29 | 237.33 | ||
| 散货船小计 Dry bulk | 96 | 1885.46 | 10.94 | 17 | 437.6 | ||
| VLOC | 34 | 1313.16 | 8.93 | 6 | 205.8 | ||
| Newcastlemax | 11 | 231.8 | |||||
| Capesize | 16 | 286.89 | 15.85 | ||||
| kamsarmax | 4 | 32.77 | 0.76 | ||||
| Panamax | 6 | 45.78 | 13.6 | ||||
| Ultramax | 20 | 125.73 | 10.11 | ||||
| Supramax | 10 | 57.95 | 14.85 | ||||
| Handysize | 6 | 23.18 | 9.55 | ||||
| 件杂货船小计 General cargo | 8 | 49.23 | 2.66 | ||||
| 滚装船小计 Ro-ro | 22 | 12.56 | 54945 | 11.63 | 4 | 8.2 | 31200 |
| 集装箱船小计 Containers | 19 | 42.36 | 30566 | 7.47 | 16 | 70.05 | 59200 |
| 自有船总计 Owned total | 245 | 3961.97 | 9.48 | 93 | 1359.43 | ||
| 租入船总计 Chartered-in total | 70 | 586.99 | 11.66 |
注 1：包含 3 艘长期租入的 VLCC 船舶订单。 Note 1: includes 3 long-term chartered-in VLCC newbuildings. The table's tanker order rows (10 + 18 + 2 = 30) do not add to its printed subtotal of 27; shown as printed. Ro-ro and container sub-rows are in the report; subtotals shown here. 招商轮船船队结构表 截止 2026 年 9 月 30 日 — 招商轮船2026年第三季度报告.
Declared dividends RMB per A share, tax included
| For | Per share | Ex-date | Paid | Source |
|---|---|---|---|---|
| 2026 interim 2026年半年度 | RMB 0.13 | 2026-10-23 | 2026-10-23 | 招商轮船2026年半年度权益分派实施公告 |
| 2025 final 2025年末期 | RMB 0.25 | 2026-07-10 | 2026-07-10 | 招商轮船2025年末期权益分派实施公告 |
| 2025 interim 2025年半年度 | RMB 0.07 | 2025-10-24 | 2025-10-24 | 招商轮船2025年半年度权益分派实施公告 |
| 2024 final 2024年末期 | RMB 0.156 | 2025-06-19 | 2025-06-19 | 招商轮船2024年末期权益分派实施公告 |
| 2024 interim 2024年半年度 | RMB 0.1 | 2024-10-31 | 2024-10-31 | 招商轮船2024年半年度权益分派实施公告 |
| 2023 final 2023年年度 | RMB 0.238 | 2024-07-23 | 2024-07-23 | 招商轮船2023年年度权益分派实施公告 |
Cash dividends per A share, tax included, as each implementation notice prints them. No forward dividend is shown.
Next sources for its TCE
- Q3 2026 results call (2026年第三季度业绩说明会): text Q&A on roadshow.sseinfo.com, 2026-11-19 15:00-16:00 Beijing time — “会议召开时间：2026 年 11 月 19 日（星期四）下午 15:00-16:00” 招商轮船关于召开2026年第三季度业绩说明会的公告