The Zhitong Finance App learned that COSCO Hainan (01138) rose by more than 4%. As of press release, it had risen 4.24% to HK$9.09, with a turnover of HK$95.111 million.
According to the news, COSCO Haineng's turnover in 2023 was RMB 21.912 billion (same unit), up 18.02% year on year; profit attributable to equity holders of the company was 3.349 billion yuan, an increase of 129.23% year on year; it plans to pay a final dividend of 35 points per share. Furthermore, benefiting from a sharp increase in industry freight rates, COSCO Marine's foreign trade oil transportation grew strongly last year. In 2023, COSCO Haineng Foreign Trade Oil Transportation achieved operating revenue of 14 billion yuan, an increase of 22.9% over the previous year, and the sector achieved gross profit of 4.15 billion yuan, an increase of 184.6% over the previous year.
Guoxin Securities believes that the foreign trade oil transportation business is expected to see a sharp rise in volume and price in 2024. The number of VLCCs that can be delivered globally in 2024 is only 1, and in the context of increasing aging, stricter environmental policies, and stricter administrative sanctions, the supply side is currently facing strong constraints. On the demand side, the US is expected to cut interest rates starting in 2024 to release economic momentum for the world, and global demand for crude oil is expected to increase. The gap between global oil supply and demand is expected to be 4.1% in 2024, and we are optimistic that the freight center will continue to rise in 2024.