In order to further optimise the fleet structure, the domestic private dry bulk carrier owner Fujian Haitong Development Co Ltd (603162.SH) continues to purchase ships.
On the evening of August 1, Haitong development announcement, in order to further expand the scale of capacity, improve the construction of the ship fleet system, and at the same time effectively enhance the company's competitiveness and market share, enhance the company's profitability, the company's wholly owned subsidiaries, Dawu Shipping, Dabo Shipping, Daiai Ai Shipping intends to Wilmar's wholly owned subsidiaries, Serena Shipping, Juliana Shipping, Monalisa Shipping, to purchase a dry bulk carrier, respectively, to Wilmar's wholly owned subsidiaries. Shipping and Monalisa Shipping, wholly-owned subsidiaries of Wilmar. The transaction involves a total of three vessels with an aggregate amount of US$57.3 million.
According to the announcement, the vessels involved in the transaction are Theresa Jiangsu (built in 2012, 81,680 dwt), Theresa Jilin (built in 2012, 81,610 dwt) and Theresa Jilin (built in 2012, 81,610 dwt), and Theresa Jilin (built in 2012, 81,610 dwt), and Theresa Jilin (built in 2012, 81,610 dwt). (built 2012, 81,680 dwt), ‘Theresa Jilin’ (built 2012, 81,610 dwt) and ‘Theresa Guangdong’ (built 2012, 81,905 dwt).
The transaction continues Haitong Development's continued trend of expanding its fleet of bulk carriers for foreign trade. In the first half of this year, the company purchased 10 foreign trade vessels, compared to nine last year.
Previously, Haitong Development said at the 2024 Dry Bulk Shipping Market Seminar Forum and Haitong Development Executive Exchange that the company believes the industry is still at the bottom of the cycle and is optimistic about the freight market over the next three years. In the next three years, the company's capital expenditure will take into account the industry cycle, buy second-hand ships or build new ships, to maintain the company's long-term core competitiveness of relatively low level of buying ships, and to obtain market excess returns through refined operation.
In the first half of this year, Haitong Development achieved operating income of about 1.69 billion yuan, an increase of 129.03% year-on-year; achieved net profit attributable to shareholders of listed companies of about 240 million yuan, an increase of 81.21% year-on-year.
For the first half of the performance growth, Haitong development said, mainly due to the global shipping market boom rebound, the report period the company's operating income increased significantly year-on-year, on the one hand, the company through the refinement of the management of the effective control of operating costs and expenses; on the other hand, the company continued to optimise the structure of the fleet, the disposal of a longer age of the ship this period made a certain gain, so the net profit increased significantly year-on-year.
Haitong Development said at the company's senior management exchange activities, the company's current vessels are in the relatively low price of the node of intervention, to a certain extent, control the cost, to determine the company's long-term competitive advantage. At the same time, the company through the refinement of the management makes other changes in the cost control at a lower level.
‘Shipping is a cyclical industry, and buying ships at relatively low points is the key to maintaining eventual long-term profitability. The company has done a lot of homework when buying vessels, including the growth of newbuilding prices and capacity, the match between existing capacity and the economy, the price of second-hand vessels and the price of scrap steel, and mathematical models to measure whether to newbuild a vessel or buy a second-hand vessel, or hold off on the plan for the time being. Used ship prices fluctuate more, to maintain the competitive advantage of buying ships at low prices, there are three conditions: First, there should be a good measurement model, the decision maker should understand the economy, understand the financial; Second, the purchase of the decision-making should be fast, SOEs rarely buy used ships, with the decision-making process and time has a lot to do with the price of the ship may be very big changes in the period; Third, the pocket should be rich, because the second-hand ship transactions fast, rely on the approval of the loan is immediately It is too late. Our company just has these three conditions.’
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