Haitong Launches 100-Vessel Development Plan with 15 New Vessels Added Annually!

2025-10-21 08:25

On October 17, Fujian Haitong Development Co., Ltd. (Stock Code: 603162, hereinafter referred to as “Haitong Development”) released its “2025 Third Quarter Report.” The report indicates that in the third quarter of 2025, the company's operating revenue reached RMB 1.209 billion, representing a year-on-year increase of 34.27%; net profit attributable to shareholders of the listed company amounted to RMB 166 million, a year-on-year decrease of 1.49%. For the first three quarters, the company's total operating revenue reached RMB 3.009 billion, up 16.32% year-on-year; net profit attributable to shareholders of the listed company was RMB 253 million, down 38.47% year-on-year.

During a recent investor relations event, Haitong Development further disclosed its future fleet expansion plans. The company stated that fleet scale remains one of its core competitive advantages. Although the company has continuously increased its fleet capacity over the past few years, expanding from a focus on ultra-handy bulk carriers to include various ship types such as Panamax and Capesize vessels, there remains a significant gap compared to the fleet scale of leading global shipowners. Therefore, Haitong Development plans to continue steady expansion, particularly under China's Belt and Road Initiative. The company sees potential in the Simandou iron ore project and aims to further enhance profitability through flexible operational management. To this end, Haitong Development has established the “100-Vessel Plan,” targeting an expansion of its owned fleet to 100 vessels by 2028-2029, with an annual addition of 15 vessels. As the fleet expands further, the company's vessel structure will evolve toward a 7:2:1 ratio of Supramax:Panamax:Capesize vessels.

Although Haitong Development has long focused on the new shipbuilding market, the company notes that current ship prices remain at historically high levels and shipyard capacity is tight. It anticipates that new ship deliveries will be delayed until after 2028. Simultaneously, increasingly stringent environmental regulations have complicated shipbuilding decisions, particularly as alternative fuel technologies remain immature. Consequently, Haitong Development stated it will wait until its fleet reaches a certain scale before considering entering the new ship order market, ensuring scientific and prudent decision-making.

Regarding the dry bulk shipping market, Haitong Development maintains an optimistic outlook. It anticipates sustained growth in global commodity demand, coupled with relatively slow supply growth in dry bulk shipping and a high likelihood of higher-than-expected scrapping rates. Notably, the commencement of the Simandou iron ore project is expected to significantly boost transport volumes. Concurrently, geopolitical factors and adverse weather conditions will constrain the growth of global effective carrying capacity, thereby driving up freight rates. For the domestic market, Haitong Development anticipates favorable performance in the second half of the year and beyond. A moderately recovering macroeconomy is expected to underpin bulk cargo demand, particularly during traditional peak seasons such as the summer and winter power consumption surges, as well as the “Golden September and Silver October” period, where seasonal demand is projected to rebound.

Additionally, Haitong Development is actively expanding into the heavy-lift vessel market. As global shipping demands diversify, traditional single-purpose bulk carriers can no longer meet market needs. The company is optimistic about the prospects of the heavy-lift vessel market and plans to position it as a key driver of future growth. Heavy-lift vessels will not only broaden the company's range of transportable cargo types but also increase market share and enhance the fleet's core competitiveness. After over a year of operations, Haitong Development has established advantageous routes in the heavy-lift vessel sector, where market competition remains relatively limited.

Regarding dividend planning, Haitong Development stated it will allocate more retained earnings toward fleet expansion and vessel upgrades, balancing shareholder returns with long-term value creation. The company emphasized that once fleet scale reaches sufficient levels, it will increase cash dividend payout ratios and reward shareholders through equity incentives, further enhancing shareholder returns.

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