[CMES: The subsidiary signed a 25-year long-term transportation agreement for six VLOC ships, with a total amount expected to be no less than US$2.8 billion] On September 30, China Merchants Shipping (601872.SH) announced that the company's wholly-owned subsidiary Hong Kong Ming Wah Shipping Co., Ltd. recently signed a 25-year "long-term transportation agreement" with a customer for six VLOC bulk vessels, and the total contract value is expected to be no less than US$2.8 billion. This agreement is the first step for Hong Kong Minghua to deeply participate in the Simandou project, and is conducive to the organic development and quality improvement of the company's dry bulk fleet. The contract performance period is long, and the company will recognize revenue in installments according to revenue standards, which will not have a significant impact on current profits.