COSCO Shipping Energy's H1 Net Profit Up 143.21% to RMB 4.545 Billion

COSCO Shipping Energy disclosed its semi-annual report on August 28, 2026. During the reporting period, the company achieved operating revenue of RMB 15.146 billion, up 30.03% year-on-year; net profit attributable to shareholders of the listed company was RMB 4.545 billion, up 143.21% year-on-year; net profit excluding non-recurring gains and losses was RMB 4.449 billion, up 150.88% year-on-year. Basic earnings per share stood at RMB 0.8315, and the company proposed a cash dividend of RMB 2.8 per 10 shares (tax inclusive). International transport income rose sharply year-on-year, becoming the main driver of performance growth.

From an operational perspective, in the first half of 2026, the company completed a transport volume (excluding time charter) of 82.39 million tonnes, down 12.79% year-on-year; transport turnover (excluding time charter) was 267.2 billion tonne-nautical miles, down 22.05% year-on-year. Despite the decline in transport volume, freight rates in the oil shipping market fluctuated sharply due to the Middle East situation and remained at historically high levels overall. Baltic Exchange data showed that among the actively traded VLCC routes, the TD15 route (West Africa-China) had an average market TCE of USD 117,773 per day, up about 180% from the same period in 2025; the TD22 route (US Gulf-China) had an average market TCE of USD 111,083 per day, up 170% year-on-year. The refined oil shipping market, affected by lower refinery utilization, declined in the second quarter.

The foreign trade tanker fleet performed outstandingly, achieving foreign trade oil transport revenue of RMB 10.523 billion in the first half of the year, up 43.9% year-on-year; transport gross profit of RMB 4.672 billion, up 262.4% year-on-year; gross margin reached 44.4%, up 26.8 percentage points year-on-year.

In terms of fleet size, as of June 30, 2026, COSCO Shipping Energy owned and controlled 153 oil tankers with a total capacity of 21.9 million deadweight tonnes. Among the 97 LNG vessels the company participated in building, 66 were in operation, totaling 11.18 million cubic meters; additionally, one bareboat chartered LNG vessel of 170,000 cubic meters was in operation. The company also owned and controlled 14 LPG carriers with a capacity of 140,000 cubic meters, and 9 chemical tankers with a capacity of 80,000 deadweight tonnes. Compliance crude oil tanker capacity remained tight; Clarkson data showed that in the first half of 2026, 106 tankers of Panamax and above were delivered, including 19 VLCCs, 26 Suezmax, and 47 Aframax/LR2; during the same period, 6 vessels were scrapped, including 2 VLCCs. On paper, global VLCC capacity showed net growth, but non-compliant capacity accounted for nearly 20% of the global tanker fleet, and the tight supply of compliant capacity persisted.