COSCO Shipping Holdings Posts RMB 13.4 Billion H1 Profit, Announces Interim Dividend

COSCO Shipping Holdings released its 2026 interim results. In the second quarter, the company recorded revenue of RMB 60.1 billion and profit of RMB 7.54 billion, up 28% from the first quarter and 29% from RMB 5.84 billion in the same period of 2025. First-half profit totaled RMB 13.4 billion. In the core shipping business, second-quarter container shipping EBIT reached RMB 8.2 billion. First-half financial income decreased by RMB 2.4 billion year-on-year, driven by an RMB 880 million increase in exchange losses, an RMB 1.1 billion decline in interest income, and an RMB 270 million rise in administrative expenses, together impacting profit by approximately RMB 2.8 billion.

By segment, OOIL's second-quarter container shipping profit was approximately USD 386 million, up 12.5% quarter-on-quarter, ranking second in the industry for the first half, behind Evergreen Marine. COSCO Shipping Holdings' overall container shipping profit margin was 14.2%. Among the top ten carriers, only Maersk and COSCO Shipping Holdings achieved single-quarter profits above USD 1 billion. Within the COSCO group, OOIL's container shipping margin was 14.94%, COSCO Shipping Holdings 14.23%, and COSCO Container Lines 13.93%.

On rates and volumes, second-quarter average revenue per TEU was USD 1,037, up 10.7% quarter-on-quarter and 12.8% year-on-year. Volumes reached 7.364 million TEU, up 6.5% quarter-on-quarter and 8.3% year-on-year. International routes saw average revenue per TEU of USD 1,247 and EBIT per TEU of USD 163. COSCO Container Lines' international rate matched the group at USD 1,247, with EBIT per TEU of USD 156. OOIL's international rate was USD 1,188, with EBIT per TEU of USD 178. The fleet currently stands at 606 vessels with total capacity of 3.66 million TEU, an increase of 60,000 TEU since the start of 2026.

On financial income composition, first-half interest income was RMB 1.9 billion, with interest on deposits at finance companies down RMB 440 million year-on-year. Exchange losses totaled RMB 878 million, mainly due to RMB appreciation. First-half investment income was RMB 3 billion, including RMB 1.216 billion from Shanghai International Port Group and RMB 56 million from Fulinmen. Supply chain business revenue in the second quarter was RMB 12.56 billion, accounting for 20.9% of total revenue, compared with 20.45% in 2025 and 19.76% in 2023.

Balance sheet data show cash of RMB 141.4 billion at end-June, of which RMB 60.98 billion was held overseas, representing 29.3% of total assets. Long-term borrowings fell by RMB 3.8 billion to RMB 21.51 billion, while short-term borrowings declined by RMB 1.3 billion to RMB 780 million. Accounts payable stood at RMB 78.567 billion, up RMB 1.4 billion in the first half. Parent company retained earnings were RMB 20.973 billion. Net assets at end-June were RMB 233.76 billion, translating to RMB 15.35 per share based on 15.23 billion shares. Shareholder count was 430,600, up 55,000 from end-2025.

In the first half, depreciation on vessels under fixed assets was RMB 3.57 billion, up RMB 500 million year-on-year, and container depreciation was RMB 880 million, up RMB 100 million. Depreciation on vessels under right-of-use assets was RMB 5.51 billion, up RMB 400 million. Construction in progress totaled RMB 21.83 billion, with port construction investment falling from RMB 580 million at end-2025 to RMB 50 million, as Chancay Port was transferred to fixed assets in the first half of 2025. Foreign currency translation differences for 2025 were RMB -4.52 billion.

On dividends and buybacks, the company declared an interim dividend of RMB 0.43 per share, totaling RMB 6.56 billion, representing a 49% payout ratio. Since August 2023, the company has completed five buyback rounds. The first round ran from August 30, 2023 to February 23, 2024, repurchasing 60 million A-shares and 160 million H-shares for about RMB 1.88 billion. The second round ran from October 20, 2024 to April 3, 2025, repurchasing 100 million A-shares and 228 million H-shares. The third round began April 9, 2025, repurchasing 52.41 million A-shares and 92 million H-shares. The fourth round ran from October 13, 2025 to January 14, 2026, repurchasing 55.1 million A-shares and 168 million H-shares. The fifth round began July 7, 2026, and by August 14 had repurchased 37.157 million A-shares before pausing as the price hit the buyback ceiling. After cancellations, total share capital fell from 15.961 billion to 15.23 billion shares.