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COSCO SHIPPING Energy Transportation (1138) investor relations material
COSCO SHIPPING Energy Transportation H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Engaged in shipping of crude oil, product oil, LNG, LPG, and chemicals, with oil tanker and LNG as core businesses; world's largest oil tanker owner and leading in LNG shipping in China.
In H1 2025, transported 94.48 million tons (+13.1% YoY), turnover of 342.7 billion tonne-miles (+18.8% YoY).
Revenue for H1 2025 was RMB11.57 billion, down 2.5% YoY; net profit attributable to equity holders was RMB1.89 billion, down 29.0% YoY but up 61% QoQ in Q2.
EBITDA for H1 2025 was RMB5.07 billion, down 12.5% YoY.
No interim dividend declared for H1 2025.
Financial highlights
Gross profit margin declined by 9.3 percentage points YoY to 23.0%.
Basic and diluted EPS were RMB0.3971, down from RMB0.5592 YoY.
Net cash from operating activities was RMB3.08 billion, down 17% YoY.
Net debt-to-equity ratio improved to 75% from 78% at end-2024.
Cash and bank balances: RMB7.66 billion, up 35.2% from end-2024.
Outlook and guidance
VLCC market expected to remain stable in H2 2025 due to limited new deliveries; small/medium tankers may face rate pressure.
LNG shipping demand to grow with new US/global projects; spot rates capped by fleet expansion, but time charter rates to stay high.
LPG and chemical shipping to benefit from OPEC production, Indian demand, and possible H2 freight rate recovery.
Focus on digital transformation, green transition, risk management, and optimizing global hub networks in H2 2025.
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