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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
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COSCO SHIPPING Energy Transportation
COSCO SHIPPING Energy Transportation (1138) investor relations material
COSCO SHIPPING Energy Transportation Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Jan–Sep revenue rose 47.03% YoY to RMB25,243 million; attributable net profit increased 171.90% to RMB7,389 million.
Q3 revenue increased 82.89% YoY to RMB10.097 billion and attributable net profit rose 235.04% to RMB2.844 billion; Q3 profit grew 19.9% QoQ.
Stronger international oil shipping and sharply higher VLCC freight rates drove the earnings rebound.
Fleet expansion continued through newbuilding orders and deliveries, alongside older-vessel disposals and completion of the Dalian Investment merger-by-absorption.
Financial highlights
Jan–Sep EBITDA rose 87.21% to RMB13,964 million; operating expenses increased 12.37% to RMB14,954 million.
Jan–Sep profit before tax was RMB9.777 billion, up 178.90%; operating profit was RMB9.832 billion versus RMB3.514 billion a year earlier.
Adjusted attributable net profit was RMB7.272 billion for Jan–Sep, up 192.81%; Q3 adjusted profit was RMB2.823 billion, up 297.51%.
Operating cash flow rose 114.96% to RMB10,368 million; investing cash outflow was RMB8,375 million and financing cash outflow was RMB1,301 million.
Jan–Sep total costs rose 12.83% to RMB14,917.59 million; charter costs increased 131.81% and depreciation 10.70%.
Segment performance
International oil shipping revenue rose 73.10% to RMB18,388.63 million; gross margin increased 27.17 percentage points to 43.96%.
Domestic oil shipping revenue was RMB3,935.18 million, down 4.31%; gross margin was 26.83%, up 2.00 percentage points.
LNG transportation revenue increased 22.91% to RMB2,296.71 million; gross margin was 44.02%, down 6.15 percentage points. LNG shipping contributed RMB670 million in attributable net profit, largely flat YoY.
LPG transportation revenue rose 35.45% to RMB284.12 million; chemical transportation revenue rose 19.69% to RMB293.67 million. LPG gross profit increased 77.5% to RMB87 million; chemical gross profit fell 6.3% to RMB43 million.
Oil tanker revenue reached RMB22.324 billion, up 51.5%; gross profit was RMB9.139 billion, including RMB8.083 billion international and RMB1.056 billion domestic.
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Latest events from COSCO SHIPPING Energy Transportation
- Net profit surged 140.6% on 30.3% revenue growth, led by robust oil and LNG shipping.1138
H1 2026 - Net profit surged 206.74% year-over-year, driven by robust oil shipping and operational efficiency.1138Q1 2026
- 2025 saw strong earnings, stable dividends, improved gearing, and LNG/LPG growth.1138H2 2025
- Net profit dropped 21.22% year-over-year, but Q3 profit and VLCC rates rebounded.1138Q3 2025
- Net profit and revenue fell in H1 2025, but LNG and LPG segments showed growth.1138H1 2025
- Revenue up 1%, net profit down 9% as oil shipping stabilizes and LNG segment expands.1138H1 2024
- Revenue up 3.68% and LNG profit rose, but net profit fell 8.05% and tanker margins declined.1138Q3 2024
- Q1 2025 profit fell 43% on lower tanker rates, but LNG shipping profit rose and vessel investment continued.1138Q1 2025
- Net profit surged 19.5% to RMB 4,038 million, driven by robust LNG and oil shipping growth.1138H2 2024
Next COSCO SHIPPING Energy Transportation earnings date
H2 202625 Mar, 2027
COSCO SHIPPING Energy Transportation
Next COSCO SHIPPING Energy Transportation earnings date
H2 202625 Mar, 2027
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Frequently asked questions
COSCO SHIPPING Energy Transportation Co., Ltd. is engaged in the transportation of crude oil, refined oil products, and liquefied natural gas (LNG). The company operates a fleet of tankers and LNG carriers, providing shipping services to energy companies and supporting global energy supply chains. It also offers vessel chartering and related logistics services. The company is headquartered in Shanghai, China, and its shares are listed on the SSE and SEHK.