China Merchants Energy Shipping (601872) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 8.56 billion, up 52.92% year-over-year, with net profit attributable to shareholders at RMB 2.76 billion, up 219.31% year-over-year.

• Strong performance driven by oil tanker and dry bulk segments, with oil tanker profits up over fourfold and dry bulk net profit up 172.33% year-over-year.

• Cash flow from operating activities increased 140.13% year-over-year to RMB 3.31 billion.

Financial highlights

• Operating income: RMB 8.56 billion, up 52.92% year-over-year.

• Net profit attributable to shareholders: RMB 2.76 billion, up 219.31% year-over-year.

• Basic and diluted EPS: RMB 0.34, up 209.09% year-over-year.

• Total assets at quarter-end: RMB 85.26 billion, up 3.91% from year-end 2025.

• Net cash from operating activities: RMB 3.31 billion, up 140.13% year-over-year.

Outlook and guidance

• Oil tanker segment has locked in nearly half of Q2 operating days at rates significantly higher than Q1, providing a solid foundation for continued strong performance.

• LNG shipping segment expects to enter a period of rapid investment returns as 32 vessels under construction are delivered in coming years.