COSCO SHIPPING Energy Transportation (1138) H1 2026 earnings summary

Executive summary

• Net earnings attributable to shareholders rose 140.6% year-over-year to RMB 4,556 million, with revenue up 30.3% to RMB 15,079 million for 1H 2026.

• Basic EPS increased to RMB 83.34 cents from RMB 39.69 cents year-over-year.

• Interim cash dividend of RMB 0.28 per share declared, representing a 34% payout ratio.

• Maintained leading positions in oil and LNG shipping, expanded LPG and chemical shipping, and continued digital and green transformation.

• Continued fleet optimization through newbuild orders, vessel disposals, and delivery of new LNG and LPG carriers.

Financial highlights

• EBITDA reached RMB 8,660 million, up 69.1% year-over-year.

• Net cash from operating activities increased 128.5% to RMB 6,962 million.

• Total assets stood at RMB 100,745 million as of June 30, 2026.

• Debt-to-asset ratio increased to 49.0% from 45.5% at year-end 2025; net debt-to-equity ratio stable at 40%.

• Gross profit surged 134% year-over-year to RMB 6.24 billion, with gross margin up 18.4 percentage points to 41.4%.

Outlook and guidance

• Anticipates continued growth in LNGC fleet and profits as project deliveries accelerate in coming years.

• Expects persistent geopolitical risks and supply chain disruptions to support freight rates and transport demand.

• VLCC market supported by longer haul routes and tight compliant capacity; regional differentiation expected in small/medium tanker markets.

• LNG and LPG shipping to benefit from long-term demand growth and new vessel deliveries, though spot markets may face short-term pressure.

• Strategic focus on optimizing global network, digital supply chain, green initiatives, and cost management.