COSCO SHIPPING Energy Transportation (1138) Q3 2026 earnings summary

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.