COSCO SHIPPING Energy Transportation (1138) H1 2026 earnings summary

Executive summary

• Revenue rose 30.3% year-over-year to RMB 15.08 billion for H1 2026, with net profit attributable to shareholders up 140.6% to RMB 4.56 billion.

• Gross profit margin increased by 18.4 percentage points to 41.4%.

• EBITDA reached RMB 8.66 billion, up 69.1% year-over-year.

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

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

Financial highlights

• International oil shipping revenue surged 44.0% year-over-year to RMB 10.49 billion, with gross profit margin up 26.7 percentage points to 44.6%.

• Domestic oil shipping revenue declined 2.0% to RMB 2.69 billion, but gross profit margin improved by 3.9 points to 28.3%.

• LNG shipping revenue rose 22.2% to RMB 1.52 billion, with net profit up 20.8%.

• LPG and chemical shipping revenue grew 24.9% and 24.2% year-over-year, respectively, with LPG gross margin up 6.9 points and chemical margin down 10.7 points.

• Net cash from operating activities increased 128.5% to RMB 6.96 billion.

Outlook and guidance

• Geopolitical tensions in the Middle East expected to drive volatility in freight rates and reshape global oil trade patterns.

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

• Ongoing industry consolidation and replacement demand for aging VLCCs expected to sustain market strength.

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

• Chemical shipping market to remain volatile, with structural support from route adjustments and emerging market demand.