COSCO SHIPPING Energy Transportation (1138) H2 2025 earnings summary

Executive summary

• Net income attributable to shareholders reached ¥4,037 million for 2025, with a declared dividend of 0.38 RMB/share and a payout ratio around 51% for the fourth consecutive year.

• Revenue increased 2.34% year-over-year to ¥23,701 million, while EBITDA rose 3.44% to ¥10,613 million.

• The company completed a major A-share issuance, raising approximately RMB8 billion, representing 12.71% of post-issuance share capital.

• Fleet optimization included investments in new and second-hand vessels, disposal of older ships, and delivery of 13 LNGCs, 2 LPG carriers, and 1 chemical carrier in 2025.

• The Group maintained its leading position in oil and LNG shipping, expanded LPG and chemical shipping, and continued digital and green initiatives.

Financial highlights

• Total assets grew 12.55% to ¥92,079 million, and equity attributable to owners increased 27.53% to ¥46,405 million.

• Net cash provided by operating activities was ¥7,389 million, down 14.73% year-over-year.

• Net debt-to-equity ratio improved to 42% from 77% due to equity funding and higher cash balance.

• EBITDA: RMB10.61 billion (+3.4% YoY); Weighted average ROE: 10.4%.

• Basic EPS: RMB0.8262.

Outlook and guidance

• The LNGC fleet is expected to continue growing, with most vessels tied to long-term charters, ensuring stable income.

• Industry expects continued growth in oil, LNG, LPG, and chemical shipping, with VLCC market to outperform.

• Focus on digital supply chain, green transition, and strengthening global logistics network.

• Plans to deliver 4 oil tankers, 10 LNG carriers, and 5 LPG carriers in 2026.

• Ongoing geopolitical risks and sanctions are expected to drive structural shifts in oil trade patterns and support tanker demand.