COSCO SHIPPING Energy Transportation
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COSCO SHIPPING Energy Transportation (1138) investor relations material

COSCO SHIPPING Energy Transportation Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Net profit attributable to shareholders for Jan–Sep 2025 was RMB 2,723 million, down 21.22% year-over-year, while Q3 net profit rose 4.4% year-over-year to RMB 850 million.

  • Revenue for Jan–Sep 2025 was RMB 17,108 million, a 2.55% decrease year-over-year.

  • Fleet optimization included new methanol-ready and dual-fuel tanker orders, vessel sales, scrapping, and delivery of 3 LNGCs for the QatarEnergy project.

  • The international tanker market saw significant rate volatility, with VLCC rates rising sharply in September.

  • Gross profit from international oil shipping was RMB 1,784 million, domestic oil shipping RMB 1,021 million, LNG shipping RMB 674 million, LPG shipping RMB 47 million, and chemical shipping RMB 46 million.

Financial highlights

  • Total assets as of Sep 30, 2025, were RMB 82,044 million, up 1.24% from Dec 31, 2024.

  • Debt-to-asset ratio improved to 50.4% from 51.9% at year-end 2024.

  • Net cash from operating activities was RMB 4,827 million, down 17.87% year-over-year.

  • Basic and diluted EPS for Jan–Sep 2025 was RMB 0.5707, down 21.2% year-over-year.

  • Gross proceeds from a targeted A-share issuance were approximately RMB 8 billion, representing 12.71% of post-issuance share capital.

Outlook and guidance

  • OPEC+ production increases and non-OPEC+ growth are expected to boost tonne-mile demand.

  • Medium-term demand outlook is positive, with refinery capacity shifting east and global oil demand projected to rise.

  • Tightened sanctions and aging fleets may constrain compliant fleet capacity, supporting freight rates.

  • VLCC freight rates surged in September, supporting positive financial expectations for Q4.

  • OPEC production increases and geopolitical tensions contributed to higher risk premiums and demand.

What drives Q3 profit growth despite 9-month decline?
Why oil tanker revenue down despite strong VLCC rates?
What is the strategy for fleet and chemical business?
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H2 202525 Mar, 2026
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Frequently asked questions

COSCO SHIPPING Energy Transportation Co., Ltd. is engaged in the transportation of crude oil, refined oil products, and liquefied natural gas (LNG). The company operates a fleet of tankers and LNG carriers, providing shipping services to energy companies and supporting global energy supply chains. It also offers vessel chartering and related logistics services. The company is headquartered in Shanghai, China, and its shares are listed on the SSE and SEHK.

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