Cosco Shipping Energy Transportation Co., Ltd. Class A · SSE:600026
Cosco Shipping Energy Transportation Co., Ltd. Class A — Q1 2025 Earnings Presentation
24 slides from Cosco Shipping Energy Transportation Co., Ltd. Class A's earnings presentation, Apr 29, 2025
Slide 1: COSCO SHIPPING Energy Transportation Co., Ltd. 2025 Q1 Result Presentation
COSCO SHIPPING Energy Transportation Co., Ltd. 2025 Q1 Result Presentation 29th April 2025 • Website: http://energy.coscoshipping.com/ 600026.SH; 1138.HK
Slide 2: Disclaimer
Disclaimer These materials are for information purposes only and do not constitute or form part of an offer or invitation to sell or issue or the solicitation of an offer or invitation to buy or subscribe for securities of COSCO SHIPPING Energy Transportation Co., Ltd. (the “Company”) or any holdi
Slide 3: Company at a Glance
Company at a Glance Dual-listed Shanghai & SSE HKEX Hongkong 600026.SH 1138.HK Our Fleet In Profile Type Orderbook Operation VLCC 54 6 Suezmax 3 - Aframax/LR2 19 7 158 + 18 Tankers Panamax/LR1 33 4 COSCO SHIPPING Energy offices MR&Others 49 1 Our Business LNGC (CSLNG1) 29 22 Specialized company unde
Slide 4: 2025 Q1 Highlights, Market Review and Outlook, Appendix
2025 Q1 Highlights Market Review and Outlook Appendix
Slide 5: 2025 Q1 Highlights
2025 Q1 Highlights Tanker Fleet Optimization Net profit attributable to Gross profit • In February 2025, the Company contracted new-building orders of 2 shareholders of the methanol-ready Panamax, 2 methanol dual fueled Aframax, and 2 Company 537 methanol dual fueled LR2. 2 Panamax will be delivered
Slide 6: Proposed Issuance of A Shares to Specific Target Subscribers
Proposed Issuance of A Shares to Specific Target Subscribers The Company is currently planning on the A-share Issuance to target investors, which would raise gross proceeds of not more than 8 billion CNY Item Content Size of the Issuance not more than 8 billion CNY Price Determination Bidding The pr
Slide 7: Investment Highlights
Investment Highlights • The Company manages a comprehensive tanker fleet consisted of both crude and product tankers, enabling us to fully seize market Large & Comprehensive opportunities of different segments Tanker Fleet • Large VLCC fleet scale brings us strong link with the favorable market fund
Slide 8: Market Review and Outlook
2025 Q1 Highlights Market Review and Outlook Appendix
Slide 9: Freight Rate Performance Review
Freight Rate Performance Review Major tanker routes earnings (usd/day)1 VLCC TC-out earnings (usd/day)2 8 TD3C VLCC Middle East Gulf - China 6 x 10000 x 10000 7 TD20 Suezmax West Africa - Continent TD8 Aframax Kuwait - Singapore 5 6 5 4 4 3 3 2 1 1 year ECO - VLCC time charter 3 year ECO - VLCC time
Slide 10: Shift in Oil Production and Consumption Drives Increasing Ton-Mile Demand
Shift in Oil Production and Consumption Drives Increasing Ton-Mile Demand Global oil production and consumption expected to keep growing in Increment of global oil production and consumption (mb/d) creating the next two years (mb/d)1 more regional imbalance 2 107 China Non-OECD Eurasia consumption g
Slide 11: Supply Side still Provides Support for Fundamentals
Supply Side still Provides Support for Fundamentals The number of NB VLCC is insufficient to meet the renewal demand1 80 70 • VLCC >20 by 2028: 266 • VLCC NB deliveries by 2028: 98 60 Number of VLCC delivered 50 40 30 20 10 0 2008 2021 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2009
Slide 12: Supply Side still Provides Support for Fundamentals
Supply Side still Provides Support for Fundamentals Tankers aged over 20 years are potential scrapping targets1 Deliveries & Low OB/fleet ratio2 1,800 MR (CPP) 85 104 98 16.1% 271 1,500 LR1 11 21 34 17.5% 1,200 LR2 38 59 79 37.4% 159 Panamax 0 2 4 8.0% 900 171 108 Aframax 7 11 22 5.7% 600 39 60 Suez
Slide 13: Geopolitical Events Bring Uncertainties to the Market
Geopolitical Events Bring Uncertainties to the Market Monthly number of tankers passing through Suez Canal1 Oil trade has limited exposure to US tariff2 Red Sea disruption • Tanker owners are still Oil Tanker Suez Canal Transits, Southbound prudent to Red Sea passage, 300 the navigation through Red
Slide 14: Geopolitical Events Bring Uncertainties to the Market
Geopolitical Events Bring Uncertainties to the Market Trend of Iran EOPL commodities on water 1 (mn ton) Vessels sanctioned facing serious efficiency loss2 Sanctions on Iran & Russia • The pressure laid by US is leading to efficiency loss 6 100 2025 US Sanctions of shadow fleet, vessels 4-week movin
Slide 15: Appendix
2025 Q1 Highlights Market Review and Outlook Appendix
Slide 16: Oil Tanker Fleet
Oil Tanker Fleet As of early April 2025 Thousand Average Orderbook Estimated Market Segment Type Owned (No.) TC-in (No.) DWT Age (Year) (No.) Delivery Time VLCC 44 10 16,519 10.8 6 2027-2028 Suezmax 3 476 4.4 Dirty Aframax 6 2 899 9.0 2 2028 Panamax 1 72 19.8 International MR (DPP) 7 314 16.0 LR2 8
Slide 17: LNGC Fleet
LNGC Fleet1 As of early April 2025 In Operation In Orderbook Platform Project Name Stake No. mn cubic meters No. Est. Delivery Time mn cubic meters EM Project 4 0.69 CSLNG 21%-27% APLNG Project 6 1.04 CSLNG 40.8% Ice Vessels Project 3 0.52 CSLNG 50% Conventional Vessels Project 4 0.70 CSLNG 50% COSC
Slide 18: Chemical Tanker and LPG Carrier Fleet
Chemical Tanker and LPG Carrier Fleet As of early April 2025 Chemical Tanker Average Orderbook Estimated Type No. DWT Age (Year) (No.) Delivery Time IMO 2 Stainless Chemical Tanker 4 29,727 1.3 IMO 2 Stainless Oil/Chemical Tanker 4 43,213 7.7 1 2025 Total 8 72,940 4.6 1 LPG Carrier Average Orderbook
Slide 19: 2025 Jan-Mar Financial Highlights
2025 Jan-Mar Financial Highlights RMB million Change Jan-Mar Jan-Mar Change Financial Positions 2025/3/31 2024/12/31 Operating Results % 2025 2024 % Current assets 10,241 9,536 7.40 Revenue 5,753 5,993 (4.01) Non-current assets 71,505 71,507 (0.00) Operating expenses 4,541 4,124 10.11 Share of profi
Slide 20: 2025 Jan-Mar Performance by Segment
2025 Jan-Mar Performance by Segment Increase/ Turnover YOY Change Volume YOY Change Revenue YOY Change GP Margin (Decrease) Item (Billion ton-nautical Percentage (%) ton mn (%) RMB mn (%) (%) miles) points Domestic crude oil 5.58 (0.03) 13.66 (1.34) 819.57 2.14 29.30 0.03 Domestic product oil 4.02 (
Slide 21: Cost Composition and Changes
Cost Composition and Changes RMB million Jan-Mar 2025 Jan-Mar 2024 YoY Change Cost Items Amount Composition% Amount Composition% % Fuel Costs 1,367.49 30.15 1,336.27 32.46 2.34 Port Disbursements 249.52 5.50 190.54 4.63 30.96 Crew Cost 645.98 14.24 647.95 15.74 (0.30) Lubricants Cost 79.94 1.76 82.9
Slide 22: CAPEX
CAPEX RMB million Expenditure category 2025 Q2-Q4 2026 2027 2028 Shipbuilding expenses 5,001.5 3,817.9 6,788.0 7,089.4 Modification and dry docking 1,606.9 723.5 1,294.1 786.5 Total Capex 6,608.4 4,541.4 8,082.1 7,875.9 22
Slide 23: Significant Operating Leverage
Significant Operating Leverage RMB million Segment Type Marginal Profit Responding to 10,000$/d TCE Variation1 VLCC 965 Suezmax 47 Crude Aframax 192 Panamax 26 MR 147 LR2 214 Product LR1 298 MR 228 1Calculation based on owned and TC-in tankers operated in international spot market 23
Slide 24: Thank you for watching.
Thank you for watching. IR email: ir.energy@coscoshipping.com 600026.SH; 1138.HK Tel: 86-21-65967678
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