Cosco Shipping Energy Transportation Co., Ltd. Class A · SSE:600026
Cosco Shipping Energy Transportation Co., Ltd. Class A — Q1 2026 Earnings Presentation
24 slides from Cosco Shipping Energy Transportation Co., Ltd. Class A's earnings presentation, Apr 27, 2026
Slide 1: COSCO SHIPPING Energy Transportation Co., Ltd. 2026 Q1 Result Presentation
COSCO SHIPPING Energy Transportation Co., Ltd. 2026 Q1 Result Presentation 27th April 2026 Website: http://energy.coscoshipping.com/
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 50 6 Suezmax 3 Aframax/LR2 19 11 155 + 35 Tankers Panamax/LR1 34 5 COSCO SHIPPING Energy offices MR&Others 49 13 Our Business LNGC (CSLNG1) 35 16 Specialized company unde
Slide 4: 2026 Q1 Highlights / Market Review and Outlook / Appendix
2026 Q1 Highlights Market Review and Outlook Appendix
Slide 5: 2026 Q1 Highlights
2026 Q1 Highlights Fleet optimization Net profit attributable to Gross profit shareholders of the Investment in young capacity • Contracted NB orders for 2 Aframax, 2 LR2, 2 Panamax, and 12 MR Company 2,241 • Contracted NB order for 1 LPG carrier 2,173 RMB million from the international oil Disposal
Slide 6: 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 7: Market Review and Outlook
2026 Q1 Highlights Market Review and Outlook Appendix
Slide 8: Freight Rate Performance Review
Freight Rate Performance Review Major tanker routes earnings (usd/day)1 VLCC TC earnings & asset value2 60 15 190 ~10‘000 TD3C VLCC Middle East Gulf - China 1 year ECO - VLCC TC rate (usd/day), L-axis 50 TD20 Suezmax West Africa - Continent 315-320K DWT VLCC NB Prices (million usd), R-axis TD8 Afram
Slide 9: Disruption of the Strait of Hormuz
Disruption of the Strait of Hormuz Limited transits through the Strait of Hormuz1 Core market impact and highlights 1,000 • 61 VLCC were trapped in the Strait 750 • Against the complex security situation, traffic through the strait 500 remains extremely limited Total Strait of Hormuz Transits （Weekl
Slide 10: Disruption of the Strait of Hormuz
Disruption of the Strait of Hormuz Russian and Iranian crude floating storage kept decling1 OECD inventory has drawn on the back of the crisis2 Weekly crude floating storage from Iran, Russia (Mbbl) 80 2,900 70 60 2,800 50 40 2,700 30 20 OECD commercial crude oil and other liquids inventories (Mbbl)
Slide 11: Disruption of the Strait of Hormuz: Scenario Analysis
Disruption of the Strait of Hormuz Scenario analysis of the Impact on the tanker market Scenario 1 • OPEC+ barrels come back to the market, supporting VLCC loading volume • Expectations of inventory rebuilding will also drive up shipping demand Hormuz fully or • As a significant number of VLCCs are
Slide 12: Supply-Side Outlook
Supply-Side Outlook VLCC average age vs OB/fleet ratio1 Current OB cannot meet the potential replacement demand2 60 90 • VLCC >20 by 2030: 440 • VLCC NB deliveries by 2030: 240 80 50 2009 70 Number of VLCC build/delivered 40 60 VLCC Orderbook/Fleet (%) 2007 2010 2008 2011 50 30 40 2005 Apr-2026 30 2
Slide 13: Supply-Side Outlook
Supply-Side Outlook Limited OB compared to the potential demolition candidates1 Delivery schedule of NB tanker orders2 Fleet MR (CPP) 82 105 83 VLCC Suezmax Aframax Panamax LR2 LR1 MR（CPP） profile1 LR1 18 29 15 No 912 678 695 73 521 383 1,853 LR2 44 65 54 390 270 410 56 176 256 889 >15y 43% 40% 59%
Slide 14: Tanker market analysis framework
Tanker market analysis framework Volume (tonne) x Distance (nautical mile) Production cost Military conflict Demand Geopolitical Risk Producer exports Domestic consumption Trade barrier Production policy Price arbitrage Economic activity Regional Imbalance Emerging markets Consumer imports Restockin
Slide 15: Appendix
2026 Q1 Highlights Market Review and Outlook Appendix
Slide 16: Oil Tanker Fleet
Oil Tanker Fleet As of March end 2026 Thousand Average Orderbook Estimated Market Segment Type Owned (No.) TC-in (No.) DWT Age (Year) (No.) Delivery Time VLCC 41 9 15,318 12.0 6 2027-2028 Suezmax 3 476 5.4 Dirty Aframax 5 4 1,008 8.4 4 2028 Panamax 1 72 20.8 International MR (DPP) 4 175 17.7 LR2 7 7
Slide 17: LNGC Fleet
LNGC Fleet As of March end 2026 In Operation In Orderbook Average Platform Propulsion mn cubic Age (Year) No. No. mn cubic meters Est. Delivery Time meters XDF1 22 3.83 2.3 13 2.26 2026-2028 LSD 4 0.69 10.5 CSLNG1 DFDE+POD 3 0.52 7.4 3 0.52 待定 DFDE 6 1.04 8.7 XDF 9 1.45 0.8 6 1.24 2026-2028 DFDE+POD
Slide 18: LPG Carrier and Chemical Tanker Fleet
LPG Carrier and Chemical Tanker Fleet As of March end 2026 LPG Carrier1 Average Orderbook Estimated Type No. Cubic Meter Age (Year) (No.) Delivery Time Full-pressure 11 44,760 12.5 Semi-refrigerated 2 15,202 0.3 1 2027 Fully Refrigerated 1 83,088 10.1 Total 14 143,050 10.6 1 2027 Chemical Tanker Ave
Slide 19: 2026 Jan-Mar Financial Highlights
2026 Jan-Mar Financial Highlights RMB million Change Jan-Mar Jan-Mar Change Financial Positions 2026/3/31 2025/12/31 Operating Results % 2026 2025 % Current assets 20,109 19,303 4.18 Revenue 7,303 5,754 26.92 Non-current assets 74,345 72,776 2.16 Operating expenses 4,188 4,540 (7.76) Total assets 94
Slide 20: 2026 Jan-Mar Performance by Segment
2026 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 5.90 5.75 16.46 20.53 887.74 8.32 39.37 10.06 Domestic product oil 3.96 (1.
Slide 21: Cost Composition and Changes
Cost Composition and Changes RMB million Jan-Mar 2026 Jan-Mar 2025 YoY Change Cost Items Amount Composition% Amount Composition% % Fuel Costs 1,023.09 24.41 1,367.49 30.15 (25.18) Port Disbursements 256.05 6.11 249.52 5.50 2.62 Crew Cost 623.25 14.87 645.98 14.24 (3.52) Lubricants Cost 69.99 1.67 79
Slide 22: CAPEX
CAPEX RMB million Expenditure category 2026 Q2-Q4 2027 2028 2029 Shipbuilding expenses 3,032 8,726 8,630 630 Vessel modification and dry-docking (Capitalized) 754 1,010 772 740 Xizhong Island Logistics Park Project I Phase I 129 134 23 - Total Capex 3,915 9,870 9,425 1,370 22
Slide 23: Significant Operating Leverage
Significant Operating Leverage RMB million Segment Type Marginal Profit Responding to 10,000$/d TCE Variation1 VLCC 952 Suezmax 50 Crude Aframax 227 Panamax 25 MR 73 LR2 190 Product LR1 311 MR 104 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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