Cosco Shipping Energy Transportation Co., Ltd. Class A · SSE:600026
Cosco Shipping Energy Transportation Co., Ltd. Class A — FY2024 Earnings Presentation
23 slides from Cosco Shipping Energy Transportation Co., Ltd. Class A's earnings presentation, Mar 26, 2025
Slide 1: COSCO SHIPPING Energy Transportation 2024 Result Presentation
COSCO SHIPPING Energy Transportation Co., Ltd. 2024 Result Presentation 26th March 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 55 6 Suezmax 3 - Aframax/LR2 18 3 159 + 12 Tankers Panamax/LR1 34 2 COSCO SHIPPING Energy offices MR&Others 49 1 Our Business LNGC (CSLNG1) 28 23 Specialized company unde
Slide 4: 2024 Highlights, Market Review and Outlook, Appendix
2024 Highlights Market Review and Outlook Appendix
Slide 5: 2024 Highlights
2024 Highlights Tanker Fleet Optimization Net profit attributable to Gross profit • During 2024, the Company contracted new-building orders of 6 shareholders of the LNG/methanol-ready VLCCs, which expected to be delivered between Company 3,586 • 2027 Q3 and 2028 Q4 The Company sold a 20-yeard old VL
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
2024 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: 91 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) 88 106 92 16.1% 271 1,500 LR1 11 21 34 17.4% 1,200 LR2 42 54 76 36.9% 156 Panamax 0 2 0 2.7% 900 170 106 Aframax 7 13 22 6.0% 600 39 57 Suez
Slide 13: Geopolitical Events Bring Uncertainties to the Market
Geopolitical Events Bring Uncertainties to the Market Red Sea disruption Monthly number of oil tankers passing through Suez Canal1 • Risks in the Red Sea region still cannot be completely ruled out, 350 Oil Tanker Suez Canal Transits, Southbound tanker owners are still prudent to Red Sea passage, th
Slide 14: Appendix
2024 Highlights Market Review and Outlook Appendix
Slide 15: Oil Tanker Fleet
Oil Tanker Fleet As of the end of December 2024 Thousand Average Orderbook Estimated Market Segment Type Owned (No.) TC-in (No.) DWT Age (Year) (No.) Delivery (Year) VLCC 45 10 16,833 10.7 6 2027-2028 Suezmax 3 476 4.1 Dirty Aframax 6 1 784 8.8 Panamax 1 72 19.6 International MR (DPP) 7 314 15.7 LR2
Slide 16: LNGC Fleet
LNGC Fleet1 As of the end of December 2024 In Operation In Orderbook Platform Project Name Stake No. mn cubic meters No. Delivery Time (yr.) 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
Slide 17: Chemical Tanker and LPG Carrier Fleet
Chemical Tanker and LPG Carrier Fleet As of the end of December 2024 Chemical Tanker Average Orderbook Estimated Type No. DWT Age (Year) (No.) Delivery (Year) IMO 2 Stainless Chemical Tanker 4 29,727 1.3 IMO 2 Stainless Oil/Chemical Tanker 4 43,213 7.4 1 2025 Total 8 72,940 4.4 1 LPG Carrier Average
Slide 18: 2024 Financial Highlights
2024 Financial Highlights RMB million Change Jan-Dec Jan-Dec Change Financial Positions 2024/12/31 2023/12/31 Operating Results % 2024 2023 % Current assets 9,536 9,716 (1.86) Revenue 23,133 22,553 2.57 Non-current assets 71,507 63,714 12.23 Operating expenses 16,890 15,966 5.79 Share of profits of
Slide 19: 2024 Performance by Segment
2024 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 24.92 17.22 58.26 (5.03) 3,372.48 (0.19) 32.39 2.93 Domestic product oil 17.24 (10.
Slide 20: Cost Composition and Changes
Cost Composition and Changes RMB million Jan-Dec 2024 Jan-Dec 2023 YoY Change Cost Items Amount Composition% Amount Composition% % Fuel Costs 5,420.30 32.09 5,149.46 32.25 5.26 Port Disbursements 897.59 5.31 884.91 5.54 1.43 Crew Cost 2,650.21 15.69 2,662.18 16.67 (0.45) Lubricants Cost 345.15 2.04
Slide 21: CAPEX
CAPEX RMB million Expenditure category 2025 2026 2027 2028 Shipbuilding expenses 4,325.9 3,668.4 5,534.9 5,789.1 Modification and dry docking 1,753.5 1,269.0 1,366.0 1,285.0 Total Capex 6,079.3 4,937.4 6,900.9 7,074.70 21
Slide 22: 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 22
Slide 23: 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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