Cosco Shipping Energy Transportation Co., Ltd. Class A · SSE:600026
Cosco Shipping Energy Transportation Co., Ltd. Class A — H1 2026 Earnings Presentation
25 slides from Cosco Shipping Energy Transportation Co., Ltd. Class A's earnings presentation, Aug 28, 2026
Slide 1: 2026 1H Result Presentation
COSCO SHIPPING Energy Transportation Co., Ltd. 2026 1H Result Presentation 28th August 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 48 6 Suezmax 3 Aframax/LR2 20 11 153 + 38 Tankers Panamax/LR1 35 6 COSCO SHIPPING Energy offices MR&Others 47 15 Our Business LNGC (CSLNG1) 36 25 Specialized company unde
Slide 4: 2026 1H Highlights, Market Review and Outlook, Appendix
2026 1H Highlights Market Review and Outlook Appendix
Slide 5: 2026 1H Highlights
2026 1H Highlights Fleet optimization Net profit attributable to Gross profit Investment in young capacity shareholders of the • Contracted NB orders for 2 Aframax, 2 LR2, 4 Panamax, and 14 MR Company 46.77 • • Built 4 LNG carriers and secured time charter agreements with Shell Completed equity tran
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 • During the tanker upcycle, the large VLCC fleet combined with diversified v
Slide 7: Market Review and Outlook
2026 1H Highlights Market Review and Outlook Appendix
Slide 8: Freight Rate Performance Review
Freight Rate Performance Review Major VLCC Routes earnings1 (‘000 usd/day) VLCC TC earnings & asset value2 600 TD3C VLCC Middle East - China 170 1 year ECO - VLCC TC rate ('000 usd/day), L-axis 200 TD22 US Gulf - China VLCC NB Prices (million usd), R-axis TD15 West Africa - China VLCC NB Resale Pric
Slide 9: The Strait is No Longer a Binary Open or Closed Issue
The Strait is No Longer a Binary Open or Closed Issue While transit volumes have not returned to pre-war normal levels, cargo continues to flow in a restricted, opaque, and high-risk manner 25 Oil tanker traffic in the Strait of Hormuz 120 VLCC STS activities in the Middle East (by route)1 (number o
Slide 10: Bab el-Mandeb Disruptions Extend Tanker Sailing Distances
Bab el-Mandeb Disruptions Extend Tanker Sailing Distances Loadings in Yanbu (number) 1 VLCC 24 25 Suezmax 5 3 Sidi Kerir-China 7月 8月 Aframax 6 5 14500 nautical miles/50 days Loadings of Sidi Kerir (number) 2 Yanbu-China VLCC 5 13 6,600 nautical miles/23 days Suezmax 6 12 7月 8月 Aframax 29 21 Voyages
Slide 11: Inventory Decline Creates Potential Restocking Demand
Inventory Decline Creates Potential Restocking Demand Global oil inventories fell by approximately 340 million barrels from February to August 5,000 Global Oil inventory (million barrels) 1 4,958 4,950 4,900 4,850 340 Million 4,800 Barrels 4,750 4,700 4,650 4,618 4,600 1Source: Kpler 11
Slide 12: Supply-Side Outlook
Supply-Side Outlook VLCC average age vs OB/fleet ratio1 Current OB cannot meet the potential replacement demand2 60 120 • VLCC >20 by 2030: 437 • VLCC NB deliveries by 2030: 306 50 100 2009 40 80 VLCC Orderbook/Fleet (%) Number of VLCC build/delivered 2007 2010 2008 2011 30 60 Aug-2026 2005 40 20 20
Slide 13: Supply-Side Outlook
Supply-Side Outlook OB grows rapidly, while aged/sanctioned tonnage remain substantial1 Delivery schedule of NB tanker orders2 Fleet MR (CPP) 51 102 158 VLCC Suezmax Aframax Panamax LR2 LR1 MR（CPP） profile1 LR1 11 28 21 No. 924 694 696 75 550 391 1,891 LR2 21 64 106 412 286 427 56 178 270 911 >15y 4
Slide 14: Tanker Market Key Takeaways
Tanker Market Key Takeaways • Escalating US/EU sanctions constrain shadow fleet operations, tightening compliant market tonnage supply Industry • Industry consolidation continues, improving competitive landscape Fundamentals • While newbuilding orders are growing rapidly, deliveries are concentrated
Slide 15: 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 16: Appendix
2026 1H Highlights Market Review and Outlook Appendix
Slide 17: Oil Tanker Fleet
Oil Tanker Fleet As of June end 2026 Thousand Average Orderbook Estimated Market Segment Type Owned (No.) TC-in (No.) DWT Age (Year) (No.) Delivery Time VLCC 41 7 14,722 12.1 6 2027-2028 Suezmax 3 476 5.6 Dirty Aframax 6 4 1,117 9.6 4 2028 International MR (DPP) 4 175 17.9 LR2 6 1 775 7.9 4 2027、202
Slide 18: LNGC Fleet
LNGC Fleet As of June 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 2.5 21 4.25 2026-2031 LSD 4 0.69 10.8 CSLNG1 DFDE+POD 3 0.52 7.6 3 0.52 to be confirmed DFDE 7 1.22 7.7 1 0.17 2026 XDF 9 1.45 1.0 6
Slide 19: LPG Carrier and Chemical Tanker Fleet
LPG Carrier and Chemical Tanker Fleet As of June end 2026 LPG Carrier1 Average Orderbook Estimated Type No. Cubic Meter Age (Year) (No.) Delivery Time Full-pressure 11 44,760 12.8 4 2026-2027 Semi-refrigerated 2 15,202 0.6 1 2027 Fully Refrigerated 1 83,088 10.3 Total 14 143,050 10.9 5 2026-2027 Che
Slide 20: 2026 Jan-Jun Financial Highlights
2026 Jan-Jun Financial Highlights RMB million Change Jan-Jun Jan-Jun Change Financial Positions 2026/6/30 2025/12/31 Operating Results % 2026 2025 % Current assets 24,298 20,344 19.44 Revenue 15,079 11,576 30.27 Non-current assets 76,447 73,650 3.80 Operating expenses 8,843 8,908 (0.73) Total assets
Slide 21: 2026 Jan-Jun Performance by Segment
2026 Jan-Jun 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 11.48 4.56 30.23 11.55 1,648.66 4.35 34.07 5.09 Domestic product oil 7.31 (
Slide 22: Cost Composition and Changes
Cost Composition and Changes RMB million Jan-Jun 2026 Jan-Jun 2025 YoY Change Cost Items Amount Composition% Amount Composition% % Fuel Costs 2,239.50 25.32 2,657.12 29.83 (15.72) Port Disbursements 471.81 5.34 531.89 5.97 (11.30) Crew Cost 1,262.05 14.27 1,290.45 14.49 (2.20) Lubricants Cost 166.34
Slide 23: CAPEX
CAPEX RMB million Expenditure category 2H 2026 2027 2028 2029 2030 Shipbuilding expenses 3,879 10,224 10,103 3,501 1,964 Vessel modification and dry-docking (Capitalized) 508 1,010 772 740 704 Xizhong Island Logistics Park Project I Phase I 137 135 104 - - Total Capex 4,523 11,368 10,980 4,240 2,668
Slide 24: Significant Operating Leverage
Significant Operating Leverage RMB million Segment Type Marginal Profit Responding to 10,000$/d TCE Variation1 VLCC 934 Crude Aframax 272 MR 78 LR2 149 Product LR1 250 MR 112 1Calculation based on owned and TC-in tankers operated in international spot market 24
Slide 25: 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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