Cosco Shipping Holdings Co., Ltd. Class A · SSE:601919
Cosco Shipping Holdings Co., Ltd. Class A — H1 2025 Earnings Presentation
41 slides from Cosco Shipping Holdings Co., Ltd. Class A's earnings presentation, Aug 28, 2025
Slide 1: COSCO SHIPPING Holdings 2025 Interim Results
COSCO SHIPPING Holdings Co., Ltd. 2025 Interim Results Stock code: 601919.SH/1919.HK 28th August, 2025
Slide 2: Table of contents
Table of contents 1 Financial Highlights 2 Business Review 3 Market & Business Outlook * Related financial information set out in this presentation mainly in accordance with H-share report 1
Slide 3: Financial Highlights
1 Financial Highlights 2
Slide 4: Highlights for 1H 2025
Highlights for 1H 2025 Revenues EBITDA EBIT 15.2 bn＄ 4.9 bn＄ 3.6 bn＄ 1H 2024: 14.2 bn＄ 1H 2024: 4.8 bn＄ 1H 2024：3.5 bn ＄ Net Profit Net Cash Profit before income tax Attributable to equity holders of the Company generated from operating activities 3.3 bn＄ 2.4 bn＄ 3.6 bn＄ 1H 2024: 3.2 bn＄ 1H 2024: 2.
Slide 5: Quarterly results and segment results
Quarterly results and segment results* RMB(mn) 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 Revenues 47,367 44,518 42,740 40,828 48,280 52,944 73,513 59,122 57,960 51,139 Net profit attributable to equity 7,127 9,433 5,510 1,789 6,755 10,115 21,254 10,976 11,695 5,
Slide 6: Quarterly operating data summary
Quarterly operating data summary Items 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 Cargo volume of the Group(000’ 5,453 5,942 6,060 6,099 6,027 6,432 6,580 6,900 6,482 6,799 TEU) Revenues of container shipping 6,142 5,558 5,234 4,981 6,083 6,641 9,500 7,480 7,204
Slide 7: Consolidated income statement
Consolidated income statement RMB(mn) 1H 2025 1H 2024 YoY Revenue* 109,099 101,224 7.8% Cost of services** 86,670 78,059 11.0% Gross profit margin 20.6% 22.9% -2.3PPs Other income/expenses, net 1,823 553 229.7% Net impairment losses on financial assets 10 -83 - Selling, administrative and general ex
Slide 8: Consolidated balance sheet
Consolidated balance sheet RMB(mn) 2025-06-30 2024-12-31 YoY Current assets 195,365 206,117 -5.2% Non-current assets 303,132 291,355 4.0% Total assets 498,497 497,472 0.2% Current liabilities 125,442 122,791 2.2% Non-current liabilities 90,161 89,623 0.6% Total liabilities 215,603 212,413 1.5% Of wh
Slide 9: Consolidated cash flow statement
Consolidated cash flow statement RMB(mn) 1H 2025 1H 2024 Change Net cash generated from operating activities 25,777 22,654 3,123 Net cash used in investing activities -10,501 -10,356 -146 Net cash used in financing activities -30,366 -21,498 -8,868 Net cash flows in the period -15,090 -9,200 -5,891
Slide 10: 2025 interim dividend and profit distribution policy
2025 interim dividend with the continuity and stability of the profit distribution policy 2025 interim dividend plan • RMB 0.56 per share (including tax) • Estimated total cash dividend amounted to RMB 8.674 billion (including tax) • Around 50% payout ratio for 1H 2025 New three-year shareholder ret
Slide 11: Safeguard the value and shareholders' interests
Safeguard the value and shareholders’ interests Progress of share buybacks in 1H 2025（completed for cancellation） Price paid Highest repurchase Number of shares Lowest repurchase Type of shares （excluding transaction price per repurchased price per share costs） share A 102,417,499 RMB 1,442 Million
Slide 12: Deepen the development of core business and optimized global routes network
Deepen the development of core business and optimized the global routes network The scale, structural optimization and Forward-looking and systematic global mindset to seize market Development of key strategic hubs around the world in alignment with modernization of our fleet opportunities its strat
Slide 13: Digital intelligence capability and the full-chain service reinforced
Digital intelligence capability and the full-chain service reinforced Full-chain products, full-chain marketing, full-chain transportation management and full-chain customer services promoted Application of supply chain systems accelerated Development of a full-chain service system The R&D and appli
Slide 14: Green transformation & full cycle low-carbonization accelerated
Green transformation & full cycle low-carbonization accelerated “China’s solutions” for the low-carbon transformation of Developed infrastructures such as terminal shore Accelerated the structural upgrade of the green fleet the global shipping industry power equipment and green fuel supply The Group
Slide 15: Corporate structure
Corporate structure COSCO SHIPPING Group Public shareholders 45.25% 54.75% COSCO SHIPPING Holdings (601919.SH/1919.HK) 100% 71.93% 71.07% COSCO SHIPPING Lines COSCO SHIPPING Ports OOIL (1199.HK) (316.HK) * As of June 30, 2025 14
Slide 16: Business Review
47 —\X cosco SHIPPING 2 Business Review 15
Slide 17: Global container freight volume
Global container freight volume Monthly changes in global container freight volume 17.00 （million TEU） 16.65 16.32 16.00 16.09 15.42 15.58 15.00 14.00 13.45 13.00 12.00 11.00 10.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2020 2021 2022 2023 2024 2025 Source: CTS. 16
Slide 18: Planned newbuilding deliveries & scrapped vessels of the market
Planned newbuilding deliveries & scrapped vessels of the market Newbuilding deliveries Delivery breakdown by size range In the future, the ratio of Medium-sized Capacity delivered Capacity to be delivered (million TEU) vessels will be expected to increase (million TEU) compared with the past, demons
Slide 19: CCFI
CCFI 1H 2025 1H 2024 YoY 2,000 1,253 1,365 -8.2% 2Q 2025 2Q 2024 YoY 1H 2024 YoY：-8.2% 1,162 1,439 -19.2% Avg: 1,365 1H 2025 1,000 Avg: 1,253 2Q 2025 1Q 2025 QoQ 1,162 1,350 -13.9% 0 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 4,000 3,000 2,000 1,000 0 Jan-05 Jan-06
Slide 20: SCFI: Freight rate of east-west trunk routes
SCFI: Freight rate of east-west trunk routes 10000 Shanghai to N.W. Europe(USD/TEU) Shanghai to Med.(USD/TEU) 10000 8000 8000 6000 1H 2025 Avg：USD 1,640/TEU，-43% 6000 4000 4000 2000 2000 1H 2025 Avg：USD 2,662/TEU，-30% 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Au
Slide 21: SCFI: Freight rate of other routes
SCFI: Freight rate of other routes 6000 Shanghai to Persian Gulf and Red Sea(USD/TEU) 6000 Shanghai to Australia & New Zealand(USD/TEU) 5000 5000 4000 4000 3000 3000 1H 2025 Avg: USD 1,352 /TEU, -35% 1H 2025 Avg: USD 946 /TEU, -16% 2000 2000 1000 1000 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Slide 22: Capacity will maintain steady growth in the future
Capacity will maintain steady growth in the future As at 30 June 2025, fleet capacity of the Group reached: 557 vessels/3,419,701TEUs, up 3% compared with the beginning of the year; average fleet age of 14 years and average fleet capacity of 6,139 TEUs, down 0.5% compared with the beginning of the y
Slide 23: Capacity scale remains in the first echelon of the industry
Capacity scale remains in the first echelon of the industry Top liner companies(existing capacity) Top liner companies(existing capacity & orderbook) (million TEU) (million TEU) MSC 6.68 MSC 8.70 APM-Maersk 4.59 APM-Maersk 5.27 CMA CGM 4.00 CMA CGM 5.50 COSCO SHIPPING 3.42 COSCO SHIPPING 4.33 Hapag-
Slide 24: Orderbook delivery schedule
Orderbook delivery schedule Delivery Year 2025 2026 2027 2028 2029 Total No. of ships(Units) 12 4 17 15 9 57 12*13,700 6*14,096 4*13,700 6*13,700 3*16,136 1*16,136 2*13,700 4*16,136 Shiptypes (TEU) 9*16,828 3*24,060 6*14,096 7*18,500 7*18,500 9*16,828 7*24,060 2*24,060 14*18,500 12*24,060 Capacity (
Slide 25: Cargo volume of container shipping business
Cargo volume of container shipping business Breakdown of cargo (000’TEU) 1H 2025 1H 2024 YoY volume by routes Cargo volume of container (1H 2025) 13,281 12,460 6.6% Trans-Pacific shipping business Mainland China 18% Of which：cargo volume of 21% 10,414 9,842 5.8% international routes Cargo volume of
Slide 26: Cargo volume of COSCO SHIPPING Lines
Cargo volume of COSCO SHIPPING Lines Breakdown of CSL’s cargo volume by routes (000’TEU) 1H 2025 1H 2024 YoY Trans-Pacific (1H 2025) 14% Cargo Volume 9,355 8,783 6.5% Mainland China Of which: Volume of 31% international routes 6,488 6,166 5.2% Asia-Europe(incl.Med.) 13% Other International(incl.Tran
Slide 27: Routes revenue of container shipping business
Routes revenue of container shipping business (US$mn) 1H 2025 1H 2024 YoY Mainland China 7% Breakdown of revenue Routes revenue of container by routes shipping business 13,457 12,724 5.8% (1H 2025) Other International(incl.Trans- Of which: Routes revenue of Atlantic) Trans-Pacific international rout
Slide 28: Routes revenue of COSCO SHIPPING Lines
Routes revenue of COSCO SHIPPING Lines Breakdown of CSL’s (US$mn) 1H 2025 1H 2024 YoY Mainland China revenue by routes 10% (1H 2025) Routes revenue 9,209 8,670 6.2% Trans-Pacific Of which: Revenue of 25% international routes 8,300 7,850 5.7% Other International(incl.Trans-Atlantic) 21% Asia-Europe(i
Slide 29: Unit income of container shipping business
Unit income of container shipping business (US$/TEU) 1H 2025 1H 2024 YoY Unit income of international routes 1,206 1,211 -0.4% Of which：COSCO SHIPPING Lines 1,279 1,273 0.5% OOCL 1,129 1,155 -2.2% Unit income of Mainland China routes(RMB/TEU) 2,248 2,193 2.5% (US$/TEU) Unit Income of International R
Slide 30: Cost of shipping routes
Cost of shipping routes (US$mn) 1H 2025 1H 2024 YoY Breakdown by cost type of shipping routes Cost of shipping routes 10,637 9,652 10.2% (1H 2025) Vessel costs 23% Equipment and Cargo transportation costs (US$mn) 53% Voyage costs 12,000 24% 9,000 5689 6,000 4,950 3,000 2,589 2548 2400 2,113 0 Equipm
Slide 31: Terminal business: total throughput of CSP
Terminal business: total throughput of CSP Total throughput In the first half of 2025, the total throughput of COSCO SHIPPING Ports amounted to 74.2960 million TEUs, breakdown by regions representing an increase of 6.35% as compared to the same period of last year, of which the throughput of control
Slide 32: Market & Business Outlook
3 Market & Business Outlook 31
Slide 33: Supply and demand outlook
Supply and demand outlook Alphaliner 6.3% 2025 2.0% 10.3% 2024 4.5% 4.3% 2026 2.7% Clarkson 6.7% 2025 2.6% 10.1% 2024 6.3% 2.7% 2026 0.3% Drewry 5.7% 2025 1.9% 10.8% 2024 7.3% Drewry Clarkson Alphaliner 2024 2025 2026 2024 2025 2026 2024 2025 Supply 10.8% 5.7% 2.7% 10.1% 6.7% 4.3% 10.3% 6.3% Demand
Slide 34: Supply and demand, CCFI annual average
Supply and demand, CCFI annual average 20.0% 8,000 13.9% 13.2% 14.1% 15.0% 10.3% 8.6% 6,000 10.0% 7.6% 8.2% 12.5% 8.0% 6.0% 6.3% 7.2% 6.3% 5.6% 9.3% 5.8% 5.8% 4.0% 4.1% 4.5% 5.0% 5.7% 7.7% 2.9% 5.8% 1.8% 5.2% 4.5% 4.7% 3.8% 0.3% 4,000 3.7% 1.7% -0.3% 1.9% 2.0% 0.0% 1.8% 2,792 -1.1% 2,616 -5.0% -8.2%
Slide 35: Orderbook to fleet ratio
Orderbook to fleet ratio Orderbook Capacity Existing Fleet Capacity Orderbook-to-Fleet Ratio 1 July 2025 9.343 Mteu 32.221 Mteu 29.0% (million TEU) 35 70% 64% 30 60% 54% 49% 49% 25 47% 50% 40% 20 36% 40% 28% 29% 29.0% 15 27% 26.8% 30% 23% 22% 21% 19% 20% 10 17% 20% 15% 12% 10% 9% 5 10% 0 0% 2003 200
Slide 36: Global volumes and Idle capacity
Global volumes and Idle capacity Global volumes（left） idle to existing capacity ratio（right） (MTEU) 16 14% 12% 10% 8% 11 6% 4% 2025.7.1 idle rate: 0.5% 2% 6 0% 2017.1 2017.7 2018.1 2018.7 2019.1 2019.7 2020.1 2020.7 2021.1 2021.7 2022.1 2022.7 2023.1 2023.7 2024.01 2024.7 2025.1 2025.7 Source: CTS;
Slide 37: Price spread of low sulfur fuel & high sulfur fuel
Price spread of low sulfur fuel & high sulfur fuel (USD/TON) 1H 2025 average 1H 2024 average August 15, 2025 Singapore 380 CST ① 461 485 402 Singapore 0.5%VLSFO ② 529 621 491 Spread ② - ① 68 136 89 1,200 (USD/TON) 1,000 800 600 400 200 - Singapore 380 CST Singapore 0.5%VLSFO Spread Source: PLATTS, A
Slide 38: Breakdown of fuel power type for container ships on order
Breakdown of fuel power type for container ships on order Units On Order TEU On Order (mn TEU) 0.47; 5% 1.17; 12% 154; 18% 148; 18% 2.48; 27% 194; 23% 5.22; 56% 347; 41% Scrubber fitted Methanol LNG fuel Conventional (Low sulphur) Scrubber fitted Methanol LNG fuel Conventional (Low sulphur) Source:
Slide 39: Opportunities and challenges coexist in the industry
Opportunities and challenges coexist in the industry Looking ahead： Business Plan： ➢ Challenges： ➢ Container shipping business： ① Tepid global economic growth； ① Dual-brand Fleet development: focuses on consolidating East-West services, expanding emerging market services, and developing regional mar
Slide 40: Final remarks
Final remarks The Company will stick to the positioning as a “global digital supply chain operation and investment platform with a primary focus on container shipping” , continuously enhance the core competitiveness of our main businesses, flexibly respond to market changes by stabilizing our own de
Slide 41: Thanks!
For building up customer-oriented global digital supply chain ecosystem Disclaimer ◼ This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of COSCO SHIPPING Holdings and certain plans and prospects of the management
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