Cosco Shipping Energy Transportation Co., Ltd. Class A · SSE:600026
Cosco Shipping Energy Transportation Co., Ltd. Class A — FY2025 Earnings Presentation
24 slides from Cosco Shipping Energy Transportation Co., Ltd. Class A's earnings presentation, Mar 26, 2026
Slide 1: 2025 Result Presentation
COSCO SHIPPING Energy Transportation Co., Ltd. 2025 Result Presentation 26th March 2026 • 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 51 6 Suezmax 3 Aframax/LR2 19 7 155 + 18 Tankers Panamax/LR1 33 4 COSCO SHIPPING Energy offices MR&Others 49 1 Our Business LNGC (CSLNG1) 34 17 Specialized company under
Slide 4: 2025 Highlights, Market Review and Outlook, Appendix
2025 Highlights Market Review and Outlook Appendix
Slide 5: 2025 Highlights
2025 Highlights Earnings of main business segment Fleet optimization Net income attributable to the parent company: ¥4,037 million Investment in young capacity International oil shipping: Gross profit ¥3,372 million • Contracted NB orders of 2 Panamax, 2 Aframax, and 2 LR2 • Contracted 1 IMO 2 stain
Slide 6: Completion of Issuance of A Shares to Specific Target Subscribers
Completion of Issuance of A Shares to Specific Target Subscribers • The gross proceeds from the Issuance amounted to RMB7,999,999,994.88 (approximately RMB8.00 billion) • Issued at the adjusted issue price of RMB11.52 per A Share • The aggregate of 694,444,444 A Shares issued pursuant to the Issuanc
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 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 earnings & asset value2 60 TD3C VLCC Middle East Gulf - China 15 190 ~10‘000 TD20 Suezmax West Africa - Continent 1 year ECO - VLCC TC rate (usd/day), L-axis TD8 Aframax Kuwait - Singapore 315-320K DWT VLCC NB Prices (mi
Slide 10: Security tensions in the Strait of Hormuz
Security tensions in the Strait of Hormuz Limited transits through the Strait of Hormuz1 Core impact 1,000 • 20 mb/d (15 mb/d of crude oil, and 5 mb/d of oil products), around 750 25% world seaborne oil trade, transits the Strait, 80% destined for Asia, 500 are affected 250 Total Strait of Hormuz Tr
Slide 11: Sanctions are Driving a Structural Shift of Oil Trade Pattern
Sanctions are Driving a Structural Shift of Oil Trade Pattern Venezuela oil export is trending towards US India has been shifting its oil import from Growing floating storage carrying Iran and and India Russia to “compliant” market Russia oil is squeezing global shipping capacity Venezuela monthly e
Slide 12: Supply-Side Outlook
Supply-Side Outlook Historical high fleet age and moderate OB/fleet ratio1 Current OB cannot meet the potential replacement demand2 60 80 • VLCC >20 by 2029: 376 • VLCC NB deliveries by 2029: 195 70 50 2009 60 Number of VLCC build/delivered 40 VLCC Orderbook/Fleet (%) 2007 50 2010 2008 2011 40 30 30
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) 88 97 75 VLCC Suezmax Aframax Panamax LR2 LR1 MR（CPP） profile1 LR1 20 29 15 No 909 679 694 73 517 384 1853 LR2 49 65 52 386 269 408 56 175 257 338 >15y 42% 40% 59% 77
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
2025 Highlights Market Review and Outlook Appendix
Slide 16: Oil Tanker Fleet
Oil Tanker Fleet As of December end 2025 Thousand Average Orderbook Estimated Market Segment Type Owned (No.) TC-in (No.) DWT Age (Year) (No.) Delivery Time VLCC 42 9 15,617 11.9 6 2027-2028 Suezmax 3 476 5.1 Dirty Aframax 5 4 1,008 8.1 2 2028 Panamax 1 72 20.6 International MR (DPP) 4 175 17.4 LR2
Slide 17: LNGC Fleet
LNGC Fleet As of December end 2025 In Operation In Orderbook Average Platform Propulsion mn cubic Age (Year) No. No. mn cubic meters Est. Delivery Time meters XDF1 21 3.65 2.1 14 2.44 2026-2028 LSD 4 0.69 10.3 CSLNG1 DFDE+POD 3 0.52 7.1 3 0.52 To be confirmed DFDE 6 1.04 8.4 XDF 8 1.28 0.6 7 1.41 20
Slide 18: LPG Carrier and Chemical Tanker Fleet
LPG Carrier and Chemical Tanker Fleet As of December end 2025 LPG Carrier1 Average Orderbook Estimated Type No. Cubic Meter Age (Year) (No.) Delivery Time Full-pressure 10 38,586 13.4 11 2026 Semi-refrigerated 1 9,028 0.1 1 2026 Fully Refrigerated 1 83,088 9.8 Total 12 130,702 12.0 2 2026 Chemical T
Slide 19: 2025 Financial Highlights
2025 Financial Highlights RMB million Change Jan-Dec Jan-Dec Change Financial Positions 2025/12/31 2024/12/31 Operating Results % 2025 2024 % Current assets 19,303 9,862 95.74 Revenue 23,701 23,159 2.34 Non-current assets 72,776 71,951 1.15 Operating expenses 17,594 16,905 4.08 Share of profits of a
Slide 20: 2025 Performance by Segment
2025 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 22.37 (10.24) 55.81 (4.21) 3,174.06 (5.88) 31.09 (1.30) Domestic product oil 15.67
Slide 21: Cost Composition and Changes
Cost Composition and Changes RMB million Jan-Dec 2025 Jan-Dec 2024 YoY Change Cost Items Amount Composition% Amount Composition% % Fuel Costs 5,069.29 28.81 5,420.30 32.06 (6.48) Port Disbursements 1,096.32 6.23 897.59 5.31 22.14 Crew Cost 2,654.28 15.09 2,650.21 15.68 0.15 Lubricants Cost 333.08 1.
Slide 22: CAPEX
CAPEX RMB million Expenditure category 2026 2027 2028 Shipbuilding expenses 4,859.0 6,953.0 5,187.4 Vessel modification and dry-docking (Capitalized) 987.6 1,009.7 772.3 Xizhong Island Logistics Park Project I Phase I 128.7 134.4 22.9 Total Capex 5,975.3 8,097.1 5,982.6 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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