Cosco Shipping Energy Transportation Co., Ltd. Class A · SSE:600026
Cosco Shipping Energy Transportation Co., Ltd. Class A — H1 2025 Earnings Presentation
25 slides from Cosco Shipping Energy Transportation Co., Ltd. Class A's earnings presentation, Aug 29, 2025
Slide 1: COSCO SHIPPING Energy Transportation 2025 1H Result Presentation
COSCO SHIPPING Energy Transportation Co., Ltd. 2025 1H Result Presentation 29th August 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 54 6 Suezmax 3 - Aframax/LR2 19 7 157 + 18 Tankers Panamax/LR1 32 4 COSCO SHIPPING Energy offices MR&Others 49 1 Our Business LNGC (CSLNG1) 29 22 Specialized company unde
Slide 4: 2025 1H Highlights
2025 1H Highlights Market Review and Outlook Appendix
Slide 5: 2025 1H Highlights
2025 1H Highlights Tanker Fleet Optimization Net profit attributable to Gross profit • In February 2025, the Company contracted NB orders of 2 methanol- shareholders of the ready Panamax, 2 methanol dual fueled Aframax, and 2 methanol dual Company 1,303 fueled LR2. 2 Panamax will be delivered at 2H
Slide 6: Summary of the A-share Issuance
Summary of the A-share Issuance • COSCO SHIPPING Energy Transportation Co., Ltd. is a joint stock limited company incorporated in the PRC, the H Shares of which are listed on the Hong Kong Stock Exchange (Stock Code: 1138) and the A Shares of which are listed on the Shanghai Stock Exchange (Stock Co
Slide 7: Expected Timeline
Expected Timeline Date1 Milestone Apr 2025 Application material of the Issuance accepted by Shanghai Stock Exchange May – July 2025 Inquiries from Shanghai Stock Exchange regarding the Issuance July 2025 The Issuance approved by Shanghai Stock Exchange Aug 2025 The Issuance approved by the China Sec
Slide 8: 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 9: Market Review and Outlook
2025 1H Highlights Market Review and Outlook Appendix
Slide 10: 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 8 x 10000 x 10000 TD20 Suezmax West Africa - Continent 7 7 TD8 Aframax Kuwait - Singapore 6 6 2017-2024 TD3C Average 5 5 4 3 4 2 3 1 2 1 1 year ECO - VLCC time
Slide 11: Short-Term Demand Outlook
Short-Term Demand Outlook Global oil production and consumption expected to keep growing in Growing oil production may lead to oil stock building, which is positive the next two years (mb/d)1 for oil tanker demand 2 3,300 107 OECD Commercial Oil Inventory (million barrels) 3,200 106 3,100 105 3,000
Slide 12: Medium-Term Demand Outlook
Medium-Term Demand Outlook Oil supply-consumption imbalance boosts ton-mile demand1 Ongoing refinery capacity shifts from west to east2 106 1.8 105.4 1,600 Wolrd Oil Demand (mbd) 105 World Refinery Capacity Additions and Closures (kbd) 104 103.9 1,255 0.6 0.2 103 -0.6 0.5 1,200 102 -0.8 -0.2 932 101
Slide 13: Positive Supply-Side Dynamics
Positive Supply-Side Dynamics Historical high fleet age and moderate OB/fleet ratio1 Current OB cannot meet the potential replacement demand2 60 80 • VLCC >20 by 2029: 319 • VLCC NB deliveries by 2029: 112 70 50 2009 60 Number of VLCC build/delivered 40 VLCC Orderbook/Fleet (%) 2007 50 2010 2008 201
Slide 14: Positive Supply-Side Dynamics
Positive Supply-Side Dynamics Tankers aged over 20 years are potential scrapping targets1 Moderate Deliveries & OB/fleet ratio2 1,800 293 MR (CPP) 55 109 114 15.4% 1,500 LR1 8 21 35 16.9% 1,200 LR2 20 57 80 32.0% 165 Panamax 0 2 4 8.2% 900 184 122 Aframax 6 11 26 6.2% 600 44 67 Suezmax 15 41 73 18.9
Slide 15: Geopolitical Events Bring Uncertainties to the Market
Geopolitical Events Bring Uncertainties to the Market Number of tankers passing through Suez Canal doesn’t improve1 US’s continuous sanction against Iran will cause efficiency loss2 100 Oil Tanker Suez Canal Transits, Southbound 100 1,300 Oil Tanker Suez Canal Transits, Northbound Monthly number of
Slide 16: Appendix
2025 1H Highlights Market Review and Outlook Appendix
Slide 17: Oil Tanker Fleet
Oil Tanker Fleet As of June end 2025 Thousand Average Orderbook Estimated Market Segment Type Owned (No.) TC-in (No.) DWT Age (Year) (No.) Delivery Time VLCC 43 11 16,542 11.1 6 2027-2028 Suezmax 3 476 4.6 Dirty Aframax 6 2 899 9.3 2 2028 Panamax 1 72 20.1 International MR (DPP) 7 314 16.2 LR2 8 878
Slide 18: LNGC Fleet
LNGC Fleet1 As of June end 2025 In Operation In Orderbook Platform Project Name Stake No. mn cubic meters No. Est. Delivery Time 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 50% COSCO S
Slide 19: Chemical Tanker and LPG Carrier Fleet
Chemical Tanker and LPG Carrier Fleet As of June end 2025 Chemical Tanker Average Orderbook Estimated Type No. DWT Age (Year) (No.) Delivery Time IMO 2 Stainless Chemical Tanker 4 29,727 1.5 IMO 2 Stainless Oil/Chemical Tanker 4 43,213 7.5 2 2025、2027 Total 8 72,940 4.5 2 LPG Carrier1 Average Orderb
Slide 20: 2025 Jan-Jun Financial Highlights
2025 Jan-Jun Financial Highlights RMB million Change Jan-Jun Jan-Jun Change Financial Positions 2025/6/30 2024/12/31 Operating Results % 2025 2024 % Current assets 12,574 9,536 31.86 Revenue 11,573 11,867 (2.48) Non-current assets 71,832 71,507 0.46 Operating expenses 8,910 8,033 10.93 Share of prof
Slide 21: 2025 Jan-Jun Performance by Segment
2025 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 10.98 (2.96) 27.10 0.72 1,579.89 (0.88) 28.99 (1.73) Domestic product oil 8
Slide 22: Cost Composition and Changes
Cost Composition and Changes RMB million Jan-Jun 2025 Jan-Jun 2024 YoY Change Cost Items Amount Composition% Amount Composition% % Fuel Costs 2,657.12 29.82 2,589.40 32.24 2.62 Port Disbursements 531.89 5.97 379.54 4.72 40.14 Crew Cost 1,290.45 14.48 1,315.41 16.38 (1.90) Lubricants Cost 164.98 1.85
Slide 23: CAPEX
CAPEX RMB million Expenditure category 2H 2025 2026 2027 2028 Shipbuilding expenses 2,688.2 4,570.4 7,045.4 5,200.5 Vessel modification and dry-docking (Capitalized) 645.8 772.1 1,009.7 772.3 Xizhong Island Logistics Park Project I Phase I 208.0 153.5 - - Total Capex 3,542.0 5,496.0 8,055.1 5,972.8
Slide 24: Significant Operating Leverage
Significant Operating Leverage RMB million Segment Type Marginal Profit Responding to 10,000$/d TCE Variation1 VLCC 952 Suezmax 47 Crude Aframax 218 Panamax 45 MR 95 LR2 188 Product LR1 316 MR 218 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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