Cosco Shipping Energy profit drops 29% despite Q2 rebound

Cosco Shipping Energy Transportation Co. announced its unaudited interim results for the six months ended June 30, 2025, with total revenues of approximately RMB11.573 bn, a 2.5% year-on-year decrease. Profit attributable to equity holders amounted to approximately RMB1.894 bn, representing a 29.0% year-on-year decrease, though it saw a 61.0% quarter-on-quarter increase in Q2 compared to Q1. Basic and diluted earnings per share stood at RMB39.71 cents.

The Group's total liabilities as of June 30, 2025, increased to RMB44.601 bn from RMB42.057 bn in December 2024. Despite this, the net gearing ratio improved to 75% from 78% at the end of 2024, primarily due to an increase in cash and bank balances by RMB1.993 bn, reaching RMB7.655 bn. Capital commitments for construction and purchases of vessels totaled RMB19.308 bn, due between 2025 and 2028.

In terms of operations, oil transportation revenue decreased by 5.5% year-on-year, with the international segment's gross profit margin falling by 15.2 percentage points. LNG shipping, however, saw a 5.7% increase in profit contribution. The company decided against an interim profit distribution for 2025.