COSCO Shipping Energy to lease six VLCCs, reports mixed Q3 results

COSCO Shipping Energy Transportation reported a Q3 2025 net profit attributable to shareholders of RMB 853,411,313.76, an increase of 4.37% from the restated RMB 817,691,405.17 in Q3 2024. For the first nine months of 2025, net profit attributable to shareholders was RMB 2,722,895,613.84, a decrease of 21.22% from the restated RMB 3,456,539,450.83 in the same period last year. Operating income for the first nine months stood at RMB 17,107,904,130.42, down 2.55% year-on-year.

The company's wholly-owned subsidiary plans to lease six new VLCCs from Hainan COSCO Shipping Development, a related party. The operating lease has a maximum term of 240 months, with an average fixed daily rent of RMB 134,871 per vessel (excluding tax). Three of the vessels will have a "base + revenue share" model, with the variable portion linked to the TD3C-TCE index, expected to generate a combined annual revenue share not exceeding RMB 131 million. This related transaction is subject to shareholder approval.

In conjunction with these announcements, COSCO Shipping Energy Transportation will host a Q3 2025 investor briefing on November 13, 2025, from 15:00 to 16:30 at the Shanghai Stock Exchange Roadshow Center. Investors are invited to submit questions in advance from November 6 to November 12, 2025.