COSCO Shipping Energy Transportation (CSET) reported a profit of CNY4.037 billion ($567 million) for the year ended December 31, 2025. This result remained largely flat compared to the restated profit of CNY4.043 billion recorded on December 31, 2024.
The group generated revenues of CNY23.701 billion, which represented a 2.34 per cent increase from the previous year. Management attributed this performance to a robust upward trend in the international crude oil shipping market during the fourth quarter.
Revenue from oil shipping reached CNY20.543 billion, while the liquefied natural gas segment contributed CNY2.547 billion to the total.
International crude oil shipping revenues rose by 17 per cent to CNY11.249 billion during the reporting period. The company observed that freight rates for very large crude carriers reached record highs as global oil supply increased by 3.1 million barrels per day.
Average daily earnings for typical Middle East to China routes amounted to approximately $57,500. This figure represented a year-on-year increase of 65 per cent, with peak daily earnings exceeding $140,000 during the year.
Liquefied natural gas transportation remained a significant contributor, with profit attributable to equity holders reaching CNY895 million. This sector saw a 10.4 per cent increase compared to the previous year as the group invested in 87 carriers.
The company reported that its liquefied petroleum gas fleet achieved shipping revenue of CNY277 million. It also owned nine chemical tankers with a total capacity of 84,000 DWT.
Total oil shipping costs reached CNY15.819 billion, with fuel expenses accounting for CNY4.964 billion. These fuel costs represented a seven per cent decrease compared to the previous year.
CSET stated it is focused on enhancing its global oil tanker deployment capacity to respond to market volatility. It intends to modernise its energy transportation system by optimising hub networks in the Middle East and Southeast Asia.
The group expects to have four oil tankers delivered with a total capacity of 294,000 DWT in 2026. It also plans to dispose of 20 oil tankers with a total capacity of 1.767 million DWT during the same period.
CSET also forecasts international oil shipping to accelerate into a period of prosperity as freight rate benchmarks rise, adding that Asia remains the world's "ultimate consumption centre" for global oil trade.
China’s annual crude oil imports reached 578 million tonnes, representing a 4.4 per cent increase. This growth provided a crucial foundation for transportation demand throughout the year, CSET noted.
The group expects to achieve an operating income of CNY23.17 billion in 2026. It reported that ten liquefied natural gas carriers are expected to be delivered during the coming year.