COSCO Shipping Energy Transportation reported a 140.6 per cent increase in net profit attributable to equity holders to CNY4.556 billion ($668.9 million) for the six months ended June 30, as higher international tanker freight rates lifted earnings.
Unaudited revenue rose 30.3 per cent year-on-year to CNY15.079 billion, supported by increased international shipping turnover and operational adjustments across key tanker routes.
The company said tanker rates rose sharply following navigation disruptions in the Strait of Hormuz. The Baltic Exchange TD15 West Africa to China benchmark increased by approximately 180 per cent to $117,773 per day.
Amid regional security risks, the company redirected voyages involving 14 very large crude carriers that were already positioned outside the Persian Gulf. The changes were intended to maintain scheduled operations while reducing exposure to disrupted routes.
International oil shipping generated CNY10.493 billion in revenue, up 44 per cent year-on-year, while gross profit from the segment increased 258.8 per cent to CNY4.677 billion.
Total operating costs declined 0.7 per cent to CNY8.843 billion. The company said bunker fuel procurement prices in Singapore were secured at 6.23 per cent below prevailing market averages.
Liquefied natural gas operations generated CNY1.520 billion in revenue, up 22.2 per cent, supported by income from long-term project charters. Revenue from the liquefied petroleum gas fleet increased 24.9 per cent to CNY178.55 million.
The company completed CNY5.421 billion in capital expenditure during the period.
Capital commitments authorised and contracted for vessel construction and purchases totalled CNY29.67 billion, with payments scheduled between 2026 and 2030.