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International Cooperation Department
Tel.: (+86-21) 65853850-8034
Fax: (+86-21) 65373125
E-mail: ICDept@sisi-smu.org
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International Shipping |
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| World's largest in terms of capacity! COSCO Shipping Energy's first-half net profit of 2.550 billion yuan after deductions! |
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Date:2024-07-08 Readers:
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On the evening of July 5, COSCO Haineng (600026.SH) released its 2024 half-yearly financial results preview, during which the company is expected to achieve net profit attributable to shareholders of listed companies of about 2.55 billion yuan, a decrease of about 256 million yuan, or about 9.1% year-on-year, compared with the same period of the previous year.
Among them, COSCO Haineng realised net profit attributable to shareholders of listed companies of about 1.314 billion yuan in the second quarter, an increase of 0.78 billion yuan, or 6.3 per cent, compared with the first quarter on a year-on-year basis.
The company is expected to achieve a net profit attributable to shareholders of listed companies of 2.550 billion yuan, an increase of 130 million yuan, or about 5.4 per cent, from the same period of the previous year.
It was noted that the disposal of five vessels in the first half of 2023 generated a disposal gain of RMB398 million; there was no disposal of vessels in the first half of 2024.
The announcement noted that the year-on-year improvement in the company's operating results in the first half of 2024 was mainly due to the freight rate level in the international oil transportation market reflecting a positive trend in supply and demand fundamentals.
According to the data of Baltic Exchange, from January to June 2024, the average daily earnings (TCE) of the global VLCC Middle East-China route (TD3C) was USD41,269/day, the LR type tariffs of large product tankers have seen two waves of increase and continued to maintain at a good level of earnings, and the pivot of tariffs of other small and medium-sized oil tankers has also gradually risen.
As an owner of all ship types of oil tankers, COSCO Sea is able to fully seize the market opportunities of different ship types, scientifically adjust the global capacity layout and ship docking, and realise the enhancement of the overall fleet revenue.
COSCO Haineng focuses on two core businesses, tanker shipping and LNG shipping, and has many years of rich experience as well as high brand awareness. According to the official website, up to now, COSCO Haineng owns and controls 148 owned tankers and 6 chartered tankers, with a total DWT of 22.43 million tonnes. It has participated in the investment of 83 LNG carriers with 14.16 million cubic metres, of which 43 vessels have been put into operation and another 40 LNG carriers are under construction.
COSCO Haineng's tanker fleet is the largest in the world in terms of capacity, covering the world's mainstream tanker ship types, and is the most complete shipping company in the global tanker fleet in terms of ship types. Currently, it is vigorously developing the VLCC POOL operation mode to enhance the fleet's operational efficiency and effectiveness. Meanwhile, as a leader in China's LNG shipping business, COSCO Shipping Energy is also an important player in the world LNG shipping market.
It is understood that in the first quarter of 2024, COSCO Shipping Energy achieved operating revenue of RMB 5.838 billion, up 3.68% year-on-year; net profit attributable to shareholders of the listed company of RMB 1.236 billion, up 12.76% year-on-year; and basic earnings per share of RMB 0.26, up 12.76% year-on-year.
https://www.cnss.com.cn/html/hyqy/20240708/354005.html
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