Cosco Shipping Energy Transportation posted a sharp rise in first-quarter earnings, supported by booming tanker markets and strong energy shipping demand.
The company reported net profit of RMB2.17 billion ($310 million) for the first quarter of 2026, an increase of 206.7% year on year.
Operating revenue reached RMB7.3 billion, up 26.9%.
Its oil tanker segment generated RMB6.38 billion in revenue, representing growth of 28.3%.
International oil shipping delivered gross profit of RMB2.24 billion, surging 317.6%, while domestic oil shipping gross profit reached RMB450 million, up 34.9%.
The group benefited from already firm crude tanker rates in January and February, before rates surged to record levels in March following Iran’s closure of the Strait of Hormuz.
Cosco’s LNG business posted revenue of RMB733 million, up 18.8%, contributing RMB238 million in net profit, an increase of 16.5%.
LPG shipping gross profit rose 60.43% to RMB24 million, while chemical transportation gross profit declined 17.7% to RMB12 million.
The company said it responded flexibly to geopolitical risks through route adjustments and dynamic capacity allocation. It also noted that LNG operations remain protected by long-term charter contracts, reducing exposure to short-term market volatility.
