On July 10, COSCO SHIPPING Energy issued a positive profit forecast, estimating that its net profit attributable to shareholders for the first half of 2026 will amount to approximately RMB 4.5 billion, representing a year-on-year increase of approximately 141% . Net profit after deducting non-recurring items is forecast at approximately RMB 4.4 billion, up roughly 148% year-on-year.

The company attributed the profit growth primarily to an upswing in the international oil shipping market, tight supply-demand conditions in the global compliant tanker market, rising industry concentration, and geopolitical risks that have pushed freight rates higher.

In the first half of 2026, freight rates across all vessel segments were significantly higher than the same period in 2025. The average market TCE on the VLCC TD15 route stood at US$120,000 per day, a year-on-year increase of around 180%, while the average market TCE on the TD22 route reached US$110,000 per day, up roughly 170% year-on-year.

COSCO SHIPPING Energy also noted that, in light of developments regarding the transit situation in the Strait of Hormuz, the company has implemented corresponding contingency plans to safeguard crew and cargo safety and ensure stable business operations.

China Merchants Energy Shipping also recently issued a positive profit forecast, projecting first-half net profit attributable to shareholders of between RMB 6.6 billion and RMB 7.3 billion, representing year-on-year growth of 214% to 248% . Net profit after deducting non-recurring items is estimated at approximately RMB 6.5 billion to RMB 7.2 billion, a year-on-year surge of 244% to 281% .

Regarding the profit growth, China Merchants Energy Shipping stated that, in addition to higher spot freight rates driven by the buoyant tanker market, the dry bulk segment benefited from improving supply-demand dynamics and a steady recovery in the Baltic Dry Index. The company revealed that the dry bulk segment saw earnings growth accelerate in the second quarter, with estimated profit contribution increasing by roughly 170% quarter-on-quarter. Its containership and RoRo fleets also showed a steady recovery trend.