The strongest momentum appears to have emerged in the second quarter. Based on the company’s first-quarter results, second-quarter attributable profit is estimated at RMB 873 million to RMB 996 million, up roughly 82% to 108% year on year.

Several forces are converging:
• tighter vessel availability and higher freight rates
• continued growth in Chinese advanced manufacturing exports
• rising demand for car carriers, heavy-lift ships and multipurpose vessels
• a much larger and younger fleet
• expanding liner services, core ports and overseas logistics nodes

COSCO Shipping Specialized Carriers added 50 vessels in 2025 and a further seven in the first quarter of 2026. Its owned and operating-leased fleet had reached 204 vessels and 9.45 million dwt by the end of March.

The key question now is whether this is simply a strong market quarter or the start of a structurally higher earnings base.

The formal interim report will provide the next clues, particularly on fleet utilisation, segment margins, cargo mix and the contribution from car carriers and new-generation multipurpose vessels.