COSCO SHIPPING Holdings, COSCO SHIPPING Energy Transportation and COSCO SHIPPING Specialized Carriers all reported higher revenue and attributable net profit for the first nine months of 2026, with combined attributable earnings reaching RMB40.655 billion (approximately US$6.06 billion). Improving container volumes and revenue per TEU, stronger tanker earnings, and expansion and upgrading of the specialized fleet supported growth across three major shipping businesses.

The results point to improvement across several markets, although the sources of growth differ. Some gains reflect stronger freight revenue, while others stem from additional vessel capacity, changes in cargo mix and a broader logistics network. Understanding those differences is essential to assessing how much of the recovery can be sustained.

COSCO SHIPPING Bulk, the group’s dedicated dry bulk shipping company, is not publicly listed. Its earnings are therefore excluded from this review.

Revenue and profit rise across three shipping businesses

For the first nine months, COSCO SHIPPING Holdings reported revenue of RMB187.614 billion (US$27.94 billion), up 11.94% year on year, and attributable net profit of RMB30.649 billion (US$4.57 billion), up 13.22%. COSCO SHIPPING Energy Transportation recorded revenue of RMB25.243 billion (US$3.76 billion), up 47.03%, and attributable net profit of RMB7.389 billion (US$1.10 billion), up 171.90%. COSCO SHIPPING Specialized Carriers generated revenue of RMB22.635 billion (US$3.37 billion), up 36.27%, and attributable net profit of RMB2.617 billion (US$389.8 million), up 96.91%.

Momentum strengthened in the third quarter. Holdings earned attributable net profit of RMB17.230 billion (US$2.57 billion), up 80.73% year on year and exceeding its combined profit for the first half. Energy Transportation reported RMB2.844 billion (US$423.6 million), up 235.04%, while Specialized Carriers posted RMB1.246 billion (US$185.6 million), up 147.12%. Improvements in different shipping markets thus translated into higher profits during the same quarter.

Container shipping benefits from stronger volumes and revenue per TEU

Holdings’ improvement rests on growth in both cargo volumes and revenue per container. Its container shipping businesses carried 21.491 million TEU in the first nine months, up 6.47%. Average revenue per TEU on international routes increased from US$1,229.60 to US$1,342.77, a rise of approximately 9.2%. Additional cargo expanded the revenue base, while higher revenue per container strengthened the commercial returns available from the network.

Operational figures released by Orient Overseas (International) Limited, or OOIL, which is controlled by Holdings, show a similar trend. Its liner business OOCL reported a 9.0% increase in third-quarter liftings and a 45.1% increase in liner revenue to approximately US$3.285 billion. Average revenue per TEU rose 33.1%. For the first nine months, liner revenue reached US$7.96 billion, up 18.9%. Rising volumes alongside stronger revenue per container supported the recovery in its liner business.

The improvement nevertheless needs to be viewed over the full reporting period. OOIL’s attributable profit fell 23.7% in the first half, and its third-quarter operational update did not disclose profit. Holdings’ container shipping EBIT margin for the first nine months was 20.10%, slightly below 20.65% a year earlier. Revenue and profit growth therefore continued alongside pressure on costs and margins.

Tanker revenue outpaces costs as stronger rates lift earnings

Energy Transportation’s results reveal a different growth pattern. Its tanker cargo volume, excluding time-charter business, fell 10.2% to 124.67 million tonnes in the first nine months. Tanker revenue nevertheless increased 51.5% to RMB22.324 billion (US$3.33 billion). Operating costs rose more slowly, by 10.5%, to RMB13.185 billion (US$1.96 billion), leaving gross profit of RMB9.139 billion (US$1.36 billion). This widening gap between revenue and costs directly supported the increase in earnings.

In its quarterly report, the company discussed how changing oil trade flows, diversions and increased ship-to-ship transfers affected tanker transport efficiency. Recovering transport demand in the third quarter, together with geopolitical risk premiums, drove VLCC rates higher. The figures illustrate the importance of effective vessel availability: when voyages and cargo transfers occupy ships for longer, less capacity is immediately available to the market, influencing freight rates and voyage earnings.

International oil transportation was the main contributor to the tanker division’s gross profit, generating RMB8.083 billion (US$1.20 billion) in the first nine months. LNG transportation contributed attributable net profit of RMB670 million (US$99.8 million), broadly unchanged year on year. The platform consequently combines tanker earnings that respond strongly to market movements with a relatively stable contribution from LNG transportation.

Specialized shipping expands alongside manufacturing exports

For Specialized Carriers, growth reflects a closer match between vessel capacity and demand from industrial customers. Cargo volume increased 43% to 25.71 million tonnes in the first nine months. At the end of September, its owned and operating-leased fleet comprised 206 vessels with approximately 9.58 million dwt. The company linked its performance to the global energy transition, demand for advanced manufacturing exports from China, and expansion and upgrading of its fleet.

The first-half breakdown helps explain the contribution from operating scale. Car carrier revenue rose 98.50% to RMB3.680 billion (US$548.1 million), even as the car carrier fleet’s reported time-charter-equivalent earnings fell 5.13%. Revenue from its new-generation multipurpose fleet increased 49.62% to RMB4.063 billion (US$605.2 million). The divergence between car carrier revenue and fleet TCE shows that growth also reflected vessel deployment, transport scale and operating arrangements.

Fleet renewal continued in the third quarter, with three newbuildings entering service and three timber carriers being disposed of. In specialized shipping, a vessel’s suitability for the cargo, its handling capabilities and its ability to meet project delivery requirements influence the business it can secure. Deploying capacity toward manufacturing exports and specialized cargo demand can improve the fit between the fleet and its customers’ requirements.

Ports and equipment businesses add to the improvement

Growth extended to the terminal business. COSCO SHIPPING Ports reported revenue of approximately US$1.390 billion for the first nine months, up 12.6%, and profit attributable to equity holders of approximately US$316 million, up 19.7%. Total terminal throughput rose 8.1% to approximately 122.4 million TEU. As the listed terminal platform controlled by Holdings, its performance provides another perspective on port and logistics activity alongside the liner business.

Overseas terminals were particularly active. Their combined throughput increased 19.4% in the third quarter, while Chancay Terminal handled approximately 139,700 TEU, up 24.9%. The company said Chancay had established a network of three mainline and five feeder services. Connecting liner services, terminals and regional inland transport can help turn additional calls and cargo flows into more dependable transport corridors and better use of overseas infrastructure.

COSCO SHIPPING Development also reported growth across its container manufacturing, shipping leasing and container leasing businesses. Revenue for the first nine months reached RMB20.845 billion (US$3.10 billion), up 6.54%, while attributable net profit increased 8.35% to RMB1.507 billion (US$224.5 million). Its business differs from directly operating transport services, but the results demonstrate progress in equipment manufacturing and asset operations within the group’s shipping value chain.

Integrated logistics deepens the connection with customers

A longer-term change is developing alongside the earnings recovery. Shipping companies are extending their involvement in customers’ production, export and delivery arrangements. Holdings generated revenue of RMB37.145 billion (US$5.53 billion) from supply chain services beyond ocean freight in the first nine months, up 12.92%. These activities now represent a substantial business, allowing the company to participate more extensively in transport planning through rail, warehousing, customs clearance and related logistics services.

This expansion builds on earlier work. Holdings’ interim report described continued growth in rail, warehousing and customs services in China and overseas, together with integrated services for automotive, wind power, chemicals and cross-border e-commerce customers. When factories release large shipments, the coordination of inland haulage, ocean transport, overseas warehousing and final delivery affects inventory and delivery schedules. Shipping companies able to organize those connections have more opportunities to build continuing customer relationships.

Specialized Carriers has been developing its network in a similar direction. It previously expanded its liner service network from five routes to eight and established a supply chain node with partners in Dammam, Saudi Arabia. In the first half of 2026, it also advanced its dual-hub network in Brazil. Combining specialized vessels with inland facilities broadens the services available to automotive, industrial equipment and energy project customers. The longer-term value of these investments will depend on the cargo, contracts and earnings they generate.

Stronger cash flow supports investment as markets remain uneven

The improvement is also visible in operating cash flow. In the first nine months, Holdings, Energy Transportation and Specialized Carriers generated net operating cash inflows of RMB47.909 billion (US$7.14 billion), RMB10.368 billion (US$1.54 billion) and RMB6.345 billion (US$945.1 million), respectively. These represented increases of 19.83%, 114.96% and 48.86%. All three also increased attributable profit excluding non-recurring items, with Energy Transportation and Specialized Carriers reporting growth of 192.81% and 91.35%. Higher operating cash generation provides funding for fleet renewal, business investment and debt servicing.

Conditions still differ between individual markets. Hainan Strait Shipping increased revenue by 0.63% in the first nine months, but attributable net profit fell 27.54%, reflecting changes in passenger route demand and the effects of fuel and finance costs. COSCO SHIPPING Ports’ attributable profit increased just 0.1% in the third quarter. The positive results from the major ocean shipping platforms therefore need to be understood alongside each business’s demand, costs and operating arrangements.

For COSCO SHIPPING, the next indicators to watch include whether container volumes and revenue remain supportive, whether tanker operations sustain efficient vessel deployment amid volatility, and whether additional specialized capacity continues to attract valuable cargo. Rail, warehousing and overseas logistics facilities will also need to secure continuing customer business. Sustaining growth will depend on how effectively fleet capacity, network reach and customer relationships translate into dependable transport services and cash generation.

US dollar equivalents of RMB amounts are approximate and use US$1 = RMB6.7138, the official central parity rate on 30 October 2026. safe.gov.cn